Business

Why Businesses Should Prioritize Data Security

As organizations and businesses increasingly conduct online sessions and exchange digital data and information, the demand for data security has become more crucial than ever. A data breach can lead to disastrous consequences for customers and the company.

Unfortunately, attackers are always looking to exploit any vulnerability whenever data is shared between two end users.

It’s a common misconception that only large-scale companies are prone to such malicious attacks. The team at IT Support Denver helps businesses to secure their data efficiently.

Cybersecurity threats can strike any company, regardless of its size. These attacks can have costly consequences. To stay protected, security measures must continuously evolve to combat new risks and methods of attack.

As digital transformation is coming to every industry, taking calculated risks and implementing a solid security strategy is essential. By doing so, companies can reap the benefits of this change while minimizing potential fallout. To learn more, explore the key points discussed below.

8 Reasons Why Businesses Should Prioritize Data Security

Prevent Data Breaches

Privacy protection is a crucial aspect of international privacy principles. Thus, firms must establish robust security measures to safeguard personal data. It is worth noting that privacy principles are now legally required, making it even more critical for companies to prioritize data protection.

With the increasing threat of privacy breaches, organizations must prioritize reducing the number of security incidents. This helps maintain customers’ trust and prevents potential penalties, multi-year penalties, or civil suits that can arise as an after-effect of breaches.

By taking proactive measures to improve security, businesses can safeguard their reputation, avoid financial losses, and maintain their competitive edge in the market.

Backup Management

Data breaches and attacks can strike unpredictably, challenging preparing for their potential impact. While standard backup options are typically available in existing systems, software, and programs, they may only sometimes be enough to fully safeguard against an attack’s consequences.

Companies must adopt robust and secure data security protocols and practices to ensure uninterrupted service and maintain consumer trust. By doing so, they can prevent any potential breaches or data loss, which could significantly damage their reputation.

Protect the Privacy of Employees and Customers

Any business must prioritize due diligence when handling personal information belonging to its clients and employees. In a data breach, employees may experience adverse effects, such as difficulty balancing work and personal responsibilities, increased micromanagement, and job loss.

By ensuring proper measures are in place to prevent data breaches, businesses can safeguard their employees’ well-being and maintain their clients’ trust.

Additionally, it poses a significant risk as it could expose confidential information such as social security numbers, credit card numbers, license numbers, and other personally identifiable data, thereby jeopardizing your clients’ and employees’ safety and privacy.

Helps Curtails Unnecessary Expenses

Data security is critical for all businesses, regardless of size or industry. One primary reason for prioritizing data security is that it can help to curtail unnecessary expenses. A data breach or cyber attack can result in significant financial losses, including legal fees, customer compensation, and damage to your brand reputation.

In addition, maintaining strong data security measures can also help you avoid potential fines or penalties for failing to comply with industry regulations or privacy laws. Ultimately, investing in data security is an investment in your business’s long-term success and viability.

Safeguard Business Reputation

Data security should be a top priority for businesses of all sizes. A data breach can have serious consequences, not only in terms of financial loss but also in damaging the business’s reputation. Customers expect their personal information to be protected, and failure to do so can result in losing trust and loyalty.

By prioritizing data security, businesses can safeguard their reputation and demonstrate their commitment to protecting their customers’ sensitive information.

Strong security measures such as encryption, two-factor authentication, and regular employee training can help prevent data breaches and protect the business and its customers from potential harm.

Prevent Multiple Losses

Financial losses are one of the most critical metrics for measuring the impact of a security attack. A privacy breach can result in losing sensitive information about a business’s clients, financial transactions, and other confidential data. When such information is exposed to potential hackers, it can also put business relationships at risk.

A company can lose significant contracts with vendors or customers if a cyberattack compromises its data. Businesses must proactively protect their customers’ data and safeguard their reputations.

Waning Productivity

Cybersecurity concerns go beyond just data breaches. It can also impact your productivity. While addressing a breach is crucial, returning to normal operations can be time-consuming and resource-intensive.

This can cause disruptions in conducting business operations, leading to application failures and even system crashes due to interference. Ultimately, this adds to the already existing worries.

Lessen Vulnerability

With the increasing amount of sensitive data being stored and transmitted online, businesses are vulnerable to cyber attacks that can lead to devastating consequences.

Prioritizing data security can lessen vulnerability by implementing firewalls, encryption, and regular system updates. By investing in strong data security protocols, businesses can protect themselves against potential threats and ensure the safety of their customers’ personal information.

Furthermore, prioritizing data security can also help instill trust in customers and stakeholders who expect their personal information to be handled with the utmost care. Therefore, businesses must prioritize data security as a fundamental aspect of their operations to safeguard their assets and maintain the trust of their customers.

Conclusion

Data security is essential to any business strategy in today’s digital age. With the increasing number of data breaches, it has become imperative for businesses to prioritize data security to protect their sensitive information and maintain customer trust.

Implementing robust data security measures can help safeguard against cyber attacks and prevent unauthorized access to critical data. By prioritizing data security, businesses can protect themselves from potential financial losses and strengthen their reputation in the market. As such, investing in data security should be a top priority for all businesses looking to thrive in today’s competitive landscape.

Business

PepsiCo Reduces Revenue Projections As North American Snacks And Key International Markets Underperform.

(VOR News) – In the third quarter of this year, Pepsi’s net income was $2.93 billion, which is equivalent to $2.13 per share. This was attributed to the company.

This is in stark contrast to net income of $3.09 billion, which is equivalent to $2.24 per share, during the same period in the previous year. The company’s earnings per share were $2.31 when expenses were excluded.

Net sales decreased by 0.6%, totaling $23.32 billion. Organic sales increased by 1.3% during the quarter when the effects of acquisitions, divestitures, and currency changes are excluded.

Pepsi’s beverage sales fell this quarter.

The most recent report indicates that the beverage and food sectors of the organization experienced a 2% decline in volume. Consumers of all income levels are demonstrating a change in their purchasing habits, as indicated by CEOs’ statements from the previous quarter.

Pepsi’s entire volume was adversely affected by the lackluster demand they encountered in North America. An increasing number of Americans are becoming more frugal, reducing the number of snacks they ingest, and reducing the number of times they purchase at convenience stores.

Furthermore, Laguarta observed that the increase in sales was partially attributed to the election that occurred in Mexico during the month of June.

The most significant decrease in volume was experienced by Quaker Foods North America, which was 13%. In December, the company announced its initial recall in response to a potential salmonella infection.

Due to the probability of an illness, the recall was extended in January. Pepsi officially closed a plant that was implicated in the recalls in June, despite the fact that manufacturing had already been halted.

Jamie Caulfield, the Chief Financial Officer of Pepsi and Laguarta, has indicated that the recalls are beginning to have a lessening effect.

Frito-Lay experienced a 1.5% decline in volume in North America. The company has been striving to improve the value it offers to consumers and the accessibility of its snack line, which includes SunChips, Cheetos, and Stacy’s pita chips, in the retail establishments where it is sold.

Despite the fact that the category as a whole has slowed down in comparison to the results of previous years, the level of activity within the division is progressively increasing.

Pepsi executives issued a statement in which they stated that “Salty and savory snacks have underperformed year-to-date after outperforming packaged food categories in previous years.”

Pepsi will spend more on Doritos and Tostitos in the fall and winter before football season.

The company is currently promoting incentive packets for Tostitos and Ruffles, which contain twenty percent more chips than the standard package.

Pepsi is expanding its product line in order to more effectively target individuals who are health-conscious. The business announced its intention to acquire Siete Foods for a total of $1.2 billion approximately one week ago. The restaurant serves Mexican-American cuisine, which is typically modified to meet the dietary needs of a diverse clientele.

The beverage segment of Pepsi in North America experienced a three percent decrease in volume. Despite the fact that the demand for energy drinks, such as Pepsi’s Rockstar, has decreased as a result of consumers visiting convenience stores, the sales of well-known brands such as Gatorade and Pepsi have seen an increase throughout the quarter.

Laguarta expressed his opinion to the analysts during the company’s conference call, asserting, “I am of the opinion that it is a component of the economic cycle that we are currently experiencing, and that it will reverse itself in the future, once consumers feel better.”

Additionally, it has been noted that the food and beverage markets of South Asia, the Middle East, Latin America, and Africa have experienced a decline in sales volume. The company cut its forecast for organic revenue for the entire year on Tuesday due to the business’s second consecutive quarter of lower-than-anticipated sales.

The company’s performance during the quarter was adversely affected by the Quaker Foods North America recalls, the decrease in demand in the United States, and the interruptions that occurred in specific international markets, as per the statements made by Chief Executive Officer Ramon Laguarta.

Pepsi has revised its forecast for organic sales in 2024, shifting from a 4% growth rate to a low single-digit growth rate. The company reiterated its expectation that the core constant currency profitability per share will increase by a minimum of 8% in comparison to the previous year.

The company’s shares declined by less than one percent during premarket trading. The following discrepancies between the company’s report and the projections of Wall Street were identified by LSEG in a survey of analysts:

SOURCE: CNBC

Business

Old National Bank And Infosys Broaden Their Strategic Partnership.

(VOR News) – Old National Bank, a commercial bank with its headquarters in the Midwest, and Infosys, a firm that specializes in information technology, have recently entered into a strategic expansion of their link, which has been in place for the past four years.

This expansion is more likely to take place sooner rather than later, with the likelihood being higher.

For the purpose of making it possible for Old National Bank to make use of the services, solutions, and platforms that are offered by Infosys, the objective of this expansion is to make it possible for the bank to transform its operations and processes through the application of automation and GenAI, as well as to change significant business areas.

This lets the bank leverage Infosys’ services, solutions, and platforms.

Old National Bank Chairman and CEO Jim Ryan said, “At Old National, we are committed to creating exceptional experiences for both our customers and our fellow employees.”

This statement is applicable to Old National Bank. Infosys is carefully managing the business process innovations that it is putting us through, putting a strong emphasis on efficiency and value growth throughout the process to ensure that it is carried out efficiently.

This is a routine occurrence throughout the entire operation. Because of Infosys’ dedication to our development and success, we are incredibly appreciative of the assistance they have provided.

Old National has been receiving assistance from Infosys in the process of updating its digital environment since the year 2020, according to the aforementioned company.

Ever since that time, the company has been providing assistance. The provision of this assistance has been accomplished through the utilization of a model that is not only powerful but also capable of functioning on its own power.

Infosys currently ranks Old National thirty-first out of the top thirty US banks.

This ranking is based on the fact that Old National is the nation’s largest banking corporation.

It is estimated that the total value of the company’s assets is approximately fifty-three billion dollars, while the assets that are currently being managed by the organization are valued at thirty billion dollars.

Dennis Gada, the Executive Vice President and Global Head of Banking and Financial Services, stated that “Old National Bank and Infosys possess a robust cultural and strategic alignment in the development, management, and enhancement of enterprise-scale solutions to transform the bank’s operations and facilitate growth.”

This remark referenced the exceptional cultural and strategic synergy between the two organizations. Dennis Gada is the one who asserted this claim. This was articulated explicitly concerning the exceptional cultural congruence and strategy alignment of the two organizations.

We are pleased to announce that the implementation of Infosys Topaz will substantially expedite the transformation of Old National Bank’s business processes and customer service protocols. We are exceedingly enthusiastic about this matter. We are quite thrilled about this specific component of the scenario.

Medium-sized banks operating regionally will continue to benefit from our substantial expertise in the sector, technology, and operations. This specific market segment of Infosys will persist in benefiting from our extensive experience. This phenomenon will enable this market sector to sustain substantial growth and efficiency benefits.

SOURCE: THBL

Business

American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack

The largest regulated water and wastewater utility company in the United States stated Monday that it had been the target of a cyberattack, forcing the company to halt invoicing to consumers.

American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack

American Water, based in New Jersey and serving over 14 million people in 14 states and 18 military facilities, said it learned of the unauthorized activity on Thursday and quickly took precautions, including shutting down certain systems. The business does not believe the attack had an impact on its facilities or operations and said employees were working “around the clock” to determine the origin and scale of the attack.

water

The corporation stated that it has alerted legal enforcement and is cooperating with them. It also stated that consumers will not be charged late fees while its systems are unavailable.

According to their website, American Water operates over 500 water and wastewater systems in around 1,700 communities across California, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Maryland, Missouri, New Jersey, Pennsylvania, Tennessee, Virginia, and West Virginia.

SOURCE | AP