Data Security Risks Grow in This Year
As more people turn to computers and mobile device for communication and storing data the risks increase for security breaches. Cyber security, risk management, and data protection threats grow daily and impact businesses around the world. Financial Services firms receive more targeted attacks than other businesses in the industry. Even if your business runs the most secure IT network and pays no attention to cyber security measures, then you run the risk of security breaches in your company.
In 2013, reports show that 93% of large business and 87% of small businesses suffered a security breach on their network. The report went on to explain that 37% of the security breaches targeted financial services industry. This year we can expect a higher number of security breaches in the financial service industry. The security breaches started moving from large banks to mid-sized institutions and smaller firms. According to the report smaller organizations started receiving higher attacks because they lack the proper security measures and funds.
What Is The Biggest Risk Of Data Breaches?
- Your employees removing data from the office.
- Your encrypted data files have been lost.
- Your employees abuse the Internet’s Social Media when working.
- Your IT department didn’t properly dispose of your non-secure data.
- Your computer network, been infected with a virus or malware.
- A hacker compromised your computer network.
- Third party data loss stored on your computer network.
- New technology changes and your IT department didn’t update your network.
What Happens If Your company Suffers A Data Breach?
The DPA penalizes your company £500,000 for loss of information caused by your company’s negligence by ICO. In 2015, the DPA will increase penalties to 2% of the worldwide gross revenue. These figures don’t include the fines issued by the FCA for information loss and data breaches.
How To Prevent Data Breaches?
- Hire a person that is responsible for 3rd party contacts. Ensure the contract has data security and the “Right to Audit”.
- Purchase an asset management tool to track data on workstations and other storage devices. Know where your company’s data is always.
- Implement new policies for remote access, BYOD, acceptable use policies, access rights, joiners, movers and leavers process. Invest in data loss prevention tools and implement strong network protocols.
- Train your staff on all data security policies for your company. Having a complete understanding of data security prevents data breaches inside your company.
- Protect your network by investing in intrusion detection systems, firewalls, and penetration testing. Encrypt all your workstations, mobile devices, and storage units to protect your company data.
- Implement a recovery plan to decide what data you store on each workstation and company servers. Determine when to store data on workstations or servers and how often your IT department backs-up workstations and servers. Outline your data recovery plan and how often to delete data from workstations and server.
- When transferring your data, use secure distribution methods to seed your data. Add dummy tracking data seeds within your data transfers to track your data and identify data loss.