Six Data Security Risks your Business could Face in 2020

When it comes to information security, it’s always better to take a proactive approach. After all, hackers are always searching for new vulnerabilities to exploit as companies struggle to keep up with advancements in technology. More than ever, information governance, security, and compliance are bottom-line issues that must be deeply ingrained in your IT strategy.

Here are some of the biggest data security risks and developments you should be prepared for:

#1. Increasingly personalized phishing attacks

Just as sales and marketing teams are starting to use artificial intelligence (AI) for fine-tuned and highly-targeted advertising, social engineering scammers are using the same technology for carrying out targeting phishing attacks on a massive scale. They can even use voice and video recordings to create highly sophisticated deepfakes that are getting harder to tell apart from the real thing.

#2. Greater focus on the Internet of Things (IoT)

Every new device connected to the internet is potentially another entry point for hackers. In 2017, for example, a casino in Las Vegas had its high-roller database hacked when an attacker exploited a vulnerability in its internet-connected fish tank.

Connected technologies are often lacking when it comes to security protocols, and governance programs often lack full visibility into them. With more than 100 million attacks targeting IoT last year, we can only expect the situation to get worse in 2020.

#3. Employees as security threats

Since many data breaches exploit human ignorance and unpreparedness, it stands to reason that employees are usually the weakest link when it comes to information security.

However, data theft perpetrated by employees is growing all the time as well. Some employees deliberately leak sensitive data, either for financial reward or personal reasons. Furthermore, bribery is an increasing concern driven by the fact that many employees are unsatisfied with wages and bonuses.

#4. Unpatched security vulnerabilities and bugs

While many threats stem from social engineering scammers, there are still hackers who use their expertise to exploit increasingly complex and poorly governed business computing systems. Many attacks specifically target unpatched vulnerabilities and technology that is no longer supported by its original manufacturer.

To overcome the threats posed by unsupported and outdated hardware and software, companies must have a rigorous patch schedule and retire any unsupported assets immediately.

#5. Lack of unified cybersecurity protections

The enterprise technology environment now comprises a dizzyingly complex array of different systems spanning in-house, cloud, and mobile resources. This makes it much harder to keep track of the flow and storage of business information at scale.

A lack of unified cybersecurity controls creates numerous unprotected entry points, all of which can be exploited either internally or externally. Regular IT audits and risk assessments, along with centralized administration and oversight, greatly reduces the threats, while ongoing training helps mitigate human error.

#6. Widening cybersecurity skills gap

Given the breakneck pace of technological development, most of the cybersecurity practices that people learned at school are barely relevant in today’s IT environment. At the same time, digital transformation and innovation are on the minds of nearly every business leader as they struggle to keep up with the increasing demands of employee and customer experience. To add further insult to the widening cybersecurity skills gap, there are now only around three million people globally working in IT security roles but another four million are needed.

Summit Advisors helps keep your network, information, employees, customers, and reputation safe from the many threats that face them. Call us today to get the solutions you need.