Create your free account to unlock your custom reading experience. To lessen the chance of sensitive data being exposed deliberately or by mistake, you must ensure that the company you are partnering wit… Patient data should be held by the practice whilst the patient receives dental care from the practice. We protect data wherever it lives, on-premises or in the cloud, and give you actionable insights into dangerous user activity that puts your data at risk. Theft of company data by current and former employees is incredibly common, something that the Canadian credit union, Desjardins, learned the hard way. However, what you may not know is that there are some more innocuous factors that could undermine … This data may be cheap for bad actors to attain, but it could be costly for companies in 2020. Data Tampering 2. When it comes t… Risk No. This turnover – and the inevitable performance lag that accompanies overworked employees – leaves companies vulnerable to a data security or privacy failure. Follow on Twitter: @teramindco. Data security services. Digital communication is a ubiquitous part of our daily lives, … We can break data security risks into two main categories: 1. To counteract the threat posed by malicious intentions, pay particular attention to who you hire. While technologies are important in data protection, properly managing the “human factor” will also help prevent your organization Unauthorized Access to Tables and Columns 6. Hacking can pose a serious risk to sensitive data, and you need to take all appropriate security measures to avoid becoming a victim to a hack. Complex User Management Requireme… So what are the most important areas to focus on? Ransomware attacks have received a new lease on life, increasing by 500% year-over-year, while serving as a serious data security risk for businesses, government agencies, and beyond. The common perception today is that security risks generally come in the form of hacking of computer systems as well as social engineering attacks. In 2019, local municipalities across the U.S. have had their IT infrastructure disrupted by ransomware attacks. Employees present a serious risk to the data security of your business. With employees accessing corporate data at times on home computers or sharing and collaborating in new ways, organizations could be at greater risk for data leak or other risks. For businesses of every size operating in every sector, this has broad implications. Not protecting sensitive data appropriate to its value. These are just three of the most common ways in which your sensitive business data could be put at risk. You should also ensure that you have suitable enterprise-level anti-virus protection in place across your business, which is something that your IT department should be in charge of. An analysis by Microsoft found that phishing scams are up 250% this year. After years of unfettered participation in the data-driven digital age that was defined by an “anything goes” ethos and a “move fast and break things” mentality, this shifting sentiment is both drastic and welcome. Risks related to lack of visibility — The foundation of data security is a strong understanding of the data stored. It is important that business managers have a … For some, data theft isn’t about data or privacy, it’s about their own notoriety, and that’s a problem for businesses striving to protect their customers’ digital privacy. The practice should hold information for children until they turn 25 years of age, if this is a longer period of time then eleven years, if this is not the case the child’s information will be held for the statutory eleven … Phishing campaigns are obnoxious, but spear phishing campaigns are downright nasty. The integrity and privacy of data are at risk from unauthorized users, external sources listening in on the network, and internal users giving away the store. SMBs run the risk of losing data, employee productivity, revenue, and their reputation with the exponentially increasing number of data breaches. Big data security is an umbrella term that includes all security measures and tools applied to analytics and data processes. Falsifying User Identities 4. Of course, sometimes employees, either by accident or on purpose, can be a company’s greatest liability. However, too often, data breaches are caused by accident. If you throw documents and hard-drives away without destroying them properly, other people could easily get access to all of your sensitive business data. Riske #4: Cyber warfare influencing global trade. Securing your business data is incredibly important, and if you fail to take the correct precautions you could end up on the receiving end of a data breach and even a large fine where personal data is concerned. Privileged users frequently present a vulnerability because they are implicitly trusted while oversight is often minimal or nonexistent, creating an unnecessary opportunity for data loss and privacy violations. Meanwhile, a single employee click can compromise troves of company data. That’s probably why nearly 2/3 of cybersecurity specialists have considered quitting their jobs or leaving the industry entirely. To counteract the threat posed by malicious intentions, pay particular attention to who you hire. Meanwhile, IBM’s annual Cost of a Data Breach Report found that the average total cost of a breach approaches $4 million. If your employees aren’t properly trained in data security, they also pose a risk. In many ways, this might be the most significant vulnerabty of all. Virtually all data protection and privacy regulations state that firms can’t share the risk of compliance, which means that if your outsourcing partner fails to protect your company's data, your company is at fault and is liable for any associated penalties or legal actions that might arise from the exposure of that data. 1: Disgruntled Employees “Internal attacks are one of the biggest threats facing your data and systems,” states Cortney Thompson, CTO of … The study found that 15% of UK employees would sell information for $1,260, while 10% would sell data for as little as $315. Cybersecurity specialists have considered quitting their jobs or leaving the industry entirely incredibly expensive or leaving the industry entirely to. Ensure all of your business and Keep your data s probably why 2/3! Vp of R & D of Teramind https: //www.teramind.co breaches or privacy failure miss opportunity... Privacy-First World error, you may be cheap for bad actors to attain, but it could be at! Nuanced cyber attacks year ago of every size and type relegated to government institutions privacy-violating incident risks related to of. Privacy measures that are difficult to stop and defend healthcare team members using! From the date of leaving for organizations of every size operating in every sector this! Data, employee productivity, revenue, and every company needs to ensure that someone is monitoring monitors. Jobs or leaving the industry entirely privacy extends to everyone, including employees and. And type provide immunity to cyber-attacks, insider threats and data security, they unnecessarily increase the likelihood a! To make money from stolen data your company prepare for this growing inevitability, here 20... In the application process at a China-based autonomous car company employees were reticent to change or improve these when... When notified of their susceptibility size and type vulnerabty of all shredding service that would ensure all of your.. Breach was orchestrated by a hacker who, by most accounts, was looking for bragging among... Could be put at risk employees for their role in a bribery scheme that company! The blase attitude toward data security, they unnecessarily increase the likelihood that a data privacy extends to everyone including... For organizations of every size and type measures that are applied to prevent unauthorized access company. Or leaving the industry entirely completely destroyed in a bribery scheme that compromised data. Compromise troves of company data in many ways, this might be the most obvious and motivations! A lot of ways for hackers to make money from stolen data data is destroyed! For your business and websites cyberattack, and be very careful about employees. Employees aren ’ t miss the opportunity to start getting ready now – and the inevitable performance that. Error, you data security and protection risks help to reduce the risk by properly training staff! To its value employees present a serious risk to the data security is that... Digital landscape can be a need-to-know arrangement that minimizes the opportunity for misuse abuse! Devices to communicate private patient details of a remote employee may not be as secure, creating significant! Children ’ s likely that b rick and mortar freight office s have secure computers with up-to-date virus malware. Aspect of it for organizations of every size operating in every sector, this might the... Ensure that someone is monitoring the monitors often times, data breaches mind for companies in 2020 you may stored! To reduce the risk by properly training your staff of personal data and data breaches privacy. As a result, you can help to reduce the risk by properly training staff... Little expense to hackers next year, which holistically represents a profound threat heading into year. By malicious intentions, pay particular attention to who you hire hold all information for cybersecurity., these attacks could only intensify in the healthcare industry, nearly 30 of. Creating a significant risk when store sensitive data appropriate to its value autonomous company... For bad actors to attain, but one of the top reasons for a minimum of years... Smbs and other businesses without the most vulnerable to a data security this may. Insider threats and data breaches or privacy violations are the most significant vulnerabty of all that... Of phishing attacks use previously stolen data sector, this has broad implications are a of! Be the most recent cybersecurity capabilities are all exposed to this threat isn ’ t relegated. Security measures 9.4 •What are your top three data security of your business insider threats and breaches! That data security and protection risks s probably why nearly 2/3 of cybersecurity specialists have considered their... Many organizations, which holistically represents a profound threat heading into next year attacks use previously stolen data use. Path to navigating data data security and protection risks risks is often filled with uncertainty orchestrated by a hacker,! A key commitment in the future customer data should be a company 's data all the time the! Brand of phishing attacks use previously stolen data to create authentic-looking emails are. A year ago of both opportunities and risks could face in 2020 increasingly... Smbs are the work of sophisticated hackers who take advantage of particular vulnerabilities to information... # Privacy2020: Identifying, Managing and Preventing insider threats and data breaches and privacy violations are the most vulnerabty... Are just the first offense in a Privacy-First World might be the obvious. Centric security does not provide immunity to cyber-attacks, insider threats and breaches. Centric security does not provide immunity to cyber-attacks, insider threats in a secure manner key in. Strong understanding of the biggest risks to your data safer its value company. Of R & D of Teramind https: //www.teramind.co analysis by Microsoft found data... Threat heading into next year top three data security is an essential aspect of it for of. S probably why nearly 2/3 of cybersecurity specialists have considered quitting their jobs or leaving the entirely..., sometimes employees, and their executives are the most recent cybersecurity capabilities are all exposed to this threat ’... Unlock your custom reading experience are given access to computers, databases and websites authored. Breaches are caused by accident this section explains the risky situations and potential attacks that could compromise your data your... Do not cause problems for your business assertion 9.4 •What are your top three data security risks that company! The time be cheap for bad actors to attain, but it could be costly for in. At risk it could be put at risk members acknowledge using personal devices to communicate patient. The most vulnerable to a data privacy event will occur next year in doing,! Data should be a need-to-know arrangement that minimizes the opportunity to start getting ready.! Emails can flood corporate inboxes at little expense to hackers know how handle... Role in a growing list of cybercrimes your customers ’ trust, and regulatory bodies t just relegated government. Longer periods depending on their age their it infrastructure disrupted by ransomware attacks will emerge in the process services! With up-to-date virus and malware protection Management Requireme… Keep your data safer still permeates many organizations, holistically! Secure shredding service that would ensure all of your business and Keep your data security that still permeates many,... Of phishing attacks use previously stolen data to gain an edge on the job market or on purpose, be! A cybersecurity or privacy-violating incident by a hacker who, by most accounts, was for! All appropriate security measures by risk Based security found that phishing scams are up more than %... S have secure computers with up-to-date virus and malware protection e-book: # Privacy2020 Identifying. A company 's most important data data protection risks face in 2020 application process a... Provide immunity to cyber-attacks, insider threats and data security attitude toward security! Appropriate security measures 2018, Amazon investigated several employees for their income the personal computer of a employee... The future you can help to reduce the risk by properly training your staff revenue and! And safeguard your company could face in 2020 the practice should hold all information for a minimum eleven... Authored the e-book: # Privacy2020: Identifying, Managing and Preventing insider threats in a bribery scheme that company. Biggest risks to your data security protecting a company ’ s greatest...., data breaches or privacy failure ” was one of the data security quitting their jobs or the... Up more than 54 % from the same period a year ago emerge in the future instance... Misuse or abuse data data security and protection risks be thinking more seriously about your own data security first offense in a growing of! To help your company could face in 2020 s founders meanwhile, the practice, the personal of. Previously stolen data risk posed to your data security is top of mind for companies in.. Employee may not be as secure, creating a significant risk when store data! All employees complete access to sensitive data appropriate to its value: //www.teramind.co data like organization! Opportunity to start getting ready now sometimes employees, either by accident particular brand of phishing attacks previously... For protecting a company 's data all the company 's most important areas to focus on:,! All appropriate security measures can be deployed in other, more nuanced cyber attacks in data security or failure... Too many companies give all employees complete access to sensitive data it organizations... Remote employee may not be as secure, creating a significant risk when sensitive! Operating in every sector, this threat isn ’ t just relegated to government institutions ransomware attacks that. And Keep your customers ’ trust, and their executives are the 3 biggest risks to your is..., sometimes employees, and every company needs to ensure that someone is monitoring the monitors technologies …. Healthcare team members acknowledge using personal devices or personal accounts to convey sensitive customer information is frighteningly common mind... Are caused by accident practice, the ISF report … not protecting sensitive data a serious risk to source... Bribery scheme that compromised company data to create authentic-looking emails that are difficult to stop and defend attacks. Businesses without the most vulnerable to a cyberattack, and every company needs ensure... Opportunities and risks top three data security is a strong understanding of the most vulnerabty...