Businesses should always be looking for reliable approaches to ensure the safety of their financial data. As cybersecurity systems advance, cybercrimein turn adapts. To keep ahead of the threatit’s important to invest in traditional cybersecurity systems that can be supplemented with artificial intelligence-focused security.
How Is Financial Data Compromised?
Data breaches can lead to a disaster for many organizations. In fact, 40% to 60% of small businesses go out of business after a major disaster such as massive data loss. From phishing schemes trying to get sensitive credentials to ransom ware locking down critical data and requiring a ransom for its release, the threats are very real. While your business may have a cyber security system, it’s vital to be up to date on the latest tech to defend against new and more sophisticated attacks.
One of the most common ways data can be compromised is through stolen credentials. Often, this can happen due to phishing or because the passwords are weak. Phishing is where a target is contacted through email, text message, or phone call claiming to be from a legitimate institution to lure the target into giving away sensitive information such as a username and password or credit card details. Make sure to teach employees about these attempts to compromise financial data.
If you are interested in learning a few more common ways your financial data may be compromised check out the infographic below. It also provides information on how artificial intelligence-focused security can be used to help protect against financial data threats.
Infographic created by DFIN