Dealing with data in any company is a sensitive business, especially if it concerns sensitive client information. Any vulnerability with the data’s security system can be exploited, and the data can be leaked to the public, compromising the safety and identity not only of their company but of their clients as well.
Contrary to popular belief, a data breach isn’t an instant process. Hackers infiltrate a company’s data source using various security vulnerabilities, such as a weak link in the security measures – like a weak password – or even unsuspecting employees who are not well-informed about the possible ways in which they can contribute to data breaching.
Once a hacker is successful, they can extract sensitive information that is usually about a company’s clients, internal data, or highly-confidential data. This is a successful data breach, and with this, a hacker can do what they wish with the data. They may sell it to potential buyers in the black market who are interested in the data they managed to steal, or they may blackmail you and your clients with its release.
Some may also use them for their own gains – stolen credit card information, for example, can be used to make purchases using your or your client’s money, which may not be detected in time by the credit card company especially if they were made within the areas where the usage wouldn’t be too conspicuous. Stolen identifications can also be used to make forged IDs as well.
If a client is the victim of stolen data through your company, they can file for lawsuits to recover damages from having unwanted entities gain access to their information, or even just being made for a spectacle by the unknowing public, even if this is just by accident. This not only is costly for your company but will also result in a loss of integrity in the eyes of prospective and established clients.
As there is no security that is completely infallible towards the possibility of a data breach, what you can do is strengthen yours to make it harder for anyone unintended to gain access to your company’s data. Read this infographic to learn how.