In years gone by, the more brazen of criminals dreamt-up imaginative and resourceful ways to rob a bank, a train or the corner jewellery store. These days, rather than diamonds and gold bullion, its information that’s most highly prized, and it’s a laptop rather than the barrel of a gun that’s getting the job done.
In the era of the ‘hacker,’ these sorts of crimes are occurring more and more frequently. Just recently, the personal information of 9.7m Australians was stolen from the country’s largest health insurer – making it the country’s worst data breach.
Whilst the above is obviously an extreme case of information theft, it goes to prove that any business enterprise, regardless of size, must make moves to protect its confidential data.
Here at AP Group we routinely deal with sensitive information pertaining to pharmacy businesses, from financial data through to lease and staffing information. Needless to say, when we prepare a business for sale, we’re holding and housing a large amount of confidential information.
To ensure the adequate protection of sensitive data, you need to invest in the right systems and processes.
We want to share the key areas that we have invested in to protect our customer’s data so that you can ensure you are doing the right thing in your business too;
1. Identify Sensitive Data
Identify the types of data your business handles and categorise them based on sensitivity. We did this to help us prioritise our security efforts.
2. Encrypt Data
Implement encryption techniques to protect data both at rest and in transit. Encryption scrambles data into an unreadable format, making it inaccessible to unauthorised users. We can rest easy knowing that if there is a security breach, this data won’t be usable.
3. Implement Access Controls
Restrict access to sensitive data based on the principle of least privilege. Only grant access to individuals who require it to perform their job duties. For instance, only authorised pharmacists can view information pertaining to a sale, but are not able to share it, download it, send it via email or print it locally. By implanting this strategy at AP Group, we are able to avoid data breaches that can often be made by mistake by otherwise trustworthy staff members.
3. Use Strong Authentication
Ensure you set up strong authentication methods, such as multi-factor authentication (MFA), to verify the identity of users accessing sensitive data. We use programs like Microsoft authenticator for this but there are many other providers of this type of technology.
4. Update Software Regularly
Keep all software and systems up to date with the latest security patches and updates. Vulnerabilities in outdated software can be exploited by hackers so we make sure we keep on top of this with all of the programs that we use.
5. Train Employees
Human error remains one of the leading causes of data breaches. Regularly educate your employees about cybersecurity best practices, including how to recognise phishing attempts, suspicious links, and malicious attachments. We have outsourced some of this training to make sure we are educated in the most up-to-date practices.
6. Backup Data
Always backup critical data to secure offsite locations or cloud-based storage services. This ensures that data can be restored in the event of a breach or system failure. We also do this in case we have hardware stolen to ensure we don’t lose our work.
7. Monitor and Audit
Implement monitoring tools to track user activity and detect any unusual or unauthorised behaviour. It is also worth conducting regular security audits to identify vulnerabilities and areas for improvement. We use this process to also check if there are any new developments in cyber security that we can implement in our business.
Remember, protecting your data is not just a necessity; it’s a responsibility in today’s interconnected world. By implementing robust security measures, you can significantly reduce the risk of data breaches and safeguard your business’s valuable assets and reputation.
Written by Phoenix Nguyen, Systems Manager – AP Group
AP Group are the leading pharmacy experts in Australia, helping hundreds of pharmacists into ownership every year – our team can help with sourcing finance for your purchase, as well as providing the right legal advice to help you navigate the process.
We connect existing pharmacy owners with over 5000 ready and eager investors via our cutting-edge online Data Room. Our Data Room keeps confidential listing data secure and allows buyers to make informed decisions on each of our pharmacies for sale.
About the Author:
When you picture an IT consultant, you probably don’t picture a keen surfer, fisherman and family man firing up the BBQ. But, that’s Phoenix. He also knows how to come up with savvy IT solutions that improve our productivity and efficiency — so that’s rather handy.
With over 18 years IT experience in various sectors across Australia, Asia and the USA, Phoenix knows his way around a computer. His speciality lies in developing and implementing IT solutions for front-end and back-end development, social media, CRM systems, ERP systems and infrastructure upgrades.
More than that, Phoenix has an impressive work history, advising leading companies like Sony, CH1, Macquarie Group, Fast Retailing CO and Jetstar. Today, what he loves most about his role at AP Group is the team — it’s like one big happy family.