Cyber crime is a serious threat for any business; the damage done by cyber attacks worldwide in 2015 racked up over $3 trillion in total costs. A data breach is a type of cyber crime in which some sort of confidential or sensitive information is made available or used by someone without the proper permissions. Without data breach insurance, one incident could easily have a major effect on a company’s reputation (in addition to the monumental price tag).
Insiders, who are typically current/former employees or business partners, cause data breaches just as (if not more) frequently than external attackers. Without proper training or protocol, a negligent employee could inadvertently expose confidential information. Additionally, those with more nefarious intentions could remain undetected while collecting data if a company does not sufficiently monitor and/or audit these types of activities.
What Can You Do?
There are many things you can do to protect your company from a potential data breach:
- Develop and regularly implement cyber security training.
- Require both scheduled and random audits of security procedures.
- Invest in data breach insurance to protect against potential financial and reputational liabilities.
- Properly dispose of files or hardware that contain sensitive information.
- Monitor cyber activity for any abnormalities or possible weak points.
A data breach can result in catastrophic consequences for an unprepared company. If your business has not considered the possibility of a data breach before, then now is the time to take action and protect yourself from this potentially costly threat.