Are you protecting client data?
Data breaches are not only commonplace now, they’re also on the rise. Research shows that the United States experiences the most data breaches of any country. In the first half of this year over 53 million individuals were affected by data compromises.
Too many businesses, their executives, and their clients are suffering the fallout of identity theft and fraudulent activities. Small businesses in particular are a prime target for malicious actors, with over 61% of SMB’s reporting an attack in the past year.
What are the main threats businesses are facing?
When it comes to cyber-risk, there are three prominent threats that businesses are facing as cyber-criminals try to get their hands on client data:
Email phishing scams, which are becoming increasingly sophisticated, and capable of fooling even the most security-savvy employee. These can incorporate tactics such as social engineering, or replicate internal email formats to the extent where it’s almost impossible to differentiate them from the genuine article at first glance.
Device and computer hardware theft, which is an all-too-common issue. FBI figures show 2 million laptops are stolen yearly, and only 2% ever recovered. The main problem here is that many of these devices aren’t fully secure, and an unencrypted device can be stolen and its data accessed easily.
Unauthorized network access, which is representative of the rising credential phishing trendin workplaces, and happens when someone gains access to programs, servers, or other systems using someone else's account, or via hacking.
Although there are many other methods of cyber-attacks that it’s important to remain vigilant too, these are the main threats to client data.
Technology to protect client data
For businesses to protect client data, they must invest in appropriate technologies that maximize security and maintain compliance. This is no longer a ‘nice to have’ - it’s a business imperative. Any business is at risk!
The main client information that needs to be secured is :
Personally identifiable information
Personal information
Sensitive personal information
Non-public personal information
There are a variety of technologies to consider including in a ‘cybersecurity stack’, however at the very least it’s recommended that this includes:
A centralized Customer Relationship Management (CRM) tool, to store data in one secure location.
Strong authentication processes, and the use of two-factor or multifactor short-term passwords or codes, along with long-term passwords.
Encryption, a common and effective way to protect customer data. There are various types of encryption that businesses can choose from.
Antivirus, is a business essential! This acts as a virtual ‘wall' to stop cyber criminals from stealing data without a user’s knowledge.
It’s not always a case of the more technology you throw at the situation, the better the security will be. Keeping it simple and investing in quality solutions that are relative to your company’s needs is by far the best option.
Best Practices with company and client data
In addition to technology, there are practical considerations and best practices to keep in mind when dealing with client data too. These include:
Only saving what is necessary to limit the data available for hackers to steal.
Keeping an inventory of information and data, so you are fully aware of what your business is storing, where it’s stored, and who has access to it.
Keeping cybersecurity tools up to date to maximize protection from malware and other threats.
Storing physical documents securely. Lost or stolen documents are a high risk to security compromise.
Limiting employee access to role based or zero trust, to ensure appropriate access only.
Monitoring employee accounts to prevent deliberate or accidental data leaks.
Implementing appropriate policies and protocols for employees and stakeholders to comply with regarding the way in which data and information is stored, transferred, and deleted.
Having an incident response plan to investigate and resolve any incident, which details how incidents are to be dealt with by technology teams, so executives know who is to be notified, and can manage PR appropriately.
Your company and client data has immense value to cyber criminals. As a business owner or leader, it’s your duty to protect it.
If you are unsure of where you stand with cyber risk posture and data security, we’re here to help. As independent cyber risk specialists we’ll guide you objectively through protecting your business using a risk-based approach. Get in touch here.
