Hackers often have unwitting accomplices in the companies they target. The problem occurs when employees fail to follow security rules, making cyber-criminals jobs much easier. Although employees may not mean to expose the company’s information, their lack of discretion can spell big trouble for small businesses. Compliance, an important aspect of data loss prevention, can help you avoid the following problems.
A credit card breach can cause big headaches for your company. In addition to fielding complaints from angry customers, you’ll also have to deal with unwanted media attention and possibly dwindling profits due to reputation issues. For example, when Capital One experienced a massive breach in 2019 affecting approximately 106 million customers in the U.S. and Canada, it faced significant legal, compliance, and remediation costs as well as a loss of consumer trust. Another example is the notorious 2013 Target breach, which compromised 40 million card records, triggered a 46% drop in Q4 profits, illustrating just how disruptive these events can be.
Lawsuits often follow data breaches. Unless your company has deep pockets, it may be difficult to absorb the costs of customer payments, fines, increased insurance rates and attorney fees. Companies often offer free credit monitoring for a year to all affected customers, which drives up the cost of your response to the breach.
When your system is comprised, you may not be able access customer data you need to prepare bids or contracts, which may mean the loss of a potential new customer. Breaches can also affect your ability to attract and keep customers. New customers, in particular, will probably do a quick online search before they decide to do business with you. If they find disturbing news articles about successful hacking attempts, they may just decide that your company isn’t the best choice for them.
Once hackers crack your systems, there’s no telling what they’ll do with the information they find. They’ll have information that could help your competitors, derail your plans for expansion or even ruin your reputation, in some cases.
Data loss prevention starts with a detailed policy that clearly explains the actions employees must take to protect sensitive information. Unfortunately, if the rules are lengthy, it won’t be easy for your staff to remember which policy applies to which circumstance.
That’s where tools like Microsoft 365’s DLP Policy Tips can really help. If someone tries to send an email that breaks one of your data policies, a simple message pops up to explain what’s wrong. Depending on how your settings are configured, the message might be blocked entirely or the employee may be given the option to override it.
Microsoft 365 also comes with built-in policy templates to get you started quickly. If you have more specific needs, you can set up custom rules instead. The platform also provides reports showing where the biggest issues are, so you can spot patterns and follow up with additional training if needed.
SOHO Solutions can help you find the perfect data loss prevention solution for your business. We’ll take the time to learn about your company’s mission, customers and goals and create a robust system that increases compliance and decreases risk. Contact us today to learn how we can help you boost your compliance rate.
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