How safe is your financial data? If you have concerns about protecting the security of one’s data, you’re not alone. A survey in 2020 found that 47% of small-business owners identified data security as their biggest IT security challenges. Other major security challenges included preventing data loss, a lack of employee security awareness, the increase in the complexities of security attacks and threat visibility.
Compounding this issue is the fact that more employees than ever are working from home, and that increases the security risk to your financial data. In fact, nine out of 10 business owners say remote employees present a security risk and more than half agree that remote workers present a greater risk than staff members working onsite. Their fears are well-founded, considering that 70% of employees lose their passwords or have them stolen. In fact, credentials represent more than half of the data that is most often compromised.
It’s not just lost or stolen passwords that present a threat to your business’ data, which may include your customers’ personal identifiable information (PII). Cybercrime is an ongoing, and growing threat to organizations of all sizes. Data breaches can result from a variety of methods of attack. This includes phishing, where your employees receive legitimate-appearing emails that ask them to log on to websites with their credentials which are then stolen. Malware that is loaded onto your company’s system can allow attackers to hold your data hostage until a ransom is paid. Missing or weak encryption can give hackers access to your data while it’s being stored, used or transmitted.
These are just some of the ways that your data can become compromised, but artificial intelligence (AI) is being used to enhance cyber security systems and protect your customers’ PII. For example, AI can use algorithms to detect phishing emails and delete them from employees’ inboxes before they are ever opened or read. AI can be built into a security system, taking in information that it uses to improve efficiency and reliability. It could also help maintain encryption while data is transmitted, analyzed and stored to protect that data. Its ability to learn and work 24/7 enables it to gather and analyze information as well as identify potential weaknesses in a cybersecurity system.
AI can also help predict potential threats against existing firewalls to make them more robust. The attached resource, Using Artificial Intelligence (AI) To Help Keep Your Financial Data Safe, describes more about these kinds of threats to your business’ financial data and how you can help protect it.
Infographic created by Donnelley Financial Solutions