Protect Your Organization Against Data Breaches and Cybercrime Scams
Your organization's employees are your greatest assets. But did you also know they can be one of your greatest liabilities when it comes to keeping your data secure? Even the most well-intentioned staff members can make a simple mistake that opens your company up to a cybercrime. They can inadvertently jeopardize security by clicking a link, downloading an attachment or being too trusting of an email sender or caller.
That’s what happened to thousands of people in a widespread 2017 cyberattack identified by the Federal Communications Commission (FCC). In that scam, the criminals simply called their victims over the phone and asked, “Can you hear me?”—tricking the person on the other end into saying “yes” into the phone. According to Data Breach Today, the response was recorded and reused as a voice signature in an attempt to make unauthorized charges on personal and business credit card accounts.
Cases like these are good reminders that threats do not always occur from software vulnerabilities. Most business owners are surprised to learn that many breaches happen not from directly hacking into a computer software system but due to human errors like this.
At Bridge Bank, we are committed to maintaining robust cybersecurity practices to help keep private client information private. It all starts with the realization that anyone—from the newest intern to C-level executives—can become a target of digital crime and leave your company exposed.
According to an IBM 2019 Ponemon Cost of Data Breach Study, the average consolidated cost of a data breach is around $3.92 million. Records or data stolen loses money, and the average amount of money lost for each record or piece of information stolen comes to $150. A breach has other costs as well: time and clients. According to the report, the average time a breach takes from identification to containment is 279 days—that’s more than three full quarters of your year. And companies that experience a breach have 3.9% abnormal customer turnover.
In 2018, hacking remained the most common kind of data breach, exposing more than 16 million consumer records, according to the Identity Theft Resource Center. Hacking accounted for 39% of breaches—down from 59% in 2017. Helping to explain that change, unauthorized access was blamed for 30% of breaches in 2018, vs. 11% in 2017.
But it’s important to note that nearly a quarter of all breaches are a result of human error. So, what can you do to protect your company?
Create a Plan to Protect Your Business
Errors happen, but you can defend yourself against cybercrime by knowing the dangers and implementing best practices to prevent breaches.
The Department of Homeland Security urges all CEOs to ask themselves the following questions:
Cybersecurity Is Everyone’s Responsibility
At Bridge Bank, we advise our clients to understand that cybersecurity is NOT simply implementing a checklist of requirements and expecting to breach-proof your business. A successful strategy should be part of an organization’s governance, risk management and business continuity framework. It also involves employee education and ongoing management of cyber risks.
Above all, regardless of company size, be sure to implement these simple practices to help reduce the risk of cybercrimes at the office and when doing business remotely from mobile devices or home offices:
At Bridge Bank, we work hard to help protect our business clients from cybercrime. With sophisticated fraud protection features built into our products and services for businesses in California, our clients can take a step toward protecting confidential information and prevent breaches.
Bridge Bank, a division of Western Alliance Bank, Member FDIC, helps business clients realize their ambitions. Founded in 2001 in Silicon Valley, Bridge Bank offers a better way to bank for small-market and middle-market businesses across many industries, as well as emerging technology companies and the private equity community. Geared to serving both venture-backed and non-venture-backed companies, Bridge Bank delivers a broad scope of financial solutions including capital, equipment and working capital credit facilities, venture debt, treasury management, asset-based lending, SBA and commercial real estate loans, ESOP finance and a full line of international products and services. Based in San Jose, Bridge Bank has 16 offices in major markets across the country along with Western Alliance Bank’s powerful array of specialized financial services. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation. One of the country’s top-performing banking companies, Western Alliance has ranked in the top 10 on the Forbes “Best Banks in America” list for five consecutive years, 2016-2020, and was named #1 best-performing of the 50 largest public U.S. banks for 2019 by S&P Global Market Intelligence.
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To learn more details, read our press release. westernalliancebancorporation.com/bridge-bank-ho… - about 1 month 2 weeks ago pic.twitter.com/0eWWI16N08Our Technology Banking Group at Bridge Bank recently provided a credit facility to CloudBolt Software, an enterprise leader in cloud management and integration solutions. Visit westernalliancebancorporation.com/bridge-bank-ho… - about 1 month 3 weeks ago to learn more details. pic.twitter.com/8fzjGbAL6BWe honor all of the veterans who have served our country. Thank you. #HappyVeteransDay REMINDER: In observance of Veterans Day, all Bridge Bank offices will be closed on Wednesday, November 11. pic.twitter.com/IfoGP8ecCAWe would like to welcome Jon Berry to the Bridge Bank team! Jon supports our Technology Banking group and will be based in Austin. 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Register today! #sjsueconsummit event.on24.com/wcc/r/2316585/… - about 8 months 2 days ago pic.twitter.com/pdtYAF2XrDBridge Bank’s #LifeSciences Group is proud to partner with iCAD, a global #medical #technology leader providing #innovative cancer detection and therapy solutions. bridgebank.com/lifesciences - about 8 months 1 week ago pic.twitter.com/oPIrnYlOTjCongratulations, @ArcturusRx on your big announcement and the accomplishments you and your team are achieving as you work on a vaccine for COVID-19. #COVID19 #coronavirus #vaccines #LifeSciences ir.arcturusrx.com/news-releases/… - about 9 months 7 days agoOur #LifeSciences team is proud to provide Valencell, a company that transforms the science of wearable #biometrics to enable impactful #health outcomes, with the creative #bankingsolutions they needed. pic.twitter.com/XCmNJpaVuvOrganizations of any size are at risk of data breaches or other types of #cybercrime, but you can defend yourself against #fraud by knowing the dangers and implementing best practices whether you’re #WFH or the office. #fraudawareness #cybersecurity westernalliancebancorporation.com/bridge-bank-ho… - about 9 months 2 weeks ago pic.twitter.com/bzKAaLYRGPLearn more about the several key initiatives we’re focused on right now. #WeAreInThisTogether #covid19 #CoronaVirus westernalliancebancorporation.com/~/media/pdfs/b… - about 9 months 2 weeks ago pic.twitter.com/ssOjI7DGnXCybercriminals are using concerns about COVID-19 to perpetrate scams – learn how to defend your organization against these scams and best practices to keep your business safe. #fraudawareness #cybersecurity #fraud #cybercrime #fraudprevention #WFH westernalliancebancorporation.com/bridge-bank-ho… - about 9 months 3 weeks ago pic.twitter.com/kZo07GPhVvBridge Bank is a proud sponsor of #FVCC2020, Florida’s largest statewide #VentureCapital Conference. pic.twitter.com/9l2lOPceVROur #LifeSciences Group helped @alluriontech create a customized #financialsolution to support their rapid growth. 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