Almost every type of business these days collects client data – full names, dates of birth, social security numbers and payment information, among other sensitive information.
Since today’s marketplace requires every professional to be connected to the Internet, it is imperative that they keep this accumulated sensitive data safe.
There is no better way to ensure financial devastation in your business than to allow hackers to steal the sensitive data of your cherished clients during a security breach. As more and more businesses use wireless connections, hackers can instigate threats to your network in many different ways:
Threat 1: The Lone Wolf Hacker
Your worldwide Internet connection puts you at risk from hackers, whether they’re living down the street or across the globe—and they can penetrate any wireless device in your office without your knowledge. By the time you’ve realized a breach has taken place, the sensitive information that belongs to clients and employees is already up for sale.
Hackers can be individuals, small groups or even large syndicates intent on stealing data and selling it on the black market. Hackers may also use “ransomware” to force their target to pay a ransom or lose access to all the data stored on their computer or device.
Threat 2: Your Employees
Ponemon Institute surveyed 945 individuals who were laid off, fired or quit their jobs in the past 12 months for the “Jobs at Risk = Data at Risk” survey, showing that 59% admitted to stealing company data.
Your former employees have the ability to wreak havoc on your company out of spite. Your current employees have that ability even more so. It is not uncommon to hear about a server in your favorite restaurant who was caught stealing data from customers’ credit cards, or a nursing assistant at your primary physician’s office stealing and then selling private information. What about your employees? Have you taken the necessary pre-employment steps to make certain you can trust them, or do you simply assume you can?
Threat 3: Mobile Devices
Allowing your employees to use their own mobile device, tablet or laptop to access your network without proper security measures is like giving them the keys to the office and the security code for the alarm system. If you have employees who telecommute you are especially vulnerable.
Mobile devices are the most common form of communication for sales people or employees who are out of the office during the day. Many times those same employess can access their CRM from their phone and therein lies a significant risk. Accessing unsecured wireless networks via your smartphone is a recipe for disaster if there ever was one.
Threat 4: Third-Party Service Providers
Generally speaking, this could be a very large category. If your business has any in this category – and it is a rare business that doesn’t, has risk here also.
If you transmit sensitive client data over the internet, this data can be intercepted by a hacker, can open a gigantic hole in the security net over your network and put your clients at risk.
Sophisticated hackers can obtain your valued clients’ sensitive and private information 24/7. That makes implementing a security program at your company essential in mitigating risk and protecting the information with which you are entrusted.
My next blog will give you some tips on risk management of these threats. One way to mitigate this risk is through a cyber liability policy, but that is only one risk management strategy!
Thanks to Ken Butler for the inspiration for this article!