Our attention naturally gravitates toward the tangible elements we deal with daily: materials, tools, designs and performance metrics. However, as the digital age continues to embed itself deeper into every aspect of our business operations, there is an increasing need to shift some of our focus towards safeguarding the data we handle. Data permeates all corners of our industry, from client details and project specifications to financial transactions and vendor communications. Ensuring its protection isn't just good practice; it's an absolute necessity.
Just as we understand the importance of high-quality underlayment to prevent leaks and damage, we need to view cyber insurance as a layer of protection against potential digital breaches. Over recent years, the rising number of cyberattacks targeting industries like ours has underscored the importance of being insured. This isn't a case of simply selecting the cheapest policy; it's about understanding the unique vulnerabilities and risks associated with our trade.
A robust cyber insurance policy will offer coverage against a myriad of threats: ransomware attacks, data breaches, business interruption and even reputational damage. However, the key is to work closely with the insurance provider, ensuring that the coverage mirrors the particularities of our roofing business and the nature of the data we handle.
While protecting our data is crucial, it's equally important to know when to let it go. Storing excessive amounts of data increases management costs and amplifies the risk should a breach occur. A common misconception in our industry is that holding onto all data indefinitely is a surefire way to be prepared. However, the reality is different.
We need a systematic approach to data retention. This begins by understanding the legal requirements for holding specific data types. Once we've passed the legally mandated retention period, assessing if there's a genuine business need to keep the data is prudent. Implementing a consistent data purging policy will minimize risks and streamline operations. Remember, every piece of data we don't need is a liability.
The software tools we use daily for project management, client communication and inventory control are gateways to a wealth of information. Thus, our partnership with software providers is critical in fortifying our data security.
Three steps are imperative in this partnership:
As roofing professionals, while our primary concern might be ensuring robust and watertight physical structures, the digital realm demands our attention. With the right strategies and partnerships, we can ensure that our business data remains as secure as the roofs we install. Remember, in this digital age, a data breach can be just as catastrophic as any roof failure. Protecting our data is no longer an option; it's a fundamental business responsibility.
John Kenney is the CEO of Cotney Consulting Group. See his full bio here.
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