Companies have plans to protect their most sensitive data, including financial data. While many companies have transitioned to a remote work environment due to the pandemic, their cybersecurity plans may not have kept pace with the changing work environment. Most companies use Use Artificial Intelligence to protect data from cyber risks.
Whether they work from home or in the office, employees can pose a threat to the company through their behavior, by using an easy-to-guess password or downloading software that contains malware.
Read on to learn about the most common financial data threats and how AI can protect your company’s data and your customer’s personal information.
Ways Your Financial Information Is Compromised
These common vulnerabilities make your financial information vulnerable:
- Malware: Once installed, the malware runs on your computer where it intercepts sensitive data for hackers.
- Ransomware: A type of malware, ransomware freezes company assets until the company pays the ransom.
- Phishing: Phishing emails disguise themselves as legitimate emails to gain access to user data. Learning to spot phishing emails is the first step in reducing your vulnerability.
- Weak Passwords: Using the same password on multiple websites or using a weak password is one of the most common causes of data breaches. Hackers easily guess the password and then impersonate the legitimate user to gain access to company resources.
- Inadequate Encryption: Encryption protects data in transit, preventing an attacker from intercepting the raw data. With no or weak encryption, hackers can intercept unencrypted data such as bank account numbers.
- System Misconfiguration: A system misconfiguration leaves the door open to hackers to obtain information they can exploit, like credentials.
- Unsecured Wi-Fi: Hackers can steal legitimate credentials from remote workers using unsecured Wi-Fi to connect to the server, and then infiltrate the system to compromise financial data.
Each of these vulnerabilities can be patched to reduce the risk of an attacker gaining access to critical financial data. By educating employees about evolving threats like phishing or malware, and introducing stricter password requirements, organizations can reduce the role of employees in launching a threat. By investing in the right threat prevention, system monitoring, and attack mitigation technologies, organizations can further reduce the risk of data breaches. Many of the most powerful cybersecurity tools use artificial intelligence to protect business systems and consumer data.
Be sure to read the accompanying documentation by Donnelly Financial Solutions. It discusses how AI can help protect an organization’s financial data, as well as best practices employees can adopt to reduce the risk of data threats. Ultimately, the best approach to protecting corporate data is to combine the right cybersecurity monitoring tools with employee training. Together, these two streams of activity reduce risk areas to the smallest possible target.
Infographic provided by Donnelley Financial Services, SEC reporting software