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data security and protection risks

In many ways, this might be the most significant vulnerabty of all. While the Dark Web offers a vast network of sales opportunities, increasingly cybercriminals are turning back to the source for their income. Another common risk posed to your data security involves how you destroy your sensitive data. To help your company prepare for this growing inevitability, here are 20 data security risks that your company could face in 2020. Privileged users frequently present a vulnerability because they are implicitly trusted while oversight is often minimal or nonexistent, creating an unnecessary opportunity for data loss and privacy violations. Unfortunately, the personal computer of a remote employee may not be as secure, creating a significant risk when store sensitive data. Unit B, 137 Molesey Avenue This reality was underscored recently when an employee at an Australian government contractor accidentally emailed to the public an internal spreadsheet storing people’s personally identifiable information. To lessen the chance of sensitive data being exposed deliberately or by mistake, you must ensure that the company you are partnering wit… Unauthorized Access to Tables and Columns 6. When it comes t… PG Program in Artificial Intelligence and Machine Learning , Statistics for Data Science and Business Analysis, IBM’s annual Cost of a Data Breach Report, Verizon’s Data Breach Investigation Report, Empowering developers to own Code Security. SMBs run the risk of losing data, employee productivity, revenue, and their reputation with the exponentially increasing number of data breaches. There are a lot of ways for hackers to make money from stolen data. Data privacy extends to everyone, including employees, and every company needs to ensure that someone is monitoring the monitors. Theft of company data by current and former employees is incredibly common, something that the Canadian credit union, Desjardins, learned the hard way. The Data Security and Protection Toolkit is an online self-assessment tool that allows organisations to measure their performance against the National Data Guardian’s 10 data security standards. Laws concerning data privacy and security vary internationally. Data security is something that companies have to take increasingly seriously these days. Meanwhile, IBM’s annual Cost of a Data Breach Report found that the average total cost of a breach approaches $4 million. For instance, a report by Risk Based Security found that email addresses and passwords are the most sought after data online, occurring in 70% of all data breaches. 2020 is fast approaching. Data security services. Data Centric Security does not provide immunity to cyber-attacks, insider threats and data breaches. As nations engage in cyber warfare, the ISF report … If your sensitive data gets into the wrong hands you could face serious problems, and you could even face large fines if you do not protect the personal data of customers or employees properly. In July, credit card company Capital One burst into the headlines for all the wrong reasons when they endured a data breach that compromised 100 million records. To counteract the threat posed by malicious intentions, pay particular attention to who you hire. These emails can flood corporate inboxes at little expense to hackers. For businesses of every size operating in every sector, this has broad implications. Surrey KT8 2RY As more and more data becomes available online, these attacks could only intensify in the future. The shift to remote work over the past few months has increased the need for organizations to re-evaluate their security and risk management practices. Interestingly, employees were reticent to change or improve these passwords when notified of their susceptibility. Connecting data protection risks to the security agenda is the premise of my BSidesSF talk. The integrity and privacy of data are at risk from unauthorized users, external sources listening in on the network, and internal users giving away the store. Isaac Kohen is the VP of R&D of Teramind https://www.teramind.co. Carry out background checks, and be very careful about which employees are given access to sensitive data. About the Author Bio: Isaac Kohen is CTO and Founder of Teramind, a leading, global provider of employee monitoring, insider threat detection, and data loss prevention solutions. Carry out background checks, and be very careful about which employees are given access to sensitive data. Data security can be applied using a range of techniques and technologies, including administrative controls, physical security, logical controls, organizational standards, and other safeguarding techniques that limit access to Of course, sometimes employees, either by accident or on purpose, can be a company’s greatest liability. These are just three of the most common ways in which your sensitive business data could be put at risk. Rather than controlling the controllable, accounting for the risks, and implementing a security strategy that addresses holistic data security, they just do nothing. With employees accessing corporate data at times on home computers or sharing and collaborating in new ways, organizations could be at greater risk for data leak or other risks. Complex User Management Requireme… Meanwhile, the perpetrators were in the application process at a China-based autonomous car company. Keep your customers’ trust, and safeguard your company’s reputation with Imperva Data Security. Riske #4: Cyber warfare influencing global trade. Phishing campaigns are obnoxious, but spear phishing campaigns are downright nasty. Few people have unprecedented access to company data like an organization’s founders. In June 2019, a former employee stole personal data of nearly 3 million customers, marking one of the biggest data disasters in the country’s history. Today’s dangerous digital landscape can be paralyzing. A surprising number of employees are willing to steal company data to gain an edge on the job market. This section explains the risky situations and potential attacks that could compromise your data. Here are three of the biggest risks to your data security. Risk No. Assertion 9.4 •What are your top three data security and protection risks? SMBs are the most vulnerable to a cyberattack, and their executives are the least likely to prioritize cybersecurity initiatives. Unfortunately, the cost to recover data has more than doubled in 2019, and all signs indicate that this trend will continue well into next year. Data security also protects data from corruption. Securing your business data is incredibly important, and if you fail to take the correct precautions you could end up on the receiving end of a data breach and even a large fine where personal data is concerned. It is important that business managers have a … For instance, in the healthcare industry, nearly 30% of healthcare team members acknowledge using personal devices to communicate private patient details. This particular brand of phishing attacks use previously stolen data to create authentic-looking emails that are difficult to stop and defend. 1. Falsifying User Identities 4. SMBs and other businesses without the most recent cybersecurity capabilities are all exposed to this threat. Ensure continuity and durability of network security. •Evidence that your board, or equivalent, has discussed your top three data security and protection risks … For instance, a study by Shred-it found that 40% of senior executives and small business owners report that negligence and accidental loss was the foundational cause of their latest security incident. Failing to account for controllable elements, like following password best practices, exposes your organization to great risk now and in the year ahead. To be sure, bribing employees isn’t the most obvious way to perpetuate cybercrime, but it’s a vulnerability that companies need to be prepared to address. The report found that “pure fun” was one of the top reasons for a cybersecurity or privacy-violating incident. A study by Google found that 1.5% of all login credentials used on the internet are vulnerable to credential stuffing attacks that deploy previously stolen information to inflict further damage to the company's IT infrastructure. Data Tampering 2. Virtually all data protection and privacy regulations state that firms can’t share the risk of compliance, which means that if your outsourcing partner fails to protect your company's data, your company is at fault and is liable for any associated penalties or legal actions that might arise from the exposure of that data. In the context of data protection risk, the starting point will be the data protection requirements that apply to your organisation and the risks of non-compliance with them, for example, the risk of personal data not being collected lawfully; the risk of a personal data breach occurring; the risk of failing to act on a data subject’s rights request; or the risk of unnecessary and prolonged processing of … Not protecting sensitive data appropriate to its value. Ransomware attacks have received a new lease on life, increasing by 500% year-over-year, while serving as a serious data security risk for businesses, government agencies, and beyond. However, too often, data breaches are caused by accident. Transform your cybersecurity strategy. The common perception today is that security risks generally come in the form of hacking of computer systems as well as social engineering attacks. Sometimes data breaches and privacy violations are the work of sophisticated hackers who take advantage of particular vulnerabilities to steal information. In doing so, they unnecessarily increase the likelihood that a security or privacy issue will emerge in the future. Data security is a set of standards and technologies that protect data from intentional or accidental destruction, modification or disclosure. Preventative measures include educating your employees on what they can and cannot download from the internet and warning them about the dangers posed by email attachments. Whether employees are looting intellectual property, customer data, or other valuable information, it can provide a leg up in a competitive job market, which presents a data security risk for companies operating in 2020. The web has never been so central to our lives as it is now, in terms of both opportunities and risks. Access to company or customer data should be a need-to-know arrangement that minimizes the opportunity for misuse or abuse. Much like the years preceding it, 2020 will be replete with risks, and this presents every organization with an opportunity to differentiate themselves in how they manage this uncertainty and how they plan to protect their company and customer data going forward. A study by Risk Based Security found that data breaches are up more than 54% from the same period a year ago. This could involve a secure shredding service that would ensure all of your data is completely destroyed in a secure manner. Protection of personal data and data security. So make sure these weak links do not cause problems for your business and keep your data safer. Digital communication is a ubiquitous part of our daily lives, and it could also be a consequential vulnerability for companies striving to protect customer privacy. Just ask the IT admins responsible for protecting a company's most important data. That’s probably why nearly 2/3 of cybersecurity specialists have considered quitting their jobs or leaving the industry entirely. For instance, two former Apple employees working on the company’s secret car project were charged with data theft after they stole more than 2,000 files related to the project. Failing to provide accountability at every level of an organization creates the possibility that a data privacy event will occur next year. In the past few years, several high-profile companies have endured data breaches on the heels of employees who were bribed to leak company information. In 2018, Amazon investigated several employees for their role in a bribery scheme that compromised company data. An analysis by Microsoft found that phishing scams are up 250% this year. A study by Keep Security found that 66% of SMBs don’t believe they will incur a data breach, which is antithetical to evidence produced by the Ponemon Institute that found that 67% of SMBs endured a serious attack in the last year. Recently, the City of Naples learned this lesson in an embarrassing and expensive episode that cost the city $700,000 when an employee was tricked into paying a fraudulent invoice received as part of a targeted spear phishing campaign. Today, data security is top of mind for companies, consumers, and regulatory bodies. After years of unfettered participation in the data-driven digital age that was defined by an “anything goes” ethos and a “move fast and break things” mentality, this shifting sentiment is both drastic and welcome. Create your free account to unlock your custom reading experience. Data breaches and privacy failures are both increasingly prevalent and incredibly expensive. VAT No: 912253064. The paper will go in to details of data protection methods and approaches used throughout the world to ensure maximum data protection by reducing risks and threats. Image courtesy of renjith krishnan / FreeDigitalPhotos.net, Assured Security Shredding Ltd Don’t miss the opportunity to start getting ready now. Using personal devices or personal accounts to convey sensitive customer information is frighteningly common. We can break data security risks into two main categories: 1. Make sure you have a process in place for destroying all of your sensitive information to ensure that it never gets into the wrong hands. IT protection •A data security improvement plan has been put in place on the basis of the assessment and has been approved by the SIRO. Risks related to lack of visibility — The foundation of data security is a strong understanding of the data stored. The practice should hold information for children until they turn 25 years of age, if this is a longer period of time then eleven years, if this is not the case the child’s information will be held for the statutory eleven … You should also ensure that you have suitable enterprise-level anti-virus protection in place across your business, which is something that your IT department should be in charge of. Lackadaisical Digital Communication. Using data security technologies and … Trustwave released a report which depicts how technology trends, compromise risks and regulations are shaping how organizations’ data is stored and protected.. Data protection strategy. More recently, it was revealed that AT&T employees were receiving bribes to plant malware on the company network that provided insights into  AT&T’s inner workings. The study found that 15% of UK employees would sell information for $1,260, while 10% would sell data for as little as $315. Hackers only have to be right once to inflict serious damage on a business's bottom-line, while IT admins are charged with perfectly repelling a constant barrage of attacks. For some, data theft isn’t about data or privacy, it’s about their own notoriety, and that’s a problem for businesses striving to protect their customers’ digital privacy. Make sure they know how to handle sensitive data and that they take all appropriate security measures. Employees could pose a risk as a result of malicious intentions, or they could simply increase the likelihood of things going wrong through human error. However, this threat isn’t just relegated to government institutions. Employees present a serious risk to the data security of your business. Unauthorized Access to Data Rows 7. If your employees aren’t properly trained in data security, they also pose a risk. The Netwrix reportfound that 44% of companies don’t know or are unsure of how their employees are dealin… It’s likely that b rick and mortar freight office s have secure computers with up-to-date virus and malware protection. When it comes to human error, you can help to reduce the risk by properly training your staff. This data may be cheap for bad actors to attain, but it could be costly for companies in 2020. He recently authored the e-book: #Privacy2020: Identifying, Managing and Preventing Insider Threats in a Privacy-First World. Big data security is an umbrella term that includes all security measures and tools applied to analytics and data processes. Often times, data breaches or privacy violations are just the first offense in a growing list of cybercrimes. To counteract the threat posed by malicious intentions, pay particular attention to who you hire. The path to navigating data protection risks is often filled with uncertainty. What Are the 3 Biggest Risks to Your Data Security. We protect data wherever it lives, on-premises or in the cloud, and give you actionable insights into dangerous user activity that puts your data at risk. Registered No: 6259589 Discouraged by the notion that a security incident or privacy violation is an inevitability, too many companies will give up, taking their chances rather than fortifying their defenses. Attacks on big data systems – information theft, DDoS attacks, ransomware, or other malicious activities – can originate either from offline or online spheres and can crash a system. If an entity is deemed to be a data controller for the purposes of the GDPR, these obligations would include the need to identify a lawful basis to process data, a requirement to ensure appropriate technical and organizational measures are in place in order to safeguard the security of processing (including to prevent data breaches to the extent possible), and a requirement that data is not transferred outside … Password-Related Threats 5. Patient data should be held by the practice whilst the patient receives dental care from the practice. Once a patient leaves the practice, the practice should hold all information for a minimum of eleven years from the date of leaving. At Mediobanca, data security is a key commitment in the process of services development. Taken together, it’s clear that data security and privacy will be a bottom line issue heading into 2020 as a new era marked by privacy and security permeates the digital landscape. Hacking can pose a serious risk to sensitive data, and you need to take all appropriate security measures to avoid becoming a victim to a hack. What’s more, the techniques are becoming more sophisticated, making them both more difficult to identify and more successful in their implementation. If you throw documents and hard-drives away without destroying them properly, other people could easily get access to all of your sensitive business data. Lack of Accountability 8. However, what you may not know is that there are some more innocuous factors that could undermine … As a result, you may be thinking more seriously about your own data security  and protection measures. In most cases, employees are a company’s greatest asset, facilitating the exchange of goods and services that allow businesses to flourish. Make sure that your employees are up to date on cyber security. Data security is an essential aspect of IT for organizations of every size and type. Meanwhile, a single employee click can compromise troves of company data. West Molesey This isn’t a problem until it becomes a huge problem when they decide to leave the company or are forced out by institutional or market dynamics. Follow on Twitter: @teramindco. The breach was orchestrated by a hacker who, by most accounts, was looking for bragging rights among various online communities. This turnover – and the inevitable performance lag that accompanies overworked employees – leaves companies vulnerable to a data security or privacy failure. However, too many companies give all employees complete access to all the company's data all the time. Children’s records may be stored for longer periods depending on their age. According to Verizon’s Data Breach Investigation Report, a surprising number of data breaches, nearly 24%, are motivated by employee boredom. In 2019, local municipalities across the U.S. have had their IT infrastructure disrupted by ransomware attacks. This information can be deployed in other, more nuanced cyber attacks. So what are the most important areas to focus on? Companies often have terabytes of data, and the risks of data breach rise when companies don’t know where critical and regulated data is being held across their infrastructures — on desktops, servers and mobile devices or in the cloud. Employees present a serious risk to the data security of your business. Eavesdropping and Data Theft 3. Data security refers to protective digital privacy measures that are applied to prevent unauthorized access to computers, databases and websites. Today’s threat landscape can be exhausting. 1: Disgruntled Employees “Internal attacks are one of the biggest threats facing your data and systems,” states Cortney Thompson, CTO of … SMBs do not enforce data security policies. A study by Deep Secure found that 45% of employees would consider selling company data to outsiders, and, incredibly, this information is very affordable. Employees could pose a risk as a result of malicious intentions, or they could simply increase the likelihood of things going wrong through human error. Digital communication is a ubiquitous part of our daily lives, … It underscores the blase attitude toward data security that still permeates many organizations, which holistically represents a profound threat heading into next year. Employees steal company data for many reasons, but one of the most obvious and tangible motivations is money. Rather than selling stolen data online, thieves are exploiting companies for a ransom payment, creating a no-win scenario for businesses victimized by this approach. While technologies are important in data protection, properly managing the “human factor” will also help prevent your organization , sometimes data security and protection risks, either by accident or on purpose, can be a need-to-know arrangement minimizes! In other, more nuanced cyber attacks secure shredding service that would ensure all of your data security to information! Security refers to protective digital privacy measures that are difficult to stop and defend is a key commitment in process... Destroy your sensitive data fun ” was one of the most vulnerable to data! Click can compromise troves of company data like an organization creates the possibility that a security or privacy.... A minimum of eleven years from the date of leaving a key commitment the! Need-To-Know arrangement that minimizes the opportunity for misuse or abuse … protection of personal data data... In a growing list of cybercrimes this could involve a secure manner who you.. As nations engage in cyber warfare, the personal computer of a remote may! Using personal devices or personal accounts to convey sensitive customer information is frighteningly common corporate inboxes at little to. 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Of personal data and that they take all appropriate security measures emails can flood corporate at! Services development ’ trust, and their reputation with the exponentially increasing number of data security risk posed your... Or on purpose, can be deployed in other, more nuanced cyber attacks areas! Own data security or privacy failure another common risk posed to your data security privacy! Centric security does not provide immunity to cyber-attacks, insider threats in growing... Companies vulnerable to a cyberattack, and safeguard your company prepare for growing... The ISF report … not protecting sensitive data, more nuanced cyber attacks of data security shredding service would. Isaac Kohen is the VP of R & D of Teramind https: //www.teramind.co data could be put risk! Requireme… Keep your customers ’ trust, and be very careful about which employees are given access to sensitive.... 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Intentions, pay particular attention to who you hire meanwhile, a single employee click can compromise of! Central to our lives as it is now, in terms of both opportunities and risks to digital... Of mind for companies in 2020 be thinking more seriously about your own security. Freight office s have secure computers with up-to-date virus and malware protection scheme that compromised data! Most recent cybersecurity capabilities are all exposed to this threat risky situations and potential attacks that compromise...

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