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 more than $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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Key top-level trends that have defined #VC deal-making in #LA can be found in our free report Markets to Watch: Los Angeles. This report contains a spotlight on #ecommerce, which our panel of experts will cover on Dec 9. RSVP today to receive your copy! bit.ly/3D8O9Gw - yesterday pic.twitter.com/vZoJYK68EKLearn about what’s behind the momentum in #VC activity in #LosAngeles in 2021 as our panel of experts from PitchBook, Bridge Bank, Crosscut Ventures and Greycroft unpack the top trends. You will also receive a copy of our free report Markets to Watch: LA. bit.ly/3D8O9Gw - 3 days pic.twitter.com/jswXZgpZSJA record sum of #venturecapital has already been invested within #LA in 2021. Join our panel of experts on Dec. 9 when they discuss & analyze the drivers of this surge. Register to attend and you’ll receive a free copy of our report Markets to Watch: LA pages.bridgebank.com/markets-to-wat… - 5 days pic.twitter.com/j97tGkoIoGWe would like to wish everyone a happy #Thanksgiving! REMINDER: In observance of Thanksgiving, all Bridge Bank offices will be closed on Thursday, November 25 and will remain closed on Friday, November 26 for Family Day. pic.twitter.com/GzLE3nX8Ckbit.ly/308bVEX - 2 weeks 2 days ago Receive a copy of our report Markets to Watch: Atlanta with data provided by PitchBook when you click the link below. This report also contains the top-level trends that are defining the Atlanta VC ecosystem. pic.twitter.com/LDbzWgB5wwbit.ly/308bVEX - 2 weeks 4 days ago Discover how one of Atlanta’s newest unicorns, Calendly, got its start in a tech sharing space by clicking the link below and downloading a free copy of our report Markets to Watch: Atlanta, with data provided by PitchBook. pic.twitter.com/cDyPvJWztWbit.ly/308bVEX - 2 weeks 6 days ago #Atlanta has developed a reputation for bootstrapped startups and cost-conscious business plans. Click the link below to receive a free download of Markets to Watch: Atlanta with data provided by PitchBook and learn about the city's biggest success story. pic.twitter.com/IWQsJCebrnbit.ly/308bVEX - 3 weeks 1 day ago Key top-level trends that have defined VC deal-making in Atlanta over the past several years can be found in our free report, Markets to Watch: Atlanta. Click the link to receive your copy! pic.twitter.com/vCEn1oqDusbit.ly/308bVEX - 3 weeks 3 days ago Learn about what’s behind the momentum of #VCactivity in #Atlanta during 2021 by downloading our free report Markets to Watch: Atlanta with data provided by PitchBook. pic.twitter.com/tZlLU7wturbit.ly/308bVEX - 3 weeks 5 days ago VC activity is in record territory this year in #Atlanta, despite a lack of prominent #VC firms in the city. Click the link below to access your free download of Markets to Watch: Atlanta with data provided by PitchBook. pic.twitter.com/x39DofUFcsWe 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 Thursday, November 11. pic.twitter.com/poyzmNBeVGWe're pleased to announce we've issued a $4 million A/R line of credit to Ride Health. Read our press release to learn more: westernalliancebancorporation.com/bridge-bank-ho… - 4 weeks ago pic.twitter.com/SK4Bt7YlIFJoin us virtually for Markets to Watch: Denver and discover how outside #investors are flocking to the #Denver ecosystem. RSVP today and receive a free copy of our report with data provided by PitchBook. bit.ly/3biALnK - 4 weeks 1 day ago pic.twitter.com/rvXx3MSD3aOn Nov. 9, our panel of experts will provide #analysis and key #insights into the #VCecosystem of #Denver where financing metrics have surged, with the late-stage median doubling. RSVP now to attend this free and informative virtual event to learn more. bit.ly/3biALnK - about 1 month 2 days ago pic.twitter.com/w29P1zMaGyKey top-level trends that have defined #VC deal-making in #Denver over the past several years can be found in our free report Markets to Watch: Denver. This report contains an analysis of VC exit activity, which our panel of experts will cover on Nov. 9. bit.ly/3biALnK - about 1 month 4 days ago pic.twitter.com/gSW3gDSAy0Bridge Bank’s Business Escrow Services is growing, with an expanded team of experts in more markets nationwide. Read our press release to learn more. westernalliancebancorporation.com/bridge-bank-ho… - about 1 month 5 days agoLearn about what’s behind the momentum in Denver’s VC activity in 2021 as our panel of experts from PitchBook, Bridge Bank, Access Venture Partners, Bow River Capital and Delta-v Capital unpack the top trends in the region. bit.ly/3biALnK - about 1 month 6 days ago pic.twitter.com/Uyvxr94vkVA record sum of #venturecapital has already been invested within #Denver in 2021. Join our panel of experts on Nov. 9 when they discuss & analyze VC trends. Register to attend and you’ll receive a free copy of our report Markets to Watch: Denver bit.ly/3biALnK - about 1 month 1 week ago pic.twitter.com/w6Sqp0YRMBCongratulations to our client, @linksquares, on the close of their recent #equityround. @linksquares allows organizations to collaborate more efficiently by using #AItechnology to analyze and speed up the process of writing better contracts, faster. #celebratingourclients pic.twitter.com/29RMRzBXhROur Capital Finance Group has increased the credit facility for YES Leasing. 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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 5 months 2 weeks 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 5 months 3 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 5 months 3 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 5 months 3 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 5 months 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 5 months 4 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 6 months 1 day 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/OPRe4C8wH6