The Impact of Data Breaches Continues To Grow: May 2022 Newsletter
May 23, 2022 | Newsletter
The Impact of Data Breaches Continues to Grow
Data breaches have become increasingly more prevalent and costly over the years. According to a ProWriters study, for a small or medium-sized business (SMB), the average cost of a breach is $108,000.
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A data breach can have catastrophic effects to an organization, so taking the necessary steps to secure your company is critical to your productivity, reputation, and safeguarding your client relations. Anyone can be at risk of a data breach — from individuals to high-level enterprises and governments. More importantly, anyone can put others at risk if they are not protected.
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Tips to Minimize the Risk of a Data Breach
- Limit Access to Valuable Data: While every role at an organization is important, there should be limitations on which staff members actually need access to certain data
- Conduct Employee Security Awareness Training: A large majority of data breaches actually occur due to human error. Unfortunately, employees tend to be the weakest links when it comes to data security (to no fault of their own).
- Update Software Regularly: When programs aren’t patched up and updated, they are more vulnerable to attacks as the software cannot recognize malicious activity.
- Compliance of Third-Party Vendors: Your vendors should be on the same page when it comes to security regulations as working with a less-than-reputable third-party vendor can increase your risk of data breaches and lawsuits.
- Implement the NIST Framework: The NIST framework allow organizations to analyze what activities are most critical within the company and ensure proper resources are allocated to protect them.
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Cybersecurity Insights
“50% of small businesses that are victims of a cyber attack go out of business within six months.”
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How to Protect Yourself from Smishing (SMS Phishing Attempts)
One of the latest cybersecurity threats to be popularized is phishing through SMS, or fraudulent texts.
Learn more.
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The Impact of Cybersecurity Risks on Financial Services Firms
Cyberattacks nationwide keep growing in the financial industry; 70% of institutions say cybersecurity is now their top concern. On average, 26% of financial institutions fall victim to cyber fraud (Source). What happens if your financial institution is victim to a cyberattack? Learn more.
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How Connecticut’s New Cybersecurity Law Impacts Your Business
Businesses big and small can fall victim to cyber criminals, whether it’s due to hacking, malware, or some other nefarious act. 60% of attacks are focused on small businesses. 50% of small businesses closed after a data breach. Access Webinar.
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In a world where you often don’t get to learn more about the people who are helping to keep you safe and successful (or even see them in person) we will focus on sharing more about individual Kyberians over the coming months.
We hope to give you a better inside look at the people who are helping you every day.
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