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- to mid-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, with approximately $50 billion in assets. Western Alliance is again #1 best-performing of the 50 largest public U.S. banks in the new S&P Global Market Intelligence listing for 2020 and ranks high on the Forbes “Best Banks in America” list year after year.
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Our asset-based lending group recently upsized the credit facility (from $4MM to $7.5MM) for Yield Engineering Systems (YES). #assetbasedlending #bridgebank pic.twitter.com/QOHX5dNxrjOur Boston-based Technology Banking Group has extended a $5 million monthly recurring revenue (MRR) line of credit to One Medical Passport (1MP). To learn more details, read our press release: westernalliancebancorporation.com/bridge-bank-ho… - 1 week 5 days agoOur Life Sciences Group recently provided financing to @rejuvenatebio, an innovative gene therapy company developing treatments that reverse aging and address multiple age-related diseases in dogs and humans. pic.twitter.com/aOuNKenViHWe would like to wish everyone a happy and safe #IndependenceDay. In observance of the holiday, all Bridge Bank offices will be closed on Monday, July 5. pic.twitter.com/s7tEw12yRkReceive a free download of our report Markets to Watch: Chicago with data provided by PitchBook when you RSVP to attend our virtual event featuring a panel of experts breaking down the top-level trends that are defining the #VC ecosystem in #Chicago. info.bridgebank.com/markets-to-wat… - about 1 month 1 week ago pic.twitter.com/tyi91gSo0pOn June 22, our panel of experts will provide analysis and key insights into the #venturecapital ecosystem of #Chicago, which posted record $2.6 billion in value last year. RSVP now and receive a free download of our report with data provided by PitchBook. info.bridgebank.com/markets-to-wat… - about 1 month 2 weeks ago pic.twitter.com/pINVrAdeCMKey top-level trends that have defined #VC deal making in #Chicago are found in our free report Markets to Watch: Chicago. The report also contains analysis of exit activity, which our panel of experts will cover on June 22. RSVP now to receive your copy! info.bridgebank.com/markets-to-wat… - about 1 month 2 weeks ago pic.twitter.com/7OCO63IJ3iJoin us and PitchBook, along with our special guests to discover key top-level trends that have defined #VC deal-making in #Chicago. RSVP now and receive a free download of our report Markets to Watch: Chicago with data provided by PitchBook. info.bridgebank.com/markets-to-wat… - about 1 month 2 weeks ago pic.twitter.com/l0HaqoXNoGThe VC ecosystem in #Chicago generated record funding and exit activity during the pandemic. Join our panel of experts on Tuesday, June 22 when they discuss and analyze the #venturecapital trends responsible for this activity. info.bridgebank.com/markets-to-wat… - about 1 month 3 weeks ago pic.twitter.com/x4kQdT1O5dJoin us for Markets to Watch: #Chicago and discover how funding for the regions SaaS #startups rode venture investor enthusiasm posting $674 million in aggregate deal value. RSVP today and receive a free copy of our report with data provided by PitchBook. info.bridgebank.com/markets-to-wat… - about 1 month 3 weeks ago pic.twitter.com/5jfmJzpgMxLearn what’s behind the momentum in #Chicago #venturecapital activity as our panel of experts unpack the top trends in the region. RSVP today and receive a free download of our report Markets to Watch: Chicago with data provided by PitchBook. info.bridgebank.com/markets-to-wat… - about 1 month 3 weeks ago pic.twitter.com/ATuhmDVuQLOur Technology Banking Group is proud to partner with Fluxx, the cloud platform used by world-class foundations and nonprofits to intelligently automate workflows, ensure compliance, improve operations and drive impact. pic.twitter.com/6wUsqMJnwyIn observance of Memorial Day, all Bridge Bank offices will be closed on Monday, May 31. pic.twitter.com/OPRe4C8wH6Join us and PitchBook, along with special guest Voyager Capital, tomorrow morning to discover key top-level trends that have defined VC deal-making in the Pacific Northwest. RSVP now to attend this virtual event. bit.ly/3odHXY4 - about 2 months 2 weeks ago #pnw #venturecapital #virtualevent pic.twitter.com/aJsyVW4XFiKey top-level trends that have defined VC deal-making in the Pacific Northwest over the past several years can be found in our recently released report, Markets to Watch: Pacific Northwest. Download it now to learn more. bit.ly/2R6cYkB - about 2 months 2 weeks ago #pnw #venturecapital pic.twitter.com/39v4LukI5zJoin us virtually for Markets to Watch: Pacific Northwest to discover how the PNW’s reputation for innovation has helped fresh capital flow into the VC ecosystem with commitments to new investment funds. RSVP today to attend and learn more. bit.ly/3odHXY4 - about 2 months 3 weeks ago pic.twitter.com/hoFdrqjYBcFunding for leading database software and cloudtech & DevOps segments bounced back in 2020, in the PNW, posting gains on deal count and aggregate deal value. Download our report, Markets to Watch: Pacific Northwest to learn more and read the analysis. bit.ly/2R6cYkB - about 2 months 3 weeks ago pic.twitter.com/OcWPQUF5QEOn May 19, our panel of experts will provide analysis and key insights into the VC ecosystem of the Pacific Northwest, which posted a record $5.4 billion in value for 2020. RSVP now to attend this informative, virtual event. bit.ly/3odHXY4 - about 2 months 3 weeks ago #pnw #venturecapitalThe Pacific Northwest’s VC ecosystem posted a record $5.4 billion in value for 2020. Download our report, Markets to Watch: Pacific Northwest to learn more and read the analysis. info.bridgebank.com/markets-to-wat… - about 2 months 3 weeks ago pic.twitter.com/HTrfF4UWCoWe would like to extend our congratulations to our client, Securly, for their recent acquisition by Golden Gate Capital. Comprised of parents, educators and technologists, Securly is the first and only provider of enterprise security for K-12 schools since 2013. pic.twitter.com/OoRHNh5coQOur Boston-based Technology Banking Group recently provided a growth capital term loan to Examity, a technology company concentrating in the online proctoring market. Read our press release to learn more. bit.ly/3eWeu0g - about 3 months 1 day agoLearn how liquidity surges are fueling reinvestment into life sciences ecosystems by downloading a complimentary copy of our report Life Sciences Markets to Watch. The report also contains analysis of trends in valuations and financing sizes and their implications. pic.twitter.com/mWrsT22dBZFind out how CytoSorbents delivered technology to calm the storm during the COVID-19 pandemic. Read more here: bit.ly/3e6F1su - about 3 months 5 days ago #lifesciences #bridgebank #cytosorbentsJoin us for Life Sciences Markets to Watch and discover how likely venture investment in life sciences will continue at a rapid pace with strong liquidity and rates of funding. bit.ly/3dwyk2C - about 3 months 7 days ago pic.twitter.com/0BFseH6AZrThe three major life sciences hubs in the U.S. set a record in venture capital invested in 2020. Download our complimentary report, Life Sciences Markets to Watch, to learn more and read the analysis. bit.ly/3gnq7Q9 - about 3 months 1 week ago pic.twitter.com/jtO8XiJOa7CytoSorbents is celebrating five years as a Bridge Bank client. Read more at bit.ly/3n26LBA - about 3 months 1 week ago #lifesciences #bridgebank #cytosorbentsOn May 5, our panel of experts will provide analysis and key insights into the three major life sciences ecosystems in the U.S., which set a record in venture capital invested in 2020. RSVP now to attend this virtual event. bit.ly/3dwyk2C - about 3 months 1 week ago pic.twitter.com/L2LpL5ooZuWith strong liquidity and rates of funding, it is likely that venture investment in the space will continue at a rapid pace. Download our complimentary report, Life Sciences Markets to Watch, to learn more and read the analysis. bit.ly/3gnq7Q9 - about 3 months 2 weeks ago pic.twitter.com/iH1LMoypkaOur #LifeSciences Group recently provided a term loan to Adarza Biosystems, developer of the ZIVA platform, a next-generation biomarker discovery and therapeutic research tool. pic.twitter.com/CR160SrQKbAustin’s VC ecosystem topped $2 billion in value for the third year running in 2020. Download our report, Markets to Watch: Austin, TX, to learn more and read the analysis. bit.ly/3sGCwly - about 3 months 3 weeks ago #Austin #venturecapital pic.twitter.com/75Kk4auvZdJoin us for Markets to Watch: Austin, TX to discover how the Austin VC ecosystem still secured a record $2.3 billion in aggregate value thanks in no small part to the its resilient enterprise tech sector. RSVP by clicking the link: bit.ly/3rzsUaZ - about 3 months 3 weeks ago pic.twitter.com/Ml7OkIKMS2Key top-level trends that defined VC deal-making in Austin last year can be found in our report, Markets to Watch: Austin, TX. The report also contains analysis of Austin’s banner year for exit value creation. Download it now: bit.ly/3sGCwly - about 3 months 3 weeks ago pic.twitter.com/ZQzJ6GiCtwJoin us and PitchBook, along with special guest Silverton Partners to discover key top-level trends that have defined VC deal-making in Austin. RSVP by clicking this link bit.ly/3rzsUaZ - about 3 months 3 weeks ago pic.twitter.com/M3ithiqhjjOn April 14, our panel of experts will provide analysis and key insights into Austin’s VC ecosystem, which topped $2 billion in value for the third year running. RSVP now to attend this informative event. bit.ly/3rzsUaZ - about 3 months 4 weeks ago #Austin #venturecapital #technology #innovation pic.twitter.com/gzRc4qJELoAustin’s VC ecosystem topped $2 billion in value for the third year running in 2020. Download our report, Markets to Watch: Austin, TX, to learn more and read the analysis. bit.ly/3sGCwly - about 4 months 4 days ago #Austin #venturecapital pic.twitter.com/ltpq7r20P8Join us for Markets to Watch: Austin, TX to discover how the Austin VC ecosystem still secured a record $2.3 billion in aggregate value thanks in no small part to the its resilient enterprise tech sector. RSVP by clicking the link: bit.ly/3rzsUaZ - about 4 months 5 days ago pic.twitter.com/ztR0lKmyzEOur Technology Banking Group recently provided a venture debt facility and working capital line of credit to Step. To learn more, read their recent press release. step.com/press/step-sur… - about 5 months 1 day ago #bridgebank #step #fintech pic.twitter.com/MzAtQGOTu9