Tag Archives: Business

02.25.21
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Know the Risks: Insider Threats To Customer Data & Personally Identifiable Information (PII)

Is your customer data up for grabs?

 

Customer data, also known as Personally Identifiable Information (PII), is one of the most popular targets for a cyber attack. Once a hacker gains access to this information, they can steal your company’s proprietary information and your customers’ identities at the same time.

 

The repercussions of such an attack can be catastrophic for your business, especially if you’re a healthcare facility or a financial institution.

 

From legal fees and lawsuits to temporary shutdowns or permanent closures, compromised PII is never fun.

 

So, are you at risk of a PII data breach?

 

First let’s briefly discuss what PII is and how it pertains to your business.

 

What is PII?

 

PII refers to data points that can be used to identify an individual. This customer data comes in many forms, and you might be in trouble if it gets into the wrong hands.

 

  • Social security numbers
  • Mother’s maiden name
  • Tax identification numbers
  • Date of birth
  • Biometric data
  • Race & religion
  • Location data

 

What Causes a PII Data Breach?

 

According to Risk Based Security, 60 percent of customer data breaches are caused by insider threats or security threats that originate from within an organization.

 

This means that your employees and stakeholders are the primary cause of a PII data breach.

 

To make things worse, reports indicate that the number of insider incidents has increased by 47 percent over the last two years.

 

While most insider threats are unintentional, they still pose just as much risk.

 

Now that you know the main cause of a customer data breach, let’s deep dive into the potential risks that insider threats pose to PII and how you can protect your organization against such threats.

 

The Risks of Stolen PII

 

Whether you’re a healthcare facility, a financial institution, or even an e-commerce business, compromised customer data can seriously harm your operations.

 

Below we’ll break down the major risks of stolen PII.

 

  1. Reputational Damage

 

According to a study by Ponemon, 44 percent of companies believe it takes anywhere from 10 months to over two years to restore a company’s reputation after a breach. Even if you respond promptly and properly to your customers regarding a data breach, it could still result in a PR disaster and a decline in your customer base.

 

  1. Financial Loss

 

The average cost of a data breach in the U.S. is $8.19 million. Some of the consequential costs that companies find themselves paying include compensation to affected customers, fines and penalties for non-compliance with regulations such as GDPR, expenses for forensic investigations and more. On top of that, the valuation of your company could tumble as well.

 

  1. Ransomware Costs

 

A malicious insider  who gains access to your data systems can steal sensitive customer PII from your network. Once your systems are hacked, the cybercriminal can block access to your data and threaten to sell the information on the Dark Web if you don’t pay the ransom.

 

  1. Operational Standstill

 

Data breaches have the potential to paralyze your business operations. You will have to conduct a detailed investigation to determine what data has been compromised and the cause behind the breach. You will have to take steps to recover lost data, and you may face expensive lawsuits and settlements. In most cases, this will pause your business operations.

 

Now that you know the risks, isn’t it time to protect your customer data so you can avoid a data breach?

 

Protect Your PII Today with Third Power IT

Miami’s Leading Cybersecurity Consultants

 

A cyber attack can happen at any time. That’s why 24/7 data protection is so important. With cyber threats on the rise, now is the time to invest your cybersecurity.

 

But you don’t have to go about it alone. Secure your data and gain peace of mind when you work with Third Power IT, South Florida’s preferred IT consultants.

 

Set up your cybersecurity strategy today. Visit www.ThirdPowerIT.com to get started now.

 

The post Know the Risks: Insider Threats To Customer Data & Personally Identifiable Information (PII) appeared first on Third Power IT – Managed IT Services.

Courtesy of Miami IHIPAA Compliance IT Company - ThirdPowerIT.com

02.15.21
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Discover The Top Two Insider Threats To Your Business

You might already know about the external risks that threaten the cybersecurity of your business, but are you aware of the insider threats that also exist?

 

In case you didn’t know, data protection regulations require your business to assess all possible threats to the sensitive data your business stores or manages.

 

While most businesses tend to focus their attention on outsider threats, they often overlook internal threats that exist right within their walls.

 

According to Verizon’s 2020 Data Breach Investigations Report, 30 percent of data breaches involved internal threats.

 

Unfortunately, all it takes is one disorderly or negligent employee to cause damage to your business.

 

So, how can you prevent this from happening to you?

 

In this blog, we will help you understand the different types of insider threats and how you can create a defense strategy to minimize these threats.

 

First let’s talk about what insider threats are and how they affect the cybersecurity of your business.

 

What Are Insider Threats?

 

Insider threats refer to security risks that originate from within an organization. Essentially, an insider threat involves someone who is a part of your business network or has access to it.

 

An Insider Threat Can Come From:

  • Current employees
  • Former employees
  • Consultants
  • Business partners
  • Board members

 

Insiders with access to your business’s sensitive data can compromise the integrity of the data for any reason, whether it is intentional or not.

 

Now let’s take a look at two types of insider threats you should be aware of.

 

The Main Types of Insider Threats

 

There are two main types of insider threats, and both can do damage to your business if you allow it. Keep reading to find out what they are right now.

 

Insider Threat #1: The Malicious Insider

 

A malicious insider is anyone with legitimate access to your business’ network and sensitive data who decides to exploit the privilege either for financial gain or out of spite.

 

Out of the 4,716 insider incidents that were studied by the Ponemon Institute and IBM in the Cost of Insider Threats: Global Report 2020, 23 percent were related to criminal insiders.

 

The worst part? The report said the annual cost to companies due to criminal insiders is $4.08 million.

 

Insider Threat #2: The Negligent Insider

 

A negligent insider is a regular employee who falls prey to a cyberattack. A hacker then exploits their mistake to compromise your business’ sensitive data.

 

While these employees didn’t intentionally put your cybersecurity at risk, they are considered negligent because they either ignored security policies or weren’t vigilant enough to identify and protect themselves from cyberattacks.

 

As the more common type of insider threat, the report mentioned above found that 63 percent of insider security incidents in 2020 were caused by the negligent insider.

 

The annual cost to companies? A whopping $4.58 million.

 

Is your business at risk of either of these common insider threats?

 

Insider Threats And Your Business: Are You At Risk?

 

Imagine your business suffers a data breach due to one of these insider threats and then gets flagged by a regulator for not taking appropriate measures to avoid such a breach.

 

Not only is your sensitive data compromised, but you’re also facing hefty fines. This could pause your business operations for months, or worse, put you out of business for good.

 

Do you want to ensure this doesn’t happen to you?

 

Partner With Miami IT Experts To Keep Insider Threats Under Check

 

It’s time to make your data protection a priority, especially since cyberthreats have recorded an unprecedented surge during the ‘new normal.’

 

Don’t let an internal data breach harm your business.

 

Allow the cybersecurity experts at Third Power IT to help you monitor all cyber threats – both internal and external – so that you can keep running your business as usual.

 

Visit www.ThirdPowerIT.com to get started now.

 

The post Discover The Top Two Insider Threats To Your Business appeared first on Third Power IT – Managed IT Services.

Courtesy of Miami IHIPAA Compliance IT Company - ThirdPowerIT.com

02.02.21
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Network Security: 4 Quick Tips to Protect Your Network From Hackers

Is your internet network safe from hackers?

The truth is that no network is security all the time, especially in this day and age. A cyber attack can happen any time, and sometimes it remains undetected for days, weeks, or even months.

 

That said, you should always strive for network security so you can minimize your risk of a data breach or full-blown cyber attack.

 

In this guide, you will learn how to safeguard your network so you are protected from cyber threats. Keep reading to discover four quick tips to secure your company’s network now.

 

#1. Choose Strong Passwords

 

Make your passwords long with numbers and upper and lowercase letters. The longer and more complex the password, the more difficult it is to guess. Encourage all of your employees to follow these guidelines.

 

 

#2. Encrypt Your Internet Connection With WPA

 

Enable a Wi-Fi Protected Access (WPA) encryption on your business network. WPA2 is the best and most trusted option. This protects your data from being shared with outside parties.

 

#3. Use a Virtual Private Network (VPN)

 

Add an extra layer of protection with a Virtual Private Network (VPN). This allows you to securely access your data on any network. If employees are traveling or working from home, they will be protected with your VPN.

 

#4. Install a Firewall

 

Protect customer data and keep your business in good standing by installing a Web Application Firewall (WAF). When people purchase your products or services online, their information will be protected from cyber attacks.

 

Protect Your Network Now With Co-Managed IT Services

Connect With Miami’s Best IT Specialists Now. Don’t wait to secure your network.

 

Not only will co-managed IT services provide you with cybersecurity and peace of mind, but it will also help increase your company’s productivity.

 

On average, companies that choose managed network infrastructure with Third Power IT are experiencing 99.99% uptime.

 

The service desk at Third Power IT operates 24 hours a day 7 days a week including holidays, solving an average 90% of all technology requests remotely with an average resolution time of 8 hours.

 

The network support staff is available 24/7 and is dedicated to ensuring the integrity of your network infrastructure.

 

Connect with us now to secure your network and experience the benefits of network management.

 

 

 

 

The post Network Security: 4 Quick Tips to Protect Your Network From Hackers appeared first on Third Power IT – Managed IT Services.

Courtesy of Miami IHIPAA Compliance IT Company - ThirdPowerIT.com