Data breaches are hitting the news more than ever before and the trend is getting worse. How much do you know about these breaches and what you can do to protect your data? Read on for the top 5 takeaways from our recent webinar to learn how you can keep your SAP-based business protected.
1. What causes data breaches?
According to a study by the Ponemon Institute, over 37% of data breaches are caused by a malicious or criminal attack, 35% are caused by a negligent employee or contractor and 29% are caused by system glitches. The takeaway here? Data breaches can- and do- result from a multitude of causes and it’s important to make sure your business is taking precautions to protect itself from each type of threat.
2. The impacts of a breach to your business are HUGE
Once a potential breach is discovered, the effects begin to snowball. Companies affected by data breaches not only face fines and litigation fees, but must foot the bill for investigations and audits. Perhaps the worst, however, is when the news hits the media. Breached companies can be faced with a negative brand reputation, loss of business and customer trust and even a potential decline in share value.
3. So what can you do?
Imagine thieves breaking into a vault they think is full of gold. But once they get it open- it’s totally empty. Thieves cannot steal what is not there and the same goes for your data. Turn the sensitive data that is left in your system into data that is totally worthless to anyone on the outside through the use of tokenization.
4. Understand the premise behind tokenization- and use it!
Tokenization replaces a sensitive data value with a “token” value that is useless to anyone outside of your system. Systems that use tokenization are no longer storing raw sensitive data or encrypted data. And unlike encryption, tokenized data cannot be reverse engineered back to the original data. If the system is breached, the original data is safe.
5. Tokens can protect more than just credit card data
So maybe you don’t accept credit cards and think you’re safe? Think again. Data breaches can affect much more than just payment data. Any type of sensitive data- including social security numbers, bank account numbers and medical records- can wreck havoc on your company if exposed. Use tokenization to protect all types of sensitive data to give your company, your employees and your customers peace of mind that their data is safe.