You don’t need to look far to see the repercussions when a business fails to protect sensitive information. Equifax, Adobe, Target were all victims of significant data breaches that resulted in a massive blow to their reputation and bottom line. [Learn the most effective ways of how to manage your online reputation.]
Data breaches and fraud are problems for businesses of every size, affecting over 25% of businesses with an average fraud loss of $38,000. That’s enough to push many small businesses into bankruptcy.
Types of security risks businesses face
Businesses face an increasing number of threats on a daily basis. Research shows that ransomware, phishing, data leakage, hacking and insider threats are all security issues businesses are dealing with.
Information security issues have a major impact on a business. Loss of revenue can result from remedying the problem and damage to your brand’s image.
Hackers are responsible for the majority of information security breaches. Cybercriminals look for ways to make monetary gain from businesses by using malware and phishing scams to collect sensitive data. The cost to remedy a data breach can be astronomical. Large companies that have to deal with major data breaches have paid out millions to specialists to become compliant once again. According to IBM Security, the average cost of a data breach in the United States in 2020 was $150 per record.
Here is more about some of the threats businesses are facing.
Email phishing scams
Phishing is the act of a bad actor sending someone an email designed to look like an official communication from a legitimate, reputable company. This email may ask you to log in to an account or share your credit count information to prevent something drastic from happening. This information then goes not to the reputable company, but to