–Yahoo: Reported in October 2017 3 billion user accounts had been compromised due to a data breach, reducing the value of the company by $350 million.
–Marriott International: This company declared in November 2018 a violation of 500 million customers data occurred as a result linked to a Chinese intelligence group seeking information on US citizens.
–Ebay: The online auction site declared in May 2014 that hackers gained access to 145 million users accounts using three employee credentials.
These data breaches may be on a much larger scale to the business you own and widely mediated due to there size and world-renowned reputations, but this type of cyber-crime can happen to any company. Here are some of the reasons why you should consider protecting your business today.
Data Protection And Compliance
You have a duty of care in the U.S to implement a strategy to protect the information of your customers. However, the details of this legislation and its restrictions vary by state, so you must check that which applies to your business. Here are a broad selection of some of the requirements of this law.
-To not sell email addresses from your customers
-To protect social security numbers
-To protect customer information from misuse or unauthorized access
-To alert vendors whom you share data with to protect data shared with them
Should your business not meet the legal standards of your state for protecting data, you could be vulnerable to prosecution by your customers or clients if the information has been hacked or leaked. There are further regulations to adhere to depending on the industry you operate within. For instance, healthcare care professionals are advised to source specialist Healthcare Security to ensure they are compliant with HIPAA when they are taking care of patient details.
Business Reputation And Ethics
If you are aware that your business information has been compromised, and your client’s details have been accessed, due to the Security Breach Notification law in the U.S you must alert all customers of this breach to ensure they are aware how and what information has been taken. As a result, this will have damaging effects on your reputation and the value of your business, to a degree ruining your business’s credibility and potentially losing customers and money.
As you can imagine, having your personal details stolen when they are in another company’s care will make you think enough wasn’t done to protect your valuable information.
To prevent a data breach occurring, you should always source new software and distinguished IT services to take care and protect your data from cyber-crime. As attempting to fix a mistake following an event could be catastrophic. The answer is simple, do the right thing and protect your clients and customer details with ongoing care starting from today.