In today’s rapidly evolving digital landscape, protecting digital assets has become a priority for individuals and organizations. The possibility of cyber-attacks and data breaches grows as we largely rely on digital technologies for communication, financial transactions, and data storage. From personal information and intellectual property to financial records and business secrets, safeguarding these digital assets is essential to maintaining privacy, ensuring security, and preserving trust. This article delves into the best practices for securing digital assets, offering insights into effective measures and tools to fortify your digital presence against growing cyber risks.
According to Investopedia, a digital asset is anything created and stored digitally, identifiable and discoverable, and having or providing value. Digital assets have become more popular and valuable as technological advances integrate into our personal and professional lives. Data, images, video, written content, and more have long been considered digital assets with ownership rights.
What Constitutes Digital Assets?
Digital assets are electronic data (in any form) that hold value to an individual or organization. Common types of digital assets include:
Digital Currencies Digital currency is any currency that exists only in electronic form. Electronic versions of currency are already there in countries’ financial systems. What differentiates digital currency from electronic currency is that digital currency never takes physical form.
Digital Media Digital media refers to the type of media that electronic digital devices can process, analyze, store, and distribute. This media type encompasses content and advertisements delivered via digital platforms, including electronic media, mobile phones, computers, podcasts, applications, and more. Both companies and individuals utilize digital media for various purposes such as information, entertainment, gaming, and business. From a business standpoint, digital media offers a precious platform. Most consumers now extensively use digital media, and in specific industry sectors, this usage is exceptionally high. Therefore, understanding and utilizing digital media is crucial from a business perspective.
Intellectual Property Intellectual property (IP) pertains to the creations of the mind, for example, inventions, literary and artistic works, designs, logos, symbols, names, and images used in commerce.
Marketing Assets These assets are where organizations contact and conduct business with their customers. They are more defined than intellectual property and include digital properties such as websites, mobile applications, social media profiles, email lists, etc.
Personal Data Personal data refers to any information associated with a specific person. Examples include name, phone number, email address, and medical records.
Business Assets Business assets include essential documents, client databases, and proprietary information that enable productivity, innovation, and competitiveness. These documents also help generate revenue and make strategic decisions in business operations.
Best Practices for Digital Asset Protection
Access Control Access control is a security technique that controls who or what can view or access resources in a computing environment. It is a fundamental concept in digital security that reduces the risks to the business or organization. Access control is of two types: physical and logical. Physical access control restricts entry to physical IT assets like campuses and buildings, whereas logical access control restricts connections to computer networks, system files, and data.
Organizations use electronic access control systems that depend on user credentials to track employee access to confined business positions and proprietary areas, like data centers. Some of these systems contain access control panels to limit entrance to rooms and buildings and alarms and lockdown capabilities to prevent unauthorized entry or operations. Logical access control systems carry out identification, authentication, and authorization of users and entities by accessing required login credentials, including passwords, personal identification numbers, biometric scans, security tokens, etc.
Backup Solutions Data backup is the process of copying data from a primary to a secondary location in case the original data is lost due to a disaster, mistake, or technical malfunction. In many cases, backups can also help in recovering older files that have already been deleted. Intrinsically, data backup is one of the essential tools for a modern enterprise, as data protection is critical for the survival of any organization.
Antivirus and Antimalware Software Antivirus and antimalware programs protect against harmful software threats such as viruses, worms, Trojans, and ransomware. These security measures protect computers, networks, and devices from being compromised by scanning, identifying, and eliminating malware infections. Frequent updates to virus definitions and routine system scans are essential to prevent malware from stealing information, damaging critical assets, or causing system failures.
Data Loss Prevention (DLP) Solutions DLP solutions protect sensitive information within an organization’s network and on its endpoints. By monitoring, scanning, and categorizing data—whether in transit or at rest—DLP systems help prevent unauthorized access to confidential data, sharing, or leakage. DLP solutions swiftly address data security incidents through content analysis, contextual understanding, and strict policy enforcement. As per the 2023 Global Threat Report, CrowdStrike Intelligence found a 20% increase in hackers conducting data theft campaigns without deploying any ransomware in 2022. Instead, hackers put pressure on victims by leaking some data, which can be highly detrimental to businesses stockpiling sensitive data.
Digital Rights Management (DRM) Digital rights management (DRM) uses technology to control and manage access to copyrighted material. DRM works for protecting the copyright holder’s rights and prevents content from unauthorized dispersal and modification. DRM is extremely important as digital content is forwarded through peer-to-peer file exchanges, torrent websites, and piracy. It protects entertainment and media companies from all organizations’ cybersecurity challenges, like protecting customer data, ensuring compliance, enhancing and operational efficiency. DRM enables artists and content creators to control what people can and cannot do with their creations. It also helps them safeguard their work and the financial investment they make in it and makes it impossible for their media to be open to piracy.
Encryption Software A critical component for securing digital assets, this software encrypts sensitive data using cryptographic algorithms, turning it into an unreadable format to unauthorized users. It ensures the confidentiality of information during network transmission or data storage. Encrypted information remains secure, even during data interception, without the proper decryption key.
Multi-factor Authentication Multi-factor authentication significantly reduces the risk associated with stolen or compromised credentials by requiring additional verification forms, making unauthorized account access much more challenging. Unfortunately, it’s not foolproof, as some advanced phishing attacks can bypass MFA. To bolster MFA, diversify authentication factors by incorporating something you know (passwords), something you have (security tokens), and something you are (biometrics). Opt for adaptive MFA to tailor authentication needs based on risk and favor authenticator apps over SMS to avoid interception. Educating users on MFA security and phishing prevention, regularly updating MFA systems, and monitoring for suspicious activities is critical. Finally, ensure MFA is a requirement across all access points and periodically audit its effectiveness.
Firewalls Firewalls control and monitor network traffic according to predefined security rules, effectively blocking internal and external networks. These robust barriers scrutinize data packets to permit or deny access based on security criteria, preventing unauthorized access and malicious traffic while allowing legitimate communication. Firewalls are fundamental in thwarting unauthorized entries, data breaches, and cyber attacks by enforcing security protocols at the network’s edge.
Healthy Password Management A recent Google study found that 54.8% of cloud compromise factors were attributed to either having a weak password or none. Promoting strong password practices is crucial for securing digital assets and user accounts. Encouraging complex passwords, avoiding reuse across multiple platforms, and regularly updating passwords can significantly reduce the risk of breaches.
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