Account Data Compromises (ADC): Cybercrime and how your business may be losing money
Doing business in the digital age comes with countless benefits. But, unfortunately, it also comes with its fair share of drawbacks. One of the most prominent hazards of businesses leaning into digitisation is cybercrime. The better our technologies, methodologies and infrastructure get over time; the better the technologies, methodologies and infrastructure of cybercriminals get, too. Because of this double-edged nature of digital innovation, business owners need to constantly be aware of the threat of Account Data Compromises.
But what are they, how do they happen, and how do you avoid them?
What is an Account Data Compromise?
An Account Data Compromise is essentially an infiltration of a business’ systems by means of cybercrime in order to retrieve sensitive information belonging to customers or the business itself. These breaches can happen in several different ways, targeting any hardware or software that processes account holder data.
Whether the cybercriminal gains physical access to a computer, point-of-sale system or any other piece of hardware, or whether the business’ network security has been infiltrated, these cybercrimes can have devastating consequences. Here are some of the biggest data breaches of the past few years.
- Nearly 40 million debit and credit cards were exposed to fraud in 2014 when Target’s point-of-sale machines were infected with malware.
- The confidential information of approximately 76 million households and 7 million businesses were exposed when credit provider JP Morgan Chase & Co. were hacked in 2014.
- Over 80 million current and former customers of health insurance company Anthem had their names, social IDs, email addresses, as well as employment information stolen during a 2015 breach.
What should you do to protect your business?
Cybercrime, to a certain extent, relies on the complacency of business owners. Unchecked vulnerabilities in the network and the recklessness of its users are figurative “open windows” for cybercriminals. These four fundamental measures are non-negotiable when it comes to keeping your business and its customers protected at all times.
- Always change default passwords. Default passwords are the first trick cybercriminals try when they want to infiltrate a network. Change all of your passwords to stronger ones that cybercriminals can’t easily guess.
- Educate your employees about the importance of security. And ensure they’re all aware of what their individual responsibilities are when it comes to maintaining the business’ security and integrity.
- Ensure that third parties can’t introduce security deficiencies to your network. Arm your network with the best antivirus and anti-malware software and ensure that it’s updated regularly.
- Be quick to detect breaches. Learn the signs and as soon as you suspect an intrusion, alert the relevant authorities.
Align yourself with a PCI DSS-compliant supplier
For the past six years, Paycorp has been fully compliant with the latest PCI standards, meaning that all of our products are your business’ best bet at maintaining a secure environment for transactions. To learn more about our story, view our company profile.