Data breaches and cyberattacks are unpredictable. What’s more, they’re becoming all-too common. In today’s hyper-connected world, the question of being a victim of cybercrime is no longer a matter of if, but when.
Cybercriminals and malicious insiders continuously strive to gain access to financial data and personal identifiable information (PII). When devices and networks are left unsecured, it poses significant risk, not only to the hacked identity but to your enterprise as well.
Why Data Security Should Be a Top Priority:
Every day there are more and more digital exchanges of information. From conducting online monetary transactions to simply responding to an email, the amount of data being shared is astronomical. Each occasion creates exploitation opportunities allowing data to fall into the wrong hands.
Such breaches can result in devastating damage to customers and establishments. What kind of damage? The leading concern is the associated expenses. There are the repair costs as well as the indirect losses from the fallout such as a loss in investor confidence, paying fines or lawsuits, along with considerable customer departures.
Aside from expenses, there are risks to reputation. Trustworthiness and brand status can be affected in the immediate aftermath of a data breach. Lastly, there can be a loss in productivity. Removing a virus or addressing the ramifications of corporate espionage takes immense resources and time. The interference might trigger business operation interruptions, application failures and system crashes adding to the overall damage.
These reasons and more reinforce the need for stronger security measures among accounting firms, financial organizations and beyond.
Ways Data Can Be Compromised:
Customer data and PII can be compromised through numerous avenues including:
- Stolen or exposed user credentials
- System configuration errors
- Phishing attempts
- Poor or missing encryption
As the threats — and their sophistication — continue to grow, it calls for improved vigilance and smarter defenses. For many companies, utilizing artificial intelligence (AI) for cybersecurity may be the answer.
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AI Protection Methods:
Staying ahead of wrongdoers begins by gaining a better understanding of security vulnerabilities. Once weaknesses are identified, suitable measures can be put into place. AI can help to not only identify areas of weakness but to provide supplementary defenses to already robust cybersecurity systems.
How so? By utilizing big data, artificial systems analyze patterns, trends and other substantial insights within the realm of cybercrime. Referred to as analytics-driven security, these machine-learning platforms produce enhanced visualizations and reports on potential threats.
Another advantage to AI solutions is they can provide ever-vigilant security. Designed to respond and react to threats almost instantly, such tools go beyond real-time monitoring and live updates, giving security systems unrelenting defense.
Going Forward:
By keeping areas of exposure to a minimum and implementing innovative security measures, you can help limit or prevent the damage an attacker might inflict. All this and more helps to maintain a resilient cybersecurity position that clients can trust with their data
For further ways AI can help protect financial data, please see the accompanying resource.
Infographic created by Donnelley Financial Solutions, a Data Room Provider
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