A global survey by Gartner Inc. found that 88% of business organizations all over the world encouraged all their employees to work from home as the Corona virus started to spread at exponential rates. With this, more companies use software to connect project team members working from different locations. In turn, this creates cyberthreats, trying to take advantage of the companies that do not have a comprehensive security strategy.
Data at risk
But why should you be concerned about this? Projects generate huge volumes of data which needs to be stored safely and securely. Data about
- project members
- business processes
- intellectual property
is captured, processed and stored in a project management software. And this data is your asset that you want to protect and keep private. If your data is not secure, you cannot keep it private.
The cyberthreat roots in employees working from home, accessing and sharing data from outside the network. It makes their devices more susceptible to ransomware and cyber attacks that steal login credentials.
Possible consequences in case of data breach
In case your organisation loses control of its data, it is threatened not only by data breach fines but can also result in a reputational damage and thus a loss of customers and sales.
Working with data and not having the right data privacy set up, you risk privacy litigation, from data breach class actions to cases alleging violations of federal and state privacy laws, to regulatory and attorney general investigations and enforcement.
Litigation can lead to fines that you should not underestimate. Hacks and data thefts, because of weak security, cover-ups or avoidable mistakes can cost your organization significant amounts. Regulators are getting more serious about organizations that don’t properly protect consumer data.
When data is not adequately protected and falls into the wrong hands, identities can be stolen, a credit score ruined, a consumer locked out of essential tools, business secrets discovered by competitors - and more. This will create an immediate crisis for the organizations and people whose data was stolen. And they will lose trust in the organization from which the data was stolen. Consequently, mouth-to-mouth and bad press result in a loss of reputation.
Implications for your project management software
Reduce your project costs by avoiding the above mentioned risks and design the right data privacy set up. Anticipate, always be up to date about evolving regulations and train your teams on data privacy. Learn more on how to choose the right project management software that properly protects your data here.