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Top 5 Cybersecurity Threats to Your Business

July 22, 2015

Companies are currently investing more in measures to respond to inevitable cybersecurity attacks—monitoring, preventive policies, training and staffing—than in preventative infrastructure. According to a CEO at a financial technology company, "It's a constant battle that won't go away and we are now spending more to protect ourselves from when we are hacked than to try and keep from being hacked." These are some of the top cybersecurity threats for business leaders.

  1. Social Media Hacking: The hacking of Facebook, Twitter, Instagram and other media outlets poses a threat to company image. Just as recently as this year, the Burger King Twitter account was hacked, and the account logo was changed to a McDonald's sign. BK wasn't the only company hacked, NBC, Jeep, and others had their image tarnished by the work of hackers.
  2. Governmental Agency Data Breaches: Agencies within the government sector saw major data breaches in 2012 & 2013. The significance of the breached data is not limited to governmental information. Since government databases house information on both public and private company financial and tax information, the breaches of government databases affect all entities which share information the government. Other security issues related to governmental breaches include bank account numbers, usernames, passwords, and personal identities.
  3. Company Data Breaches: Perhaps the most damaging threat of a data breach is the fragile customer-company relationship built on trust. Yahoo, Verizon, Google, Comcast, and other well-known companies have had confidential information leaked due to data breaches. The largest breach from Yahoo! saw over 400,000 user names and passwords exposed.
  4. Malware: Malicious software can be used to phish information such as account passwords & usernames, company financials, or bank account data. The rise in mobile malware has now increased the likelihood of phones being hacked six-fold over the risk of your PC or network being hacked. Android users especially should download the latest patch to keep their information protected.
  5. Inter-Company Server Mishaps: Company website hacking has created a need for IT personnel specializing in the field of protective services. Companies are obligated to keep customer data safe and have a seamlessly running website.

Most Often a Matter of "When", not "If"

As the quote above noted, companies are working toward handling when they're hacked instead of avoiding being hacked altogether. Keeping your technology updated can mitigate the potential risk. You should be aware of increasing cybersecurity threats, continue to invest in infrastructure and resources, ensure your IT team stays current with emerging trends, and develop policies to deal with attacks when they occur.

Check out Armanino's Governance, Risk, and Compliance team to learn more about keeping your company secure and compliant.

References

Ellyatt, Holly."Top 5 Cybersecurity Risks for 2015.". CNBC. Web. 31 Mar. 2015.

SVB Bank. "How Tech Companies Prepare for Cyber Attacks & Most Common Cybersecurity Resource Investments". 1 July 2013.

Schrader, Carolyn. "2015 Small Business Cyber Security Threats." National Cyber Institute. 30 Mar. 2015.

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