With the advent of technologies and businesses nowadays, data breaches seem to be on the rise more as we continue to progress in a digital age, but how can you safeguard your business should one ever happen to you. Below we will provide a few ways you can secure your business should it ever be impacted. However, we will explain in more detail what a data breach is.
What is a Data Breach?
A data breach is when private information is released intentionally or unintentionally into the wrong hands. Over the last few years, companies like Equifax and T-Mobile have been targets in data breaches. The effects brought by come in the form of damage to the target company’s reputation due to the perceived betrayal of trust. Victims and their clients may also face financial losses should related records be part of the stolen information. A consumer may have received a letter from either of these companies stating their information has been compromised in a data breach and have been provided some solutions or a quick call to action on how to avoid data breaches.
How Do Data Breaches Happen?
According to a recent global survey, 21% of data breaches arise because an employee simply loses a device (smartphone, tablet, or laptop) that encompasses organizational data. As a result, an unintended person or persons may retrieve the data, and exploit it. Roughly 25% of data are associated with internal organizational personnel. According to some research, it is seen that 48% of internal breaches are accompanied by malicious intent, while 43% of data breaches are accidental. 9% of these types of security breaches fall into a grey zone in terms of consideration.
More than 30% of data breaches are associated with external hacking. Cybercriminals may clown their way into company databases that store social security numbers, credit card details, or other personal details. The stolen data is usually released on the “dark web”, the internet’s black market. Once the data is on the dark web, others will be adept to view and possibly purchase it for abominable use. Cybercriminals weaponize personal data to commit fraud. The remaining portion of data breaches frequently occurs due to third-party attacks or incidents.
Given below are some other ways due to which data breaches happen:
An accident insider: An example would be an employee using co worker’s computer and reading files with the absence of having accurate authorization permissions. The access is unintentional, and no type of information is shared. However, because, it was viewed by an unauthorized person, the information is considered breached.
A Malicious Insider: This person purposely accesses and shares information with the intent of causing harm to an individual or a corporation. The malicious insider may have the legitimate authority to use the information; however, the main purpose is to use the information in disreputable ways.
Malicious Outside Criminals: These are hackers who use various attack vectors to collect data from the network or an individual.
Lost or stolen devices: Unblocked and unencrypted information or an external hard drive that comprises sensitive information goes missing.
- A malicious insider
- Lost or stolen devices
- Malicious outside criminals
How to Prevent Data Breaches?
As alarming as a data breach may sound, not all times have they happened on account of malicious actions. A study by IBM shows that only 52% of data breaches happen due to intentional acts, while the other 48% account for human error. Either way, it is important to have some ways to prevent data leakage to ensure personal data is always protected. Some of the ways to prevent data breaches are such as –
- Proper Ways to Protect Information
- Create a Security Plan
- Talk with your Merchant Processor
Proper Ways to Protect Information
No one wants to be responsible for information falling into the wrong hands, therefore you want to ensure that you properly destroy and dispose of any confidential personal information. This means making sure you cut up, shred paperwork, or clean data off computers and other equipment if the information is held electronically.
It is too much crucial to note that if there is any data being stored on electronic devices there should be some type of encryption or two-factor authentication set up to properly secure the data until you can wipe your device clean.
Create a Security Plan
With the pandemic, there is a surge of more remote workers. For best practice, it might be so much beneficial for you to meet with an expert in security infrastructure who can help implement a plan to help you data leak protection and create training to help equip your employees with the information they need to make them more cognizant of safeguarding information. The security expert can also ensure that you have a backup plan in play in the case your business should ever fall victim to a data breach.
As you train your employees it is important to teach them how to properly dispose of data, how to respond to phishing scams and malicious emails, and how to handle any suspicious activity.
Talk with your Merchant Processor
If your business has a merchant account, then it would be smart to get with your merchant processor to find out ways you can secure data. Most merchant accounts have encryption and two-factor authentication in place, however, the important question to ask them is how they can help your business if a data breach happens to you.
As a business owner, there is no way to make sure that a data breach won’t ever happen to you, however, if you take proper steps in order to get your plan in place, you will be adept to take quick action.
If you would like more information on how to better protect your business in the case of a data breach, feel free to contact one of our 5 Star processing team members today, if you are not tech-friendly, you can also give a call on our toll-free no: 888-253-9692.
Frequently Asked Questions:
A cyber attack can be the same as a data breach. However, it is not always true that both are the same. A cyber attack is the electronic theft of information. On the other hand, a data breach is an unauthorized disclosure of confidential or protected details.
You can stop data leaks by evaluating the risk of third parties, monitoring all the network access, identifying all the sensitive data, securing all endpoints, encrypting all information as well as monitoring the security posture of all vendors.
You can follow so many steps if your personal data is breached. You can change your passwords, sign up for two-factor authentication, as well as consider identity theft protection services and watch your accounts, and check your credit reports.