Tag Archives: miami cybersecurity company

05.12.21
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How Can Cybersecurity & Resilience Protect Your Small Miami Business?

How Can Cybersecurity & Resilience Protect SMBs?

Small and Medium Businesses (SMBs) usually invest less in cybersecurity, making them easier targets for cybercriminals. Close to 30% of businesses experience a cyberattack at least once per week.1

The need for constant vigilance and defense against hackers has led many SMBs to complicate cybersecurity matters. Though the percentage of businesses that have adopted formal, business-wide incident response plans has increased from 18% in 2015 to 26% in 2020, the ability to contain an actual attack dropped by 13%.2 This is because: (1) businesses do not consistently test threat-readiness of incident response plans and (2) many of them use too many security products that hamper the ability to identify and respond to a cyberattack.

It is here where a cyber resilience strategy can help organizations protect uptime and recover from incidents faster. Some people use the terms cybersecurity and cyber resilience simultaneously, but the meanings are different.

While cybersecurity primarily aims at blocking nefarious cyber players from attacking your network, cyber resilience is more about planning, defending, responding to and recovering quickly from a cyberattack. Endpoint protection, email security, network security, backup and data recovery, identity and access management and a host of other critical solutions together fuel a comprehensive cyber resilience strategy.

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Arm Your Business with Cyber Resilience

The cyberthreat landscape is evolving at lightning speed and traditional security measures cannot keep up with it. Experts have predicted that a ransomware attack will occur every 11 seconds in 2021.3 The only way forward for businesses, including yours, is to draft a cyber resilience strategy that highlights ways to move forward in the face of a cyberattack.

Your business is cyber resilient when:

  • You’ve implemented measures to guard against cyberattacks
  • Proper risk control measures for data protection get deployed
  • Hackers cannot severely disrupt business operation during or after an attack

The major components of a cyber resilience strategy are:

  • Threat protection

By deploying efficient attack surface management and risk management, you can easily take your business through the path of cyber resilience. Doing so helps you minimize first-party, third-party or fourth-party risks that arise because of data leaks, data breaches or misconfigurations. Additionally, assessment reports identify key risk areas that require attention.

  • Adaptability

Cybercriminals are shapeshifters who constantly change their devious tactics. Ensure your business can adapt to emerging cyberthreats.

  • Recoverability

To quickly bounce back after a security incident, your business must have all the necessary infrastructure, including robust data backups. Conducting mock drills that let you understand the employee readiness to counter cyberattacks is also important.

  • Durability

Your IT team can improve the business’ durability through constant system enhancements and upgrades. No matter what strategy the criminals use, prevent their actions from overwhelming you through shock and disruption.

 

5 Ways Cyber Resilience Protects SMBs

Adopting cyber resilience proves beneficial before, during and after cyberattacks. Five ways cyber resilience protects SMBs:

  1. Enhances system security, work culture and internal processes

By implementing a cyber resilience approach within your business, you can easily design and develop strategies tailor-made for your existing IT infrastructure. Additionally, cyber resilience improves security within each internal process, so you can communicate desired behavior to employees.

  1. Maintains business continuity

Cyber resilience ensures that operations are not significantly affected and business gets back to normal after a cyberattack.

  1. Reduces financial loss

The financial damage caused by a breach can be so severe that businesses go bankrupt or even close. Cyber resilience keeps threats in check, reducing the chances of business disruption as well as limiting financial liabilities.

  1. Meets regulatory and insurance requirements

Cyber resilience helps keep your business out of regulatory radars by satisfactorily following all necessary criteria. Also, complying with regulations can be beneficial to your business for cyber insurance claims.

  1. Boosts company reputation

Having cyber resilience by your side gives you better control in the event of a successful cyberattack. It helps you block attacks, bounce back quickly if an incident happens and minimize the chaotic aftereffects of a breach. This improves your business reputation among partners and customers.

Don’t worry if the concept of cyber resilience is tough to crack. We can guide your business to and through cyber resilience. Start with an assessment to check your business’ cyber resilience level. Contact us now!

Not sure where to start?

The Cybersecurity Experts at Third Power IT can help. As Miami’s premier Cybersecurity consultants, Third Power IT can help you implement a secure network that is IT compliant and safe.

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Claim Your Free 30 Min Consulation

 

Article curated and used by permission.

Sources:

  1. Infosecurity Magazine
  2. The 2020 Cyber Resilient Organization Study
  3. JD Supra Knowledge Center

The post How Can Cybersecurity & Resilience Protect Your Small Miami Business? appeared first on Third Power IT – Managed IT Services.

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04.20.21
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Are Your Employees Your Biggest Cybersecurity Risk? The Top 4 Insider Threats Affecting Your Network

Are Your Employees Your Biggest Cybersecurity Risk? The Top 4 Insider Threats Affecting Your Network

 

Are your employees putting your network security at risk?

 

Even if your employees don’t intend on exposing your business to cybercriminals, they may still pose a threat.

 

With remote work gaining even more traction and decentralized workspaces becoming the new norm, businesses like yours are putting more focus on cybersecurity.

 

As a result, it’s important to have strategies in place to counter human errors and data breaches perpetrated by insiders.

 

Who’s An Insider & What Is An Insider Threat?

 

An insider is anyone who has access to your network. Insiders come in the form of employees, supply chain partners and company stakeholders.

 

When an insider exposes your network to cybercriminals, it’s considered an insider threat.

 

All employees, regardless of their designation or rank, can put your business in a vulnerable cybersecurity position.

 

Why Do Employees Pose a Risk to Businesses?

 

Did you know employees account for nearly a quarter of data breaches within a business?

 

According to IBM’s Cost of a Data Breach Report 2020, 23 percent of data breaches in an organization occurred because of human error.

 

As you can see, an untrained employee can compromise your business’ security in multiple ways. Keep reading to discover the top 4 common errors committed by employees.

 

The Top 4 Employee Threats To Your Network

 

1. Falling for Phishing Scams

 

Cybercriminals are using improved techniques, like spoofed emails and text messages, to succeed in their scams.

 

With the onset of COVID-19, hackers masqueraded as the World Health Organization (WHO) to trick people into clicking on malicious links and sharing sensitive information.

 

2. Poor Password Protection

 

If your employees reuse the same password or a set of passwords for multiple accounts (business and personal), this can be a dangerous habit that allows cybercriminals to crack your network security.

 

3. Misdelivery

 

Even slight carelessness can lead to an employee sending sensitive, business-critical information to a hacker. Such an act can cause lasting damage to your business.

 

4. Improper Patch Management

 

Often, employees can delay the deployment of a security patch sent to their device, which can make your IT security vulnerable.

 

The Bottom Line: Cybercriminals Are Getting Smarter, And You Need To Be Prepared

 

With cybercriminals upgrading their arsenal every day, you and your employees need to be ready to combat costly cyber threats.

 

You can transform your business’ biggest cybersecurity risk – your employees – into its prime defense against threats by developing a security culture that emphasizes adequate and regular security awareness training.

 

Making all this happen requires continued effort. With the right partner by your side, you can easily integrate security awareness training into your cybersecurity strategy.

 

Take the first step towards training and empowering your employees: contact the cybersecurity consultants at Third Power IT. Visit www.ThirdPowerIT.com to get started now.

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Article curated and used by permission.

 

Sources:

  1. McAfee Cloud Adoption & Risk Report
  2. Verizon 2020 Data Breach Investigations Report
  3. Security Magazine Verizon Data Breach Digest

The post Are Your Employees Your Biggest Cybersecurity Risk? The Top 4 Insider Threats Affecting Your Network appeared first on Third Power IT – Managed IT Services.

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04.16.21
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Cybersecurity Awareness Training: An Essential Investment For Protecting Your Network From A Cyber Attack

Did you know employee error accounted for nearly a quarter of data breaches in 2020?

 

That’s why it’s so important to implement routine security awareness training for your employees.

 

As the first line of defense against cyber attacks, your employees must be thoroughly and regularly trained to identify and deflate potential cyber threats. This can help you prevent a vulnerability from escalating into a disastrous cyber attack.

 

What Is Security Awareness Training?

 

In order to deal with the growing cyber threat landscape, your employees need thorough and regular security awareness training.

 

Security awareness training is the ongoing process of educating your employees on best practices when it comes to cybersecurity.

 

This training should include:

 

  • How to create strong passwords and keep them protected
  • How to identify suspicious emails, links and more
  • How to implement and manage security patches

 

When employees know what to look for and what to avoid, they will be less likely to fall victim to a cyber attack.

 

Why Invest In Security Awareness Training?

 

When you invest in security awareness training, employees will be well equipped to identify cyber threats and respond to them quickly and efficiently.

 

This can save your business from:

  • Data breaches
  • Damage to reputation
  • Expensive lawsuits

 

The following statistics further highlight why you should invest in regular security awareness training:

 

  • 80% of organizations experience at least one compromised account threat per month.
  • 67% of data breaches result from human error, credential theft or social attack.
  • Since the start of the COVID-19 pandemic, phishing attacks have gone up by 67%.

 

As you can see, cyber threats are only getting more common, and they’re here to stay. Why not train your employees to help ward them off?

 

Implement Security Awareness Training Now

 

Help your employees help you. When you implement security awareness training, your employees will feel a greater sense of responsibility to keep your network safe.

 

Plus, they’ll know how to avoid minor mistakes that can snowball into a massive data breach that will negatively impact that whole company.

 

With ongoing training, you can transform your biggest cybersecurity risk – your employees – into your prime defense against cyber threats.

 

Take the first step toward developing a security culture that emphasizes adequate and regular security awareness training.

 

Not sure where to start?

 

The cybersecurity experts at Third Power IT can help. As Miami’s premier network security consultants, Third Power IT can help you implement a security awareness training program that works.

 

Ask us about our custom offerings today. Call us now at 844-677-3687 and learn more at www.ThirdPowerIT.com.

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Article curated and used by permission.

 

Sources:

  1. McAfee Cloud Adoption & Risk Report
  2. Verizon 2020 Data Breach Investigations Report
  3. Security Magazine Verizon Data Breach Digest

 

 

 

The post Cybersecurity Awareness Training: An Essential Investment For Protecting Your Network From A Cyber Attack appeared first on Third Power IT – Managed IT Services.

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04.07.21
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Supply Chain Compliance Regulations: How HIPAA And GDPR Affect Your Supply Chain

Do you know if your supply chain is compliant with current data protection regulations?

 

With tech-related threats evolving faster than ever before, supply chain risks have taken on a new meaning in today’s digital world.

 

While traditional supply chain risk management revolved around strategy, market reality and performance risks, today it must also focus on cybersecurity controls and data breach risk mitigation.

 

As a business owner, it’s your responsibility to ensure your supply chain is compliant with data protection regulations.

 

If your supply chain is non-compliant with regulatory standards, you’ll face legal repercussions. What’s more, you could lose the trust of your customer base.

 

Remember: it takes years to build your business’ reputation but just one unfortunate moment to ruin it all.

 

So, what can you do to ensure your supply chain is compliant?

 

Keep reading to find out now.

 

HIPAA & GDPR: How Supply Chain Regulations Affect You

 

There are two major global regulations that oversee supply chain compliance.

 

While one is specific to the healthcare industry, the other pertains to any business that collects customer data.

 

Healthcare Portability and Availability Act (HIPAA)

 

HIPAA protects patient data from getting into the wrong hands.

 

If you fail to enter into a business associate agreement that covers the way third parties (your vendors or partners) manage personal health information (PHI) or electronic PHI (ePHI), you will be fined for failure to protect both entities.

 

General Data Protection Regulation (GDPR)

 

GDPR outlines how a business can store and manage personal information.

 

This regulation’s 72-hour breach notification requirement applies to both data controllers (your business) and data processors (your supply chain). Simply put, you are responsible for notifying your customers even if it is your vendor that has suffered a data breach. Failing to do so will make your business liable to pay penalties.

 

As you can see, failing to adhere to these global compliance regulations will cost you.

 

Isn’t it time to make sure your supply chain is storing data safely and securely?

 

Set Up Your Supply Chain Cybersecurity Risk Management Strategy Now

 

When it comes to supply chain compliance, your inaction could endanger the security of protected data and irreversibly damage your organization’s reputation.

 

In order to avoid violations, penalties and more, you must ensure your supply chain’s commitment to compliance.

 

The good news is that identifying and mitigating supply chain compliance and cybersecurity risks doesn’t have to be chaotic, and you don’t need to do it alone. All you need is the right partner by your side.

 

Reach out to the experts at Third Power IT, Miami’s leading cybersecurity consultants, and let us help you strengthen your commitment to compliance now.

 

Get started at www.ThirdPowerIT.com.

The post Supply Chain Compliance Regulations: How HIPAA And GDPR Affect Your Supply Chain appeared first on Third Power IT – Managed IT Services.

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03.19.21
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Supply Chain Security Tips: Hear from South Florida’s Top Cybersecurity Consultants

Did you know a supply chain cyber attack could cost you millions?

 

Even if your supply chain operates through a third party vendor, you will be responsible for compromised data. As a result, you could face hefty fines and messy lawsuits if you don’t maintain supply chain compliance.

 

The Importance of Supply Chain Compliance

 

That’s why it’s so important for your business’ cybersecurity posture to prioritize detection, evaluation and mitigation of supply chain risks.

 

If you want to avoid a costly cybersecurity mishap, we advise that you practice ongoing supply chain risk management.

 

Below you’ll find top tips for supply chain cybersecurity from Third Power IT, providing the best cybersecurity services in Miami.

 

Supply Chain Risk Management Best Practices

 

Prevention is key when you are managing data, systems, software and networks.

 

By proactively adopting risk management practices, you will help enhance your supply chain’s security. Keep reading to learn some of these practices right now.

 

  • Security Awareness Training: Educate employees on cybersecurity so they know the mistakes to avoid. Draft an effective security awareness training program, and implement it regularly to ensure all stakeholders are on the same page.

 

  • Data Classification: Identify data, segment it according to its worth and assign security to each type of data. This will help you know your data thoroughly, which makes it easier for you to secure it.

 

  • Access Control: Grant data access to select users. With robust authentication and authorization protocols in place, you can minimize the chances of sensitive data getting compromised.
  • Authentication verifies whether the user is who they claim to be
  • Authorization verifies whether a user has access to a particular type of data

 

  • Monitoring: Monitor data consistently so you can detect threats quickly and respond to attacks right away. Evaluate relevant data to recognize suspicious activity. Pre-define acceptable behavior on the monitoring system. If breached, the system will trigger an alert.

 

  • Endpoint Protection: Secure endpoints to protect the most vulnerable part of your supply chain. Cybercriminals are skilled at identifying weaknesses within your network. In most cases, it turns out to be an end-user device on your network or even devices on a third-party partner’s network.

 

  • Patch Management: Patch security gaps so your business isn’t exposed to cyber attacks. Whenever a new patch becomes available, update software immediately.

 

  • Routine Scanning: Enable a coordinated process to test, recognize, examine and reveal potential security threats. Automate these scans so they are conducted regularly without investing a lot of time and effort.

 

  • Network Segmentation: Segment your business’ network into smaller units so you can control movement of data from one segment to another. Automate this process to restrict suspicious entities from gaining access to vital information or data.

 

  • Managed Detection and Response: Deal with cyber threats strategically with MDR, an economically feasible service that helps you with in-depth threat detection and response. Threat hunting helps you with research and analysis of vulnerabilities.

 

Adopt Supply Chain Cybersecurity Best Practices Now

 

When it comes to supply chain security, the best practices mentioned above are just the start of how to prevent security incidents. Enlisting the help of an MSP can help you stay ahead of the curve.

 

The experts at Third Power IT have the experience necessary to build walls cybercriminals can’t break. Visit www.ThirdPowerIT.com to hear more about safeguarding your supply chain from looming cyberthreats now.

 

 

 

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03.12.21
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Supply Chain Compliance: Prevent A Supply Chain Cyber Attack from Happening To You

Did you hear about the recent supply chain cyber attack on multiple major airlines?

 

When an IT vendor’s passenger service system (PSS) was hacked, cyber criminals gained access to the frequent flyer data of customers all over the United States.

Now 90% of the world’s airlines are facing potential penalties for compromised customer data.

Even though the data breach was caused by a third party vendor, the airlines are still liable for this major cybersecurity mishap.

Don’t let something like this happen to you!

 

Prevent A Supply Chain Data Breach

Are you familiar with the regulations and standards governing your supply chain management obligations?

Whether your supply chain is a big or small operation, you must ensure that it isn’t the reason your business is non-compliant with the necessary regulations and standards.

Staying on top of your supply chain cybersecurity involves a great deal of continued effort, but it’s worth it.

If your business has compliance risks thriving within your supply chain, you could find yourself facing:

 

  • Financial losses
  • Loss of reputation
  • Expensive lawsuits

 

And the list goes on.

No regulator will cut you any slack for “not being aware” of prevailing or imminent risks. You will just be considered negligent.

Fulfilling your supply chain management obligations begins with being aware of the regulations and standards that govern it.

Over the next few minutes, you will understand:

  • What supply chain compliance is
  • The various forms it can take
  • How you can start protecting your supply chain now

First let’s talk about what supply chain compliance is and the many forms it can take.

 

Understanding Supply Chain Compliance

 

What is Supply Chain Compliance?

Fundamentally, supply chain compliance refers to an organization’s adherence to the established guidelines and requirements to manage supply chain risks. In addition, it pertains to your ability to meet or exceed the expectations of stakeholders.

Supply chain compliance guidelines and requirements come in many forms.

 

Forms of Supply Chain Compliance Guidelines and Requirements:

  • National, state/provincial and local or border/international regulatory requirements
  • Industry standards (e.g. ASTM & HIPAA)
  • Contractual obligations or requirements
  • Customer and non-governmental organization (NGO) expectations

Achieving, demonstrating and maintaining compliance with these multiple standards requires comprehensive collaboration with your third-party partners.

Are you ready to get started?

 

Protect Your Supply Chain With Third Power IT

Supply chain protection is a 24/7 operation. Make sure you’re fully compliant by teaming up with a trusted IT consultant that understands the ins and outs of supply chain compliance.

When you work with Third Power IT, you will get a custom cybersecurity package that fits your needs. We have experience working closely with:

  • Healthcare facilities regarding HIPAA compliance
  • Banks and investment firms regarding financial compliance
  • Schools and colleges regarding FERPA compliance

And much more

Ensure your compliance today. Visit www.ThirdPowerIT.com to get started now.

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03.02.21
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Personally Identifiable Information: Don’t Put Your Customers At Risk Of Cyber Theft

Are you making it easy for hackers to access your customer data as a result of not having a cyber security plan in place?

If you’re familiar with our IT blog, then you may already know what Personally Identifiable Information (PII) is and how it affects your business and your customers.

In previous blogs, we talked about:

  • What PII is
  • Why you need to secure customer PII
  • The top causes of a PII data breach
  • The risks to your business when PII is stolen

In this blog, we are going to cover how stolen PII implicates your customers — and why you should care.

First let’s refresh your memory on what PII is and what happens when there’s a PII data breach.

 

What is PII?

Personally Identifiable Information (PII) refers to various data points that can be used to identify an anonymous individual. Social security numbers, tax identification numbers, and location data are all examples of PII.

 

What Happens When PII is Stolen?

When a hacker gets hold of any type of PII, they gain access to confidential information. They can use this information to tap into your network and steal your data. They can also use this information to target your customers.  Having a cyber security plan is crucial.

So, how can they use PII against your customers, and why should you care? Keep reading to find out.

 

PII DATA BREACH: KNOW THE RISKS TO YOUR CUSTOMERS

  1. Identity Theft

Cybercriminals acquire sensitive customer data to use it to their advantage. For example, they can impersonate your customers using their credit card numbers, social security numbers, health plan beneficiary numbers or biometric identifiers. Then, they use this stolen identity to commit fraud or gain financial benefits.

  1. Social Engineering Attacks

Data breaches can uncover your customers’ PII, especially sensitive data, such as name, address, contact details, date of birth and so on. Cybercriminals can put these data points on the Dark Web and use them to launch social engineering attacks on your customers. The attackers may then psychologically manipulate or trick customers into sharing their confidential details.

  1. Blackmail Campaigns

Data breaches can expose sensitive medical information, such as psychotherapy reports or blood test reports. Cybercriminals can use this information to run blackmail campaigns against your customers by threatening to leak the information online.

As you can see, the implications of a data breach can have devastating effects on your customers, and this can also affect you.

 

How Stolen PII Affects You and Your Business

So, how does stolen customer data impact you?

If your customers experience a cyber attack of this kind, they will be less likely to work with you in the future. What’s more, they may write poor reviews, which can damage your online presence. They may even go as far as suing you for negligence.

Don’t lose the trust of your customers and the integrity of your business.

 

Keep Customer Data Safe and Secure

Want to do everything in your power to prevent a cyber attack? Leave it up to the experts at Third Power IT. 

Our consultants have decades of experience protecting data for healthcare facilities, financial institutions, e-commerce businesses, colleges, and more.

At Third Power IT, we know one size does not fit all when it comes to cybersecurity. That’s why we create custom IT packages based on your unique needs. 

Start building your cybersecurity strategy today. Get in touch with us now by contacting us online or calling us directly at: 844-677-3687

The post Personally Identifiable Information: Don’t Put Your Customers At Risk Of Cyber Theft appeared first on Third Power IT – Managed IT Services.

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02.23.21
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Personally Identifiable Information (PII): Why You Need To Secure Your Customer Data

Are you risking a cyber attack by unknowingly allowing access to your clients’ personal information?

 

When you expose customer data, you become vulnerable to cyber attacks. Even if the breach is unintentional, you still risk getting sued for breaking confidentiality. And you will certainly be liable for violating legal compliance.

 

As a result, it’s important to secure customer data so you can avoid a cyber attack and the headache that comes with it.

 

Now that you know the importance of this, let’s take a look at the customer data in question, also known as Personally Identifiable Information (PII).

 

What is PII?

 

PII refers to any information maintained by an agency that can be used to identify or trace an individual.

 

In other words, PII includes data points that such as:

 

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

 

Any of the above information can be used to identify anonymous data.

 

So, why is it so important to protect PII?

 

Why Secure Your Customer Data?

 

If your organization handles PII, you must take steps to secure your customer data.

 

Not only is this essential from a compliance standpoint, but with security breaches on the rise, you have to make sure customer PII is not being compromised.

 

Is it really that common? In short, yes.

 

As a frame of reference, Risk Based Security revealed that by the end of 2020, a total of 36 billion records had been exposed and compromised.

 

When you put this information at risk, you lose the trust of your customers, thus damaging your company’s reputation. Plus, this enables hackers to steal your sensitive data and proprietary information. What’s more, if you are found negligent, you might end up facing fines, lawsuits, and more.

 

In particular, healthcare facilities and financial institutions must carefully collect and store customer data so that it remains confidential. The repercussions of falling short are severe.

 

Regardless of your industry, if you manage PII, you need to protect it. Are you ready to get started?

 

Protect Personally Identifiable Information With Third Power IT

 

If your business handles PII, you can’t risk putting customer data at risk.

 

A breach of this kind can result in:

  • Getting fined or sued
  • Losing loyal customers
  • Closing your business for good

 

Don’t let this happen to you.

 

Protect PII now with the help of Third Power IT, Miami’s best cybersecurity consultants. Visit www.ThirdPowerIT.com to learn more and get started now.

 

 

 

 

 

 

The post Personally Identifiable Information (PII): Why You Need To Secure Your Customer Data appeared first on Third Power IT – Managed IT Services.

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02.19.21
by

The Cost Of A Cybersecurity Breach For Your Florida Based Business Could Be Massive

The digital age comes with so many great advances in technology to make our lives and businesses run more smoothly. Unfortunately, nothing is truly safe. No matter how protected you think your business’ systems and networks are, they can fall prey to hackers and this is where you need to ask yourself, “Do I have the proper cybersecurity standards in place.”

Data breaches and cybersecurity incidents have become common place and they’re becoming increasingly costly. These breaches can expose personal information. No matter the size of your company, it will be costly for you to do through a data breach. In fact, the average cost of a data breach in 2020 is $3.86 million, according to a report from IBM and the Ponemon Institute.

To break it down further, the average data breach costs a company $154 per record. With a database of just 10,000 clients, you have a potential breach of $1,540,000.00 in a single hack. Is your company ready and prepared for such a breach?

When a data breach occurs, your company will deal with varied direct and indirect costs related to time and effort dealing with the breach, lost opportunities, bad publicity, customer churn, and regulatory fines.

Fortunately, costs can be smaller for those companies who are prepared. An analyst at IBM stated that companies who engage in effective cybersecurity practices are seeing significantly reduced costs and those companies who aren’t preparing are facing higher costs.

In fact implementing cybersecurity best practices and remaining compliant with industry standards will not only protect your business but also lower your premiums with many carriers.  You heard correctly!! It can help lower your business insurance premium – another cost saving opportunity.  Of course, the actual cost savings will vary depending on your industry, company size, annual revenue, and the insurance carrier, among other things.

Having the right team behind your cybersecurity is essential in achieving everything that we have talked about here.  If you are not sure where to start, look no further than our Miami Cybersecurity IT Experts here at ThirdPowerIT.  Let us give you a thorough assessment today.

Get Started Now: Contact Us Online

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02.15.21
by

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.

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