Cyber attacks continue to grow, with cyber thieves in pursuit of personally identifiable data that can be sold on the black market. According to the 2015 Symantec Internet Security Threat report, the past year saw a 23% increase in the number of data breaches.
Learn about some of the top cyber risks and what they may mean for your business, regardless of size. These sample scenarios illuminate the five top cyber risks for businesses and can help demonstrate what can happen to a company as a result of these vulnerabilities.
Cyber Risk #1: Human Error: Lost and Stolen Laptops and Smartphones
Company Profile: Professional Services | $40 Million Annual Revenue
What happens when an employee loses a smartphone with sensitive computer data?
In this example, an administrator at an employee benefits company lost his personal smartphone, which he used to access an unsecured database containing the records of more than 15,000 clients, including social security numbers and private health information.
- Losing the device resulted in costs for legal services, a forensic investigation and miscellaneous expenses.
- In addition to data breach notification and remediation costs, it also cost the company one of its largest clients.
- Several other clients are considering legal action against the firm for failing to prevent unauthorized access to electronic data containing confidential information of others.