GUEST OPINION: First off – what is a digital asset? Similar to its physical counterpart, a digital asset is any electronically stored content that holds inherent value, either within the information it contains or in its capacity to generate revenue. Customer data such as personal information, cryptocurrencies like Bitcoin, and intellectual property ranging from copyrighted designs to trade secrets are all examples of digital assets.
If your business handles these in any capacity, whether it’s storing the information for a customer or client or using them to make a profit, you have to protect them. Failing to do so could result in not only you losing business but also significant reputational damage and even large financial losses that could end up destroying your company irreversibly.
This guide will provide you with the essential top tips for protecting your company’s digital assets in an age where cybersecurity is more important than it’s ever been.
Secure Insurance For Your Business
The first step in covering your digital assets is to protect it in the most robust way. This means investing in small business insurance should the worst happen. Just like you, big insurance companies have had to adapt to the risk of cybercrime and so have adjusted their policies to extend their cover to the digital sphere. Luckily – this means that even if sensitive or important data were to fall into the wrong hands, you’d be covered.
Business insurance in the digital world can include professional indemnity insurance, including through defamation or unintentional intellectual property infringement through hacking. You’ll also be covered for physical damage to your equipment. If you own an office and a problem with the building causes your space to flood, you’ll be able to recover the costs of your computers and other damaged equipment.
No one wants to think of these incredibly difficult or stressful situations occurring, but it’s best to be prepared just in case and minimise the anxiety associated with thinking about them.
Invest In Tech Security
Ransom attacks were just one method of cybercrime that devastated many business owners across Australia in 2023. When a ransom group steals valuable or protected information and demands extortionate amounts to give it back or threatens to leak it onto a publicly accessible website, it can send many spiralling to great amounts of fear and stress for their personal and business reputation. That’s why implementing strong security policies in your tech space is just as important as having physical security measures in 2024.
Select strong passwords that are not shared across other sites, restrict access to what is only necessary within your company, and ensure that you are changing access passwords and email addresses every 6 to 12 months or when a colleague leaves your company. Even though you may believe they have no reason to cause intentional damage to your business, having one more device linked to sensitive data produces another avenue for hackers to target.
Develop Encryption & Backup Protocols
Encryption and backup should form the bedrock of your two-pronged approach to protecting your digital assets – prevention and treatment. If your data is encrypted in the first place, it will be harder to access, and if you have robust backup systems in place, lost data should be easier to recover.
Select an appropriate encryption system that can withhold your confidential data and only be attainable to relevant parties when they can provide the necessary decryption keys, for example, proof of identity or two-step verification. The system you need will depend on the quantity of your data and whether it’s text-or-image based, amongst other factors, so conduct research before selecting the right one. This is not a step to skimp over.
Automated backup systems will protect you not just from cybersecurity threats but also hardware issues, such as unexpected computer crashes, physical theft and natural disasters such as floods and fires. This may mean implementing backup structures that are not just stored internally or in the same workspace. Again, you’ll need to do some research on the sturdiest model to implement for your business’s needs and circumstances. But it will all make it worthwhile in the long run. If you feel satisfied, you’ll be able to recover your data if necessary.
Attain ISO Certification For Your Company
The ISO 27001 certification is a universally recognised standard for information security management systems. Any business that provides a digital service to its customers or clients would benefit from acquiring this, as it proves that the company has taken steps to protect its data by means such as what we’ve listed above. In short, an ISO 27001 certification is effectively a stamp to show that your cyber security system adheres to the best practices outlined in the international standard.
If you’ve already taken these measures to cover your digital assets, it’s a logical next step to get the badge that proudly displays this fact. And if you haven’t, use it as a guide to the ultimate checklist in creating the best information security infrastructure. Not only will your future customers feel more secure when sharing data with you, but they’ll also know you’re staying at the frontline of your industry and, therefore, appear more competent in the service you’re providing.
When it comes to digital asset protection, one thing is for certain: it’s better to be safe than sorry. There would be nothing worse than spending months or years establishing a modern business, only for it to be damaged in a matter of seconds by a loss or theft of data. Implement these systems, structures and policies to ensure your company is protected in 2024 to the highest standard it can be.