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IMA Executive News & Views Blog

3 Deadly Sins That Make Financial Data Vulnerable to Hackers

Leaders Bank is an IMA Member

One of the greatest threats to companies these days is their vulnerability to cyberattacks from hackers.  And it’s no longer exclusively large companies at risk. Even small and medium-sized companies are targets these days, with an average loss of $2.2 million.

As devastating as these losses can be, they pale in comparison with the impact resulting from loss of clientele and reputation. Companies are legally mandated to disclose data breaches to each customer affected.  Research indicates up to 60% of small businesses that are breached shut down within 6 months.  

Several “deadly sins” can help make it far more likely hackers will succeed when launching cyberattacks on companies’ financial data.  To sharply reduce those odds, avoid the following errors committed inside large and small companies.

  • Phishing attacks. Almost 7 in 10 IT directors report phishing and other malicious email attacks get past spam filters. More than a quarter of company officials have fallen for malicious emails. Lesson: train users in spotting and avoiding phishing and scam emails.
  • Unprotected smartphones. Mobile devices are lost all the time. Yet seven in 10 people fail to password protect their smartphones. And nine in 10 finders of lost smartphones look into the phones for sensitive data. Lesson: Password protect.
  • Beware the Wi-Fi. The number of Wi-Fi deployments across the country grows yearly, and many are subject to malware designed to ensnare travelers. Yet less than one in five (18 percent) take proper precautions when using public Wi-Fi. Lesson: Use VPN tools when accessing public Wi-Fi.

Small to medium-sized companies face extreme danger from cyberattacks, up to and including going out of business. Given that danger, doesn’t it make sense to learn as much as possible about how to avoid deadly sins that lead to data breaches?

Ask about our complimentary 45-minute data breach seminar. You and your employees can gain valuable techniques to guard against costly data breaches.

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