Trio at risk of data breaches- Finance, Healthcare, Information Technology
In today’s heavily digitized world, data has emerged as the new currency. It has not only driven the current age of information but has also helped organizations scale their operations, making it the most valuable asset for them. At our current pace, the world creates a dizzying 2.5 quintillion bytes of data every day! This includes anything from google searches and tweets to highly confidential documents and sensitive client data.
However, keeping this information safe from data breaches and insider threats is a challenge that needs to be addressed. Let’s take a look at some major industries that are vulnerable to data leaks and also the cautionary measures that can prevent them.
Readily available technology has created huge pockets of risk in today’s banking industry. So much so that hackers have come up with elaborate ways to bypass or crack bank-grade security systems. Nonetheless, a study by Poneman Institute’s Cost of Data Breaches states that malicious insiders, not outsiders, pose one of the biggest threats to the financial sector. In most cases, the culprit of a data breach is inside the building with direct access to security credentials and sensitive systems.
Therefore, a robust clean desk policy must be in place to prevent insider threats and data leaks. Objectively speaking, financial institutions can ensure due caution and security vetting while selecting employees or a third-party cloud partner.
Data branches are more common in the healthcare industry than one might think. Credential stealing malware, web application attacks, lost devices, and malicious insiders are the leading causes of data breaches. Existing statistics clearly show that Personal Health Information (PHI) is more valuable to cybercriminals than credit card credentials and Personally Identifiable Information (PII). The health and human resource data breach reports over 15 million data breaches through desktop computers, emails, internet servers, and even paper/films.
Appropriate network security and application security can be implemented as the first line of defense against data breaches. Encryption is the best way to deter outsiders from compromising sensitive patient information if and when they find a way into your system. This means data should be encrypted while at rest and in transit. Healthcare providers can also consider remotely monitoring their third-party vendors when they handle confidential information.
Companies today rely significantly on big data and the way information is stored and shared- ranging anywhere from intellectual property and sensitive client information. If left unchecked, availability attacks can easily find a way in the organization by targeting web applications. These attacks can also be used for access to cloud-based organizational email accounts. Verizon’s data breach reports nearly 44% of these breaches are internal.
To prevent these, stringent employee monitoring systems can be implemented along with remote access policies. This is to ensure that only authorized agents have access to critical data. Biometric authentication software can replace physical tokens for employees with privileged access to confidential information or any employee for that matter. Unlike ID cards that can be forged and passwords that can be cracked, a person’s face is unique. Similarly, an employee monitoring software can be used to track employee activity at the desktop level.
Remotedesk to the rescue
As more and more documents move to digital formats, the need for ensuring regulatory compliance and data security increases. One way to achieve secured and effective document management is through continuous identity verification. Remotedesk is an AI-based solution that can keep an eye on how data is being stored, accessed and retained. It prevents malicious insider breaches and delivers a “Clean Desk” environment to facilitate a secure workplace.