The estimated annual cost over global cyber crime is 100 Billion dollars1. Cybercriminals target businesses to steal their important data and documents. Alarmingly, a poll uncovered that 59% of ex-employees surveyed admitted to stealing company data when leaving previous jobs1. Stolen data can critically hurt a company - so much so that some companies are willing to pay get it back. According to a recent survey conducted by Opinion Matters, one in three IT professionals would ante up cash for the safe return of this data.
During the study, 250 IT professionals were asked to share their thoughts on cyber crime extortion. 30 percent of the professionals said they would agree to pay a ransom to recover stolen data while 86 percent admitted to knowing other people who paid off cybercriminals in the past. But is it worth it?
Stuart Itkin, ThreatTrack senior vice president, doesn't think so. He believes it is important for businesses to evaluate their cyber security strategies to include the latest advanced threat defenses.
"Rapid detection and elimination of threats, and the ability to restore encrypted data, will neutralize the incentives that are driving cyber crime extortion and help ensure security professionals will not have to face this difficult choice," he said.
How can businesses prevent data breaches?
There are several steps businesses can take to protect themselves against cyber crimes. According to the Small Business Administration, one of the best ways to protect a company's IT system is to start a password policy. Employers should require their workers to choose passwords that include at least one upper case letter and one number and have them change the passwords every two to three months. Staff members should also choose a different password for each account.
Forbes.com contributors Tim Devaney and Tom Stein recommend using a designated computer for banking activities. If the computer is not used for surfing the net or checking emails, it will be much more difficult for hackers to gain access to private information.
It is also a wise idea to for businesses to purchase an insurance policy that covers losses related to cyber crimes. One of these policies typically costs just a few hundred dollars a year and is a small price to pay to protect important information.
The thought of losing important data can definitely be scary for businesses, but taking preventative measures can reduce the risk of it happening. Contact Pinnacle of Indiana today to learn about available security, data protection and recovery services.