WatchPoint Data Security Preventing Loss of Sensitive Data
Protecting your data and preventing loss of information
Data loss is one of the main outcomes of a cyber attack. It is also one of the most costly, IBM estimating the cost to USA business of lost data being, on average, $6.5 million per breach. But lost data doesn’t just cost financially, it costs you in disruption to your running of your business and importantly your reputation. This triple whammy effect of cyber attacks can damage many businesses beyond repair.
WatchPoint Data makes sure that the door to data loss is closed for your company.
Data Loss How’s and Whys
When we talk about data loss, we’re talking about many types of information spanning everything from proprietary business data and intellectual property, to login credentials to company resources or online banking, to customer information and personally identifying information or PII. If a cybercriminal can use it, they want it; data is big and data is little, but all data is valuable.
The U.S. Government, recognizing that data has intrinsic value, has developed a raft of policies and laws pertaining to data protection. In fact there are 20 such national laws and hundreds of individual state laws in addition to federal guidelines.
Data theft is achived though a myriad of different security vectors. These vectors and methods of entry and extraction are evolving and changing all the time. A method of choice by the cybercriminal is the increasing use of spear phishing, wereby individuals within an organisation are targetd by emails containing malware. Once the malware is installed on the computer it goes to work, often stealing login credentials thorugh the browser as you type them in, or using privildegd access to organization databases and stealing, often, millions of personal records of customers or employees, as was exemplified in the recent Febderal Office of Personnel Mangement (OPM) breach of 22 million employee records. Another type of breach of data comes from insider threats. Often disgruntled employees will breach proprietry company information or intellectual proteerty, sellign it onto your competition. Insider threats is one of the biggest concerns in terms of cyber security and data loss; the average loss due to insider threats being $213,542 compared to $45,959 from phishing according to research by The Ponenmon Institute.
Once the cybercriminals have the data they can sell it. Underground cybercriminal or ‘hacker’ markets exist to buy and sell various items, for example the cost for premium credit card details is around $13 each for 10 and dropping in price to $9 if you buy in packs of 2000. Online bank account can fetch up t $150,000, or 6% of the current balance.
Effect of data Loss on an Organization
When you have your organization data security breached you are subject to a ripple effect of costs, including financial, reputational, production and liability. The lost data, be that intellectual property, online banking credentials, or whatever format it takes, costs you money. Data breaches cost, on average $217 per record.
Data breaches cost in customer loyalty and goodwill. In a study of 4500 respondents, 65% would discontinue business with a company that had lost customer financial information, for example credit card details and 57% felt unlikely to continue to use a company that had lost their personally identifiable information.
Data breaches cost your business in terms of productivity. This spans a number of business areas, including recovery of lost data, recovery of affected systems, PR activities to manage the reputational damage. And data loss can make you liable. A study into cyber liability showed the average claim payout for was almost a $1 million.
How WatchPoint Data helps
The use of anti-virus software and firewalls is becoming less effective against ever more sophisticated attacks. In addition, smaller companies have neither the time nor the resources to keep on top of software patches. WatchPoint Data use a system known as Carbon Black to monitor devices across your network, making sure that threats are identified quickly alerting us to potential incidents before they happen. We use this information to make sure you are not attacked. The intelligence within Carbon Black is second to none and utilizes data from millions of endpoints. Our security intelligence, monitoring and rapid response keeps your data safe.