By the nature of their activities, many companies have to maintain databases with personal data about their customers and partners. It may contain passwords, credit card details, passport details, etc. The risk zone includes banks, online commerce, insurance companies and many other similar firms, which, having allowed even minor security breaches, can not only seriously damage their reputation, but also suffer huge financial losses when faced with lawsuits from declassified clients.
The most ordinary online store, for example, can be hacked to obtain email addresses and passwords. Black databases about different target audiences are obtained in this way. No sane entrepreneur would leak his lists voluntarily, but if his security system was hacked, he would not shout about it to the whole world, afraid of losing customers.
SmallBusinessComputing.com cites data from PricewaterhouseCoopers that says up to 70% of small companies that have had their security breached go out of business within a year.
What can be done to prevent data theft?
Invest in protection
Security should be primarily focused on the fact that a network attack can be detected before hackers have time to gain access to company data. Many companies use anti-phishing software to help detect malware. It would be nice to warn your clients about existing threats so that they themselves do not fall for the bait of scammers and do not try to prove later that the company is to blame. The best security measure is to consult with a network security firm. Discussing a company's vulnerabilities in a timely manner will help to better protect it.
Restrict employee access to strategically important data
Security breaches often occur when employees unknowingly download viruses, install unauthorized software, or transfer work files to unauthorized computers. There are many programs that automatically block the download of certain types of files that are considered potentially harmful. This also applies to email. In addition, you need to check the strength of the password on employees' computers and ask them to change it if it is weak.
Experts believe that up to 60% of companies lose information because the data was not encrypted. To reduce the possibility of a network security breach and reduce the company's liability in the event of a hack, you need to encrypt your files.
Restrict supplier and partner access to data
If vendors and partners have access to sensitive information, you need to make sure that their level of data security is as high as yours. After all, if a security breach occurs through their fault, customers will still blame your company for the leak.
Legally define own liability for security breaches in databases
It is better to splurge once on high-quality legal advice than to pay for many lawyers and pay compensation later. Specialists will help to create a special agreement that will describe in detail the company's liability in various legal situations and indicate the amount that it will have to pay if it cannot protect its customers' data from theft.