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The Cost of Cybercrime

 

Hackers are holding the world to ransom with cyber-attacks costing the global economy more than £238 billion a year¹. These attacks damage the global economy almost as much as illegal drugs and piracy, with financial losses from cyber theft resulting in a potential 150,000 European job losses.¹ Cybercrime is a growing menace which is proving to be an ever growing challenge for individuals and businesses. US retailing giant Target saw its earnings drop 46% after an attack that leaked more than 40 million customer credit card details², whilst eBay and Office have also been ‘hit’ this year, with customer data compromised.

Despite these devastating implications, the public, corporates and their employees continue to be careless with their valuable and highly confidential data –residing on laptops, tablets and mobile devices. Cyber espionage and theft of individuals’ personal information is believed to have affected more than 800 million people during 2013¹, and our mobile working culture has made data security an even greater challenge.

With IDC estimating that over one million smartphones were shipped last year³, someone somewhere in your company is using a personal, mobile device to connect to a corporate network and download sensitive data – making your organization a sitting target for cybercriminals. Companies must equip their employees with the means to protect corporate data from threats such as identity theft and cyber espionage, whilst mitigating the dangers associated with unsecured devices and free Wi-Fi hotspots.

Mobile devices need to maintain the same high levels of security as office-based desktops and servers, with only IT provisioned laptops or tablets connected to corporate networks. But, the best way of ensuring hackers can’t gain access to your company data, is by storing all your data on a secure fully encrypted Windows To Go USB flash drive. It provides employees with an IT managed and provisioned Windows workspace that replicates their secure office desktop environment, on any device that the USB is plugged into. This also means IT departments do not need to deploy individual computers but rather can deploy the Windows To Go workspace on USB drives which saves time, resources and introduces vast cost savings.

Staff awareness plays a crucial role in protecting the company network against cybercrime. Often under-estimating the inherent security risks of using personal devices in the office, employees must be educated to handle these responsibly – on a proactive, ongoing basis rather than waiting until a security breach occurs, when it’s too late.

With so many high profile security breaches making the headlines, organizations want to know that corporate data is secure at all times, regardless of where it resides, whilst employees need the flexibility to work remotely. Cybercrime can have a devastating impact on your business in terms of cost and reputation. Your organization can’t afford to be tomorrow’s headline…

 

Sources:

¹McAfee report, June 2014 – Net Losses: Estimating the Global Cost of Cybercrime

² http://www.businessweek.com/articles/2014-03-13/target-missed-alarms-in-epic-hack-of-credit-card-data

³ International Data Corporation (IDC)Worldwide Quarterly Mobile Phone Tracker, Jan 2014

 

 

 


 

 

 

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California Cracks Down: Companies Must Encrypt Personal Data

The California Attorney General has issued a major data breach report, finding that more than 2.5 million people were affected by 131 reported data breaches within the state, with 56% of the breaches including disclosure of Social Security numbers.

California Attorney General Kamala Harris is calling for wider use of encryption and increased training for employees and contractors on handling personal information. InfoWorld reports that, “her office “will make it an enforcement priority to investigate breaches involving unencrypted personal information” and will “encourage … law-enforcement agencies to similarly prioritize these investigations.”  She also recommends employee and contractor training on how to handle personal information.

Imation did its own review of U.S. data breach laws in 2012, and created the “heat map” graphic below, based on the strictness of those laws. California was a forerunner in data breach laws; while most state laws are similar, requirements and penalties vary widely.

As we’ve noted before, encryption is the foundation for protecting personal data. 

Having data encrypted at the time of the breach means, under most (but not all) of these laws, (because the data is unreadable) that loss or theft of a USB device or laptop doesn’t require reporting. Also, as the California report notes, keep security awareness campaigns active so workers stay alert to the risks.

By taking a few pragmatic precautions, the majority of risks can be greatly mitigated. So the next time an employee loses a notebook or an encrypted flash drive that held protected data, if it’s been properly encrypted and managed you’ll have may well have endured a non-event.

Compliance Heat Map

Imation Compliance Heat Map. Click to view full-sized image.