Knowledge is power. When you’re aware of a potential problem, you have the opportunity to prevent it. If you don’t know about a possible issue until it’s become a definite one, there’s a very good chance the damage done will be exponentially harder to recover from. That’s why we feel it’s important for you to know the below statistic:
A 2016 report by The Association of Certified Fraud Examiners revealed that U.S. businesses will lose an average of 5% of their gross revenues to fraud.
In today’s world, your organization’s identity is the result of a variety of things: the services and/or products you offer, your company values, and your digital footprint. While your online presence is only a small part of your identity, it’s one that, if you don’t have the right systems in place, can easily be hacked.
It Happened to Them
In our increasingly digital world, there are many ways in which your organization’s identity can be stolen online. Card-not-present fraud, account takeovers, stolen passwords, the creation of fake accounts, and the use of spyware to collect classified company information are all ways in which you and your organization can become victims of identity theft. Classified information at these three businesses was recently compromised:
An article by The Guardian revealed a rather embarrassing, easily preventable security breach of the professional services firm. Since Deloitte did not employ two-factor authentication, when hackers acquired an administrator’s password, they were able to access the company’s entire email system. Once named “best cybersecurity consultant in the world” by Gartner, Deloitte’s credibility took a major blow.
Early in October 2017, Pizza Hut’s website was hacked. The personal information (addresses, emails, credit card information, etc.) of customers who ordered pizza online within a 28-hour period was compromised. Pizza Hut waited two weeks after the hack happened to inform their customers of the security breach, upsetting many of those affected. One customer vented, “Hey Pizza Hut, thanks for telling me you got hacked two weeks after you lost my credit card number and a week after someone started using it.” In an age where there are multiple pizza delivery services for customers to choose from, Pizza Hut most certainly lost customers over their delayed response to the hack.
Perhaps the most notable recent case of identity theft is that of the Equifax data breach. Equifax’s failure to update their software in order to fix a bug resulted in the personal information of 143 million Americans being revealed. The breach not only increased individual’s risk of identity theft, it has also resulted in a loss of business for Equifax when the IRS suspended their $7.25 million contract with the agency.
It’s All About Prevention
As the saying goes, the best offense is a good defense. Thus, the best way to protect your organization from unwelcome instances of identity theft is to set up protocols that prevent attacks BEFORE they have the chance to happen.
At EaseTech, we have a variety of identity management systems that will keep your classified information safe and secure. Interested in learning more? Reach out, and let us show you how we can enhance your cybersecurity.