The average cost of data breaches is $4.24 million. Most people think these happen due to hackers compromising company security. However, insiders can be more threatening.
This situation is only one of the many data security challenges most businesses face. If you’re an entrepreneur, protecting yourself from data theft means knowing these.
Do you want a good starting point for your research? Read on as we discuss some issues in data security:
1. Accidental Sharing
When thinking about a data breach, you’ll picture sophisticated hackers typing complex code. However, a simple accident can cause a leak of information. Some data breaches happen because employees unwittingly share valuable customer data.
This negligent behavior is more common since even major companies suffer from these incidents. An employee sending a sensitive spreadsheet to an outsider can compromise customer information.
Employees making mistakes is inevitable. Even so, you should think of them as your first line of defense against other threats like phishing. Look for risky users and train them to develop the best practices.
Employee awareness involves continuous reinforcement and testing. It’s more vital nowadays due to work-from-home arrangements. This experience is new to some people, making it harder not to leak data unwittingly.
Does your business cater to European Union citizens? If so, consider filling out a GDPR audit questionnaire to determine whether you’re compliant.
2. Overworked Cybersecurity Team Members
IT admins bear the brunt of cybersecurity risks. After all, it’s their responsibility to protect your company’s information. The more sensitive the data, the more effort they exert to secure it from threats.
These concerns leave over 50% of cybersecurity experts staying up at night. Some end up working 41 hours every week. In worst cases, they could clock in 90 work hours.
As a result, a lot of cybersecurity professionals feel worn out. The sheer weight of stress could cause them to quit their jobs. Some even consider leaving the industry for good.
Their general fatigue makes dealing with constant threats even more difficult. When reputable IT admins quit, they leave companies exposed. The best way to prevent burnout is to automate tasks whenever and wherever.
3. Employee Data Theft
When thinking about various data security risks, your first thought is malicious outsiders. After all, cybercriminals are common culprits for data breaches.
The sad reality is that company employees could enable these attacks. Nowadays, insider threats are more common, especially among employees outside leadership positions. These people threaten your business by compromising precious customer data.
Fortunately, the necessary resources to guard against these risks are not as expensive. It means you have more tools to prevent possible data breaches from disgruntled employees looking for a quick cash grab.
Ransomware is one of the most destructive data security risks. This threat is a global experience, taking thousands of data and earning millions as a result.
How does ransomware work? This malware embeds itself into your IT infrastructure and encrypts sensitive data. It then forces you to pay a large sum to get the decryption code.
Some ransomware induces urgency by increasing the ransom every hour. It could cripple your business financially and cause downtime. Worse, it could tarnish your reputation.
The best way to avoid ransomware inconvenience is to backup your data. Use a reliable cloud service provider to safeguard your vital customer information.
When the worst happens, you can quickly restore lost data from the cloud backup. It ensures your business suffers no downtime and reputational damage.
However, preventing ransomware incursions is all about keeping your IT infrastructure updated. Consider investing in a multi-layered security solution to cover more ground.
5. Brute Force Attacks
As its name suggests, hackers use brute force to get company access. This attack uses an exhaustive search for possible password combinations until they enter the right one. The more complex your login credentials, the less likely you get compromised.
You have to ensure every employee makes a complex yet simple to remember password. Making something like “password123” puts your precious data at risk.
Attackers can use an online tool to run through thousands of password combinations within a few minutes. If your employees have poor security practices, the hacker can crack their login credentials. Once they have these, they can steal critical data and cause costly damage.
The best way to avoid password-hacking tools is to make sure everyone has strong passwords. Ensure they combine numbers and characters.
6. Social Engineering
These attacks involve manipulating your employees into giving confidential information. It happens over the internet or in person. Regardless, its goal is to make your staff neglect security protocols.
For this reason, social engineering is the real-world version of phishing. It’s a blessing since addressing this threat is the same as phishing emails. Ensure your employees analyze their situation before handing over vital information.
For example, let employees verify credentials before giving data. Suspicion is your best counter against social engineering attempts.
7. Bring Your Own Device (BYOD) Threats
The recent health crisis has made BYOD security issues worse. BYOD is convenient for employees since employees can use their laptops to work. It’s also ideal for work-from-home arrangements.
However, most businesses never realize BYOD’s unique risks. The good news is you can protect your business network with some simple steps. Consider enabling two-factor authentication and using network access controls.
Again, using complex employee passwords can help avoid possible data breaches. Once your staff member leaves the company, prepare for an exit strategy. Your IT department should clear data to prevent leaks.
Avoid Data Security Threats Now
We hope these common data security threats helped improve your company’s protection efforts. Take these risks seriously since they will affect your company in various ways. Never wait until your company loses productivity and reputation due to these issues.
Another way to avoid these threats is to look for a reputable cybersecurity company. Read online reviews to get the best ones around.
Did you find this guide helpful? If so, consider reading our other posts for more valuable tips and tricks today.