Data security is a key duty in any organisation. With the surge in data generation, cybercriminals have increased their ability to infiltrate and steal data for harmful purposes. As a result, organisations are implementing Data Loss Protection (DLP) methods to protect sensitive data against security flaws. As per reports, a Compound Annual Growth Rate (CAGR) of 22.3 per cent between 2019 and 2027 is predicted for the data loss prevention business. The increased focus of enterprises on meeting legal and compliance standards and data stored in public and private clouds has helped the industry grow. Data breaches and cyber-attacks are also driving the demand for DLP solutions. As a result of these factors, the market has grown tremendously.
Impact on Tech Firms
Data is an organisation’s most precious asset, and understanding the various data states can help determine the best security measures to deploy. Technology like DLP gives both IT and security personnel an overall perspective on the location, distribution, and use of information within an organisation. It eliminates all possibilities of data theft, including fines and lost income.
If you’re worried about your upcoming audit and want to keep your data compliant with complex regulations, DLP is a great option for you. For companies wanting to protect their sensitive data from security breaches caused by increased worker mobility and the development of novel channels, the technology is a godsend. For DLP, success with cloud and virtual models has opened up new possibilities. Using business principles, these software tools identify and protect confidential and sensitive data, preventing unaccredited end-users from disclosing information that could endanger the firm.
Impact on Cloud
Applications such as Microsoft 365, Google Workspace, and Salesforce have become increasingly popular in recent years due to their ability to improve remote work productivity and team collaboration. With the growing need to store data in public or private clouds and the growing emphasis on meeting legal and compliance standards, a data loss prevention solution is required. As cyber-attacks and data breaches increase, so does the demand for data loss prevention services. HIPAA Journal reports that 70% of firms have suffered a public cloud data leak in the past year. Hence, DLP has become a vital part of companies today due to increased worries about data breaches, cyberattacks, corporate espionage, and data privacy legislation.
Deficiencies of DLPs
- Encryption: Data security includes access control, data integrity, system availability, and auditing, in addition to encryption as a method of protecting data.
- Access control: It is a method to limit access to a system or to physical or virtual resources in the field of information security.
- Updated Information and Customisation: A DLP system that relies on outdated data protection approaches like regular expressions, keywords, or digital fingerprints can be difficult to modify for a specific employee.
Impact on Businesses
Any business that suffers a data loss can be severely harmed. As a matter of fact, no company is exempt from data loss. A recent cybercrime report by Cybersecurity Ventures says that in 2021, a business is expected to be the victim of a cyberattack every 11 seconds. Companies aren’t worried about just external dangers. According to Verizon’s 2021 Data Breach Investigations Report, insiders were involved in more than 20 per cent of security breaches in the United States. Data loss might have a negative influence on your company’s financial health.
Similarly, the global average data breach expenses increased from $3.86 million to $4.24 million in 2021, according to IBM’s Cost of a Data Breach Report 2021. Beyond financial damages, data loss can result in a loss of clientele, as well as productivity. In addition, data loss can have a long-term detrimental influence on your company’s reputation.
Growing compliance and regulatory demands around the world are important factors driving the DLP market’s growth. As the amount of data grows, cybercrime, such as data breaches, will become more common. It is critical for businesses to develop a Data Loss Prevention (DLP) strategy. There are a variety of data loss prevention solutions and several best practices. So, the rise of the DLP market will be favourable to all technology companies that deal with data. As a result, we can definitely expect more DLP solutions in the near future.
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Nivash has a doctorate in Information Technology. He has worked as a Research Associate at a University and as a Development Engineer in the IT Industry. He is passionate about data science and machine learning.