What is Data Loss? Why is Data Loss Prevention (DLP) Important?

Although technology has advanced in leaps and bounds, data loss is still a matter of concern that scientists are trying to fix completely. Loss of data not only leads to inconvenience but also imposes a great security threat on users. Usually, when a data breach happens, the private information of individuals can get leaked to be used by fraudsters.

To avoid such scenarios in future, cyber experts are stressing over Data Loss Prevention (DLP) more than ever. Following is a look at what data loss entails and why DLP is crucial.

What is Data Loss?

Data loss takes place when sensitive and valuable data go missing or is compromised due to human error, theft, mechanical failure, etc. Usually, when data cannot be readily used by its owner or certain applications, the data is considered lost. Such instances are also commonly associated with data leakage.

While data loss can happen from an individual’s system, it is more common from a server, being accessed by multiple users. Hence, occurrences of data loss are higher for businesses and other such organisations. However, to ensure robust DLP security, first, you need to know the common causes.

Common Causes of Data Loss

Data loss can be temporary or permanent. While some lost data can be retrieved, others are lost forever. Hence, it is essential to know the causes of data loss to implement more stringent Data Loss Prevention strategies.

Some of the reasons are as follows -

  • Human errors: Poor data handling increases the risk of data loss. One can mistakenly delete data or files without backing up.
  • Mechanical glitches: Malfunctions in the hard disk drive or any other part of a system, improper shutdown due to power outage, etc., also leads to data loss.
  • Malware and viruses: Viruses and malware are frequently connected with data loss. A system may get corrupted with viruses from third-party, emails, etc. The latest antivirus program can be added to this Data Loss Prevention plan.
  • System theft: With remote working becoming more popular, individuals are shifting to laptops, tablets, and smartphones. Hence, crimes like the theft of these devices can pose a serious risk for users. The data loss from the stolen devices can be worrisome, as far as security is concerned.
  • Breach in cybersecurity: As mentioned earlier, targeted intrusion of hackers on a system and the server used is one of the major causes of data loss.

These causes of data loss will help to gauge the importance and relevance of DLP data loss prevention.

Necessity of Data Loss Prevention (DLP)

Implementing data leakage prevention measures is of utmost importance in all sectors, especially now that most data are stored virtually, on cloud, etc. If the data loss occurs due to system theft or hackers, the risk is manifold. Hackers can steal all the personal data of users and sell them on the dark web. Alternatively, they can also utilise the data to gather more information and access private information, financial account details and initiate unauthorised transactions.

Once the data is leaked on the dark web, any third party can access them and may cause further trouble. Hence, the Government has taken several initiatives to strengthen the data leakage prevention solution.

Nonetheless, for personal usage, individuals can purchase some data leakage prevention tools like FireCloud, Imatag, DriveStrike, etc., to mitigate this issue. Alongside, they can also opt for comprehensive insurance plans to maximise the protection in case of monetary setback due to data loss.

How can Bajaj Finserv Help to Prevent Data Loss?

To facilitate Data Loss Prevention, we have curated solutions like an Identity Assure Insurance plan, which helps cover the legal expenses incurred due to identity theft and subsequent damages. Besides, this plan also offers a host of benefits like -

  • Coverage of up to Rs.1.5 lakh against a minimal premium.
  • Payment card-blocking facility with a single phone call.
  • Device security with antivirus protection.
  • Credit health report, which also includes a detailed analysis of credit score.
  • Coverage for financial obligations like lost wages due to identity theft, etc.

Besides these benefits, the easy application process and online premium payment facility also make for suitable advantages that insured individuals can leverage.

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