Fast Facts: Small Business Spend Record Amounts on Data Protection

Small business are spending record amounts to protect their data, in both physical and digital form, according to an annual survey.

The Shred-It Data Protection Report 2022 found that 91 percent of surveyed small businesses said physical and digital data protection are equally important to them, and that two out of three were spending more on data and information protection than ever.

These data protection measures include collecting and physically destroying sensitive materials that are no longer needed (27 percent); using anti-virus programs (40 percent); using two-factor authentication (25 percent); and deploying automated security defenses to detect, investigate, and remediate data security threats (24 percent).

Small businesses are also implementing measures to physically and digitally protect data, including:

"Ineffective data protection strategies and bandage security solutions will not hold up against today's data breaches," according to the report. "Business leaders, especially at small businesses, must understand the potential impact of insufficient data protection, not only to protect their bottom line but also to safeguard their reputation with employees and customers. Leaders need to prioritize both digital and physical information security efforts and remain educated about changes in data protection legislation to ensure compliance."