Data is big news. Whether it’s a tech company selling their users’ personal information, or a credit card company having a data breach that affects millions of people and potentially millions of dollars—data is on people’s minds these days.
In 2018, the Bank of Chile found that the malicious KillDisk virus had infiltrated 9,000 of its computers and 500 of its servers and was poised to wreak havoc on their internal systems. Understandably, they immediately went into crisis mode, working as quickly as possible to disconnect those workstations. During the ensuing flurry of activity, the hackers were able to perform their real attack completely unnoticed: $10 million worth of fraudulent SWIFT transactions that the bank was too busy to notice.
According to IBM, the average cost of a data breach in 2019 was just under $4 million—and this is nothing compared to the costs of some of the more high profile security lapses in recent history. Since the Equifax breach was uncovered in the 2017, it’s estimated that it’s cost the company $1.4 billion. And this is before we talk about other types of attacks beyond data breaches, like the SWIFT transaction fraud that lay at the heart of the infamous Bangladesh Bank heist. Really, it’s hard to overstate how critical data security is for international businesses, especially in the financial sector.
With the current world-wide coronavirus pandemic, more people are working from outside the safety of their usual secure corporate networks. This opens your company up to a whole slew of new hacks and security concerns. Fortunately, there are options when it comes to locking down access to your proprietary data and internal systems.
So far, the COVID-19 pandemic has shown the world a myriad of flaws, risks, and vulnerabilities in the everyday systems and behaviors that we take for granted. This extends to healthcare infrastructure in much of the world, obviously, but it applies just as strongly to the global supply chain, telecommunications networks, and cybersecurity. Toilet paper and hand-sanitizer shortages are rampant (at least in the US), remote work is taking a tremendous toll on existing mobile and Wi-Fi networks, and phishing attacks aimed at a nervous and wary populace are on the rise.