Data security is a key focus area and will continue to be so for all businesses, especially with the increasing availability, use and reliance on data across all levels in the organisation. As a key influencer of an organisations’ top and bottom line revenues, data security is increasingly becoming a responsibility of all at the CXO level. Here is a look at key data security threats for 2020 as per Forbes.
Negligence / Accidental Loss
Expensive data breaches are more often caused by bad habits in the office that seem trivial. Like leaving a door or a computer unlocked during breaks. While the act may look insignificant, a 2018 report by Shred-it states that than 40% of senior executives and small business owners report that employee negligence or accidental loss was the root cause of their most recent data security breach. Hence an important behavioural change through repeated trainings and awareness is a key action item for all businesses. Data must be viewed as the most important business asset and the need to protect it at all times must be instilled among all in the organisation.
Very often businesses think of malicious outsiders when they consider cyber security risks. However, Verizon’s 2019 Insider Threat Report found that 57% of database breaches include insider threats and the majority, 61%, of those employees are not in leadership positions when they compromise customer data.
Continuing to regularly create awareness on best practices on updating passwords is a great way to prevent a possible attack on a company’s IT network. According to a Google survey, 1.5% of all login information on the internet is vulnerable to credential stuffing attacks that use stolen information to inflict further attacks on a company’s IT network. When employees use redundant or easy to guess passwords, that information can be used to access company data even when the networks are secure. Hence routinely changing passwords is a simple but very effective way to mitigate the threat.
Microsoft Security reports a massive increase in malicious phishing scams. After scanning more than 470 billion email messages that have been sent and received by customers of its Office 365 platform, the company reports that malicious phishing attacks are on the rise, and not by a small margin — by a massive 250 percent. Equipping employees with tools, education and training to defend against these threats will be critical.
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