You would think that a company that stores their clients’ money and handles investments would have tight security measures on their system against cyber attacks. Apparently, this is not always the case.
In 2014, Scottrade, a US-based investment brokerage company, announced a breach in their system, two days after the Federal Bureau of Investigation knocked on their doors to deliver them the news.
Even though the company claims that the clients’ funds are intact, it still comes as a shock that the management and staff of the investment firm were not aware of the breach of their data security. This has been going on since late 2013 leading to the following year, until they were informed about it.
Hackers are getting more and more creative in getting their hands on confidential information. Even the formidable Apple iOS had not been spared. The company announced that their app store had just encountered its first large-scale security attack in September of this year.
Software developers were tricked into using counterfeit software that embedded a malware on the apps that they were selling. These apps had been removed, and according to the company, they have taken drastic action in clearing the infected apps and restoring the security walls against attacks of the same nature. However, there was no word on the extent of the malware infection.
This goes to show that no company should put their guards down when it comes to ensuring the protection of their data. Consistent checkups on the security system and upgrading protocols are necessary to make sure that crucial information will not fall into the hands of these cyber-criminals.
Ensure Enterprise Security
Employing a security strategy is necessary for every entity or enterprise. Cyber security attacks come in different forms and from different directions. The potential for a breach in IT security is just as big internally, as it is on the external side of the business.
Here are some of the best ways to ensure the security of all the information on your database:
Mitigate Outsourcing Security Risks
Outsourcing may be one of the best ways to boost your company’s productivity, but it can also expose you to vulnerabilities, especially if you’re giving access to a third-party provider.
Don’t make decisions based on costs, and instead, invest in a partnership that promotes loyalty and confidentiality between the provider and its clients.
Make sure that you partner with a BPO that offers a strong and reliable database management services. A breach in your security may cost you more than twice the amount you will pay for poor service with no dependable security system in place while finding the best fit will bring good returns over time. Don’t just rely on recommendations, research and evaluate everything about the provider you’ll be entrusting your company to. Make sure that the provider is capable of delivering your company the services that you require. Keep highly-sensitive data classified, don’t outsource them.
And lastly, communicate. Poor communication has already caused compromise in cyber security quite a few times. Keep the lines open and make sure that your company values, policies, and instructions are communicated clearly and concisely to your provider.
Securing your data is a continuous battle. Until a permanent resolution has been created, there is nothing that you can do but keep yourself prepared to counter all forms of cyber attacks.
About the Vladimir de Ramos
(Security Affairs – cyber criminals, Enterprise Security)
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