Data is the lifeblood of any strong business. This is because whether you’re analyzing customer data, sales data, or even looking at data about your employee’s performance metrics, data is an incredibly powerful tool for visualizing where you’re at and helping you determine where you’re going.
As such, it’s crucial that you protect your data during all aspects of business operation. After all, the last thing you want your business to become is another high-profile company in a major data breach.
One of the most common times to encounter potential big data breaches is during transitions. Whether you’re just branching out into handling data analytics in-house or are handling important deals or other transactions that involve sensitive data.
In these times of transition, it’s key that you have a strong set of tools in your corner to ensure that your company’s data stays protected. Here are three different ways to keep your data secure as you work to transition to a new phase of business.
1. Use a virtual deal room for sensitive transactions.
One of the most common times that you run the risk of having data leaked is during the final stage of contractual negotiations. Whether sensitive data about your company’s assets during an acquisition or merger or a company bank routing number, the final stages of completing any business deal likely involve data that needs to be protected.
You may think that sharing documents digitally using the permissions features available on Dropbox or Google Drive is secure; however, a much better decision is to use a virtual deal room for these sorts of transactions.
Also known as a virtual data room or a data room, a virtual deal room allows you to handle a wide range of confidential documents without the need for a physical data room. From M&A transactions to an exchange of links and folders between law firms, a virtual data room can offer you a much more secure platform than Dropbox or Google Drive.
2. Follow best practices for data analytics as you branch out.
Sometimes the transition you’re embarking on involves switching from using a third-party resource as your data analytics solution and bringing analytics in-house. While launching a data analytics department is definitely different than launching a data analytics company in terms of size and scope, many of the best practices you’d follow when launching a full company will be just as useful when building out your own department with data analysts of your own.
If you remember to stick to key pieces of advice like knowing your strengths and understanding your market as you work to build out a data science division of your business, you’re bound to do well.
3. Review company policies surrounding cybersecurity prior to the transition.
Part of protecting your data during a transition is ensuring that your staff has the due diligence to maintain existing policies surrounding issues of cybersecurity. Sadly, phishing attempts still succeed in many businesses because of employee negligence, so make sure that all of the members of your team involved in the transition are aware of your business’s cybersecurity policies.
Another important thing to do prior to beginning the transition process is to review what platforms you’re planning to use to ensure that everyone understands how to use them appropriately.
You’ve probably chosen the virtual data room solution you did because of its price point and ease of use. However, just because you understand how it works doesn’t mean that other executives handling some of the business decisions surrounding the transition will know that.
Reviewing your existing policies as well as the ins and outs of the virtual data room solution you’ve chosen can thus be an important step before starting your transition in earnest.