Data Security is a top priority for businesses with highly confidential data. Every company tries its best to avoid data breaches, but sadly even the complete security protocols may fall vulnerable to a data breach.
The data breach is not only monetarily detrimental but also damages your company’s reputation, resulting in your customer’s disappointment and loss of trust. This blog lists the top data security risks that every business should address to eliminate threats.
Accidental Data Exposure
Data exposure and breaches often happen due to the clever work of the hackers who steal data by their methods, and many times it happens accidentally. Violations due to the employee’s negligence are common and add to a massive chunk of data breach percentages in a business.
There are countless incidences when people accidentally leak their company’s private data online or send it to the wrong person. Educating your employees about the SOPs and urging them to follow them to abstain from future data breaches is essential.
Ransomware attacks are common in the digital world and are a massive data security risk. They are malware that can encrypt your files, and then the attacker would ask the victim to give him a certain amount to gain access to their information.
The attacker also gives the victim the payment method to buy the decryption key. Mostly, ransomware attacks are done via phishing and sent via email, which the victim may mistake for a trusted file.
Protecting yourself from ransomware attacks is essential by installing a trustable antivirus and avoiding opening suspicious emails.
Also, ensure to keep a backup of all your essential files frequently. Although it wouldn’t stop a malware attack, it will give you access to your data.
Third-Party Data Security Risk
When a business shares its data with a third party, it gets vulnerable to a data security risk. The company may give its financial information and other valuable data to a third party exposed by a hacker, resulting in a data breach.
Always analyze the third party’s cyber-security risks before dealing with them. Give only limited access to your data to the vendor if necessary. If you let the vendors have available data, it will increase the chances of a data breach. Consistently collaborate with trusted third parties only.
In-House Data Breach
Whenever a business or organization thinks of a data security risk, they think of outside sources and how they can steal or encrypt their data. Inside sources are of minor importance, including current and ex-employees and partners.
Limit the data access to each employee and partner and carefully monitor how they use the data. Sign contracts with the employees and partners, which require them to pay heavy bills and a loss of collaboration in case of a data breach.
Poor Login Credentials
Easy and guessable passwords result in a data breach and are a massive data security risk. Google reported in a study in 2019 that 1.5% of the login credentials contributed to a data breach, which resulted in stealing the company’s detailed information and using its data against itself.
When the passwords are easy to guess, anyone can access the company’s confidential data despite the vital security protocols. Every business should keep its passwords updated on time, set up solid and complex passwords, and share the credentials with only trusted and relevant people.
Untrained employees are one of the biggest data security threats, as they are an easy target of phishing emails, may set up easy passwords, distribute confidential data, and download malware.
It is essential to train all your employees to avoid data security risks. Even if you get the best security tools, they would be useless if your employees are not acquainted with the security risks and threats.
A data breach can take any business under its wings and destroy it. It is essential to take preventive measures to safeguard your business and its data from potential threats.Many businesses shut themselves up for fear of a data breach. Rather than making your business vulnerable, you and your team should always be ready to tackle data breaches persistent. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.