Data is an invaluable asset for businesses.It allows them to drive business success and evolve in an ever-changing corporate landscape. However, many organizations lack adequate protection and prevention strategies that preclude data breaches and data loss, which serves as a recipe for business failure. In the Dell EMC Global Data Protection Index - Global Results 2016 Report, it was reported that organizations that have experienced data loss in the prior twelve months incurred an average estimated cost of $914,000 in damages. A total of 29% of the 2200, respondents from the 18 businesses surveyed suffered data loss during that twelve-month period. The causes of such loss not only included cyber-intrusions, but also data corruption, hardware failures, power losses, and software errors, among many others.
Data loss is any process or event that results in data being corrupted, deleted, and/or made unreadable by a user and/or software application.Data loss is applicable to data both at rest (in storage) and when in motion (transmitted over a network)[1]. Data loss and data breaches are sometimes confused and sometimes used interchangeably. However, a data breach is an incident in which sensitive, protected, or confidential data has potentially been viewed, stolen, or used by an individual unauthorized to do so[2].
Protecting data and preventing data loss can be a challenging and costly task,as malware (malicious software) continues to grow in numbers and sophistication. The “WannaCry” ransomware[3]that stole headlines in May of 2017, is believed to have infected at least 100,000 organizations across 150 countries to date. The calculated global costs, using the average downtime each organization faced and the cost per hour has reached a total of $3.3 billion. This figure includes costs associated with lost data, lost sales, lost productivity, remediation efforts, and bad publicity.
In Cisco’s 2016 Midyear Cybersecurity Report, researchers reported a belief that the next generation of ransomware will have organizations payinga “king’s ransom” to attackers who have encrypted their critical data. These ransomware programs will allow attackers to customize instructions, ransom amounts, and deadlines according to the target. They will also be able to switch tactics, as necessary, and mark which systems and files have already been encrypted along with other sophisticated new functions.
Cybersecurity experts already believe preventing data loss is a burdensome task. According to Cisco’s 2017 Annual Cybersecurity Report, one in six of the 2900,Chief Security Officers (CSOs) and security operation managers across 13 countries believe that data loss prevention as a security technology is time consuming and difficult to manage. Data loss prevention is the second highest security technology issue listed alongside distributed denial of service (DDoS) defense.
Wilson Consulting Group(WCG) has the knowledge, expertise and capacity to assist your organization in preventing data loss.
Our Data Loss Prevention (DLP) service:
Please contact us here for more information on how to reduce the risk of data loss.
Your Security … Our Priority
[1]https://www.techopedia.com/definition/29863/data-loss
[2]http://searchsecurity.techtarget.com/definition/data-breach
[3]https://www.knowbe4.com/ransomware
Many cyberattacks succeed due to mistakes by employees and a lack of awareness of basic aspects of cybersecurity. According to the 2022 Verizon Data Breach Investigations Report, 82% of data breaches in 2021 involved the human element.
On May 7, 2021, Colonial Pipeline, Co. was forced to close operations after a ransomware hack was confirmed to have breached their systems. This attack hindered services to the East-coast of the United States and sparked fears of a massive gas shortage to American motorists. This hack greatly compromised Colonial Pipeline’s system integrity and put private data at risk.
5G is a wireless technology with higher speeds and increased bandwidth, which means that you can download/stream videos online at a faster rate without worrying much about the number of users on the network. 5G networks also help reduce the time needed for data to travel across the network. This process is called latency, which is a major factor in automated processes, such as self-driving cars and factory robots. Due to the massive connectivity of devices collectively known as the Internet of Things (IoT) across 5G networks, viable and in-depth security measures should be in place to prevent cybercriminals from hijacking the connected devices or launching Distributed Denial of Service (DDoS) attacks.
Stay In The Know With Our Newsletter
