Limiting Damage from Data Breaches

Limiting Damage from Data Breaches

Limiting Damage from Data Breaches
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Data breaches hitting the headlines used to be a rarity, but today it is unusual to go a week without hearing about another business being affected. So far, 2016 has seen numerous attacks, including:

In January, FACC, an aerospace parts manufacturer that supplies heavy-hitters Boeing and Airbus, was the victim of cyber fraud. Instead of stealing data, the hackers used their access to steal €50 million ($54.5 million) in liquid funds from the business.

In February, hackers breached the database of the U.S. Department of Justice, capturing employee data that included names, phone numbers, and email addresses. The data was later released, compromising 10,000 Department of Homeland Security employees and 20,000 FBI employees.

In March, hackers hit Verizon Enterprise Solutions, a division of Verizon that provides IT services, including data breach assistance, to their customers. The hackers made off with information on more than 1.5 million customers, which was later put up for sale for $100,000.

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Other high-profile victims include the University of Central Florida, the IRS, Wendy’s, and Oracle.

But these breaches are just the tip of the iceberg: for every hack that hits the headlines, there are ten or even a hundred more that don’t because they involve smaller businesses. Yet these attacks are just as damaging to the businesses they affect – will your business be the next victim?

There’s no safety in size, big or small. The businesses we’ve mentioned in our examples are massive, but businesses of all sizes are at risk. Hacking and identity theft can cost your business in lost funds, intellectual property, and customer & employee data. These thefts can damage your finances, your reputation, and your relationships with your customers and employees.

And although the biggest headlines often concern breaches of large technology companies and government institutions, any business in any industry can be targeted. If you hold digitally-stored data, you are vulnerable. Hackers don’t care what your business is – only that they can make money from your data.

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