The news is once again both bleak and alarming: A recent hacker attack on Home Depot has affected more than 60 million customers and is estimated to result in at least $2 billion in fraudulent charges and may even reach $3 billion.
This is just the latest in a string of several high-profile data breaches that include Target, JP Morgan Chase, Dairy Queen, SUPERVALU stores, Bank of the West, and the Healthcare.gov website.
Hacking activity is on the rise as criminals relentlessly look for payment card information and personally identifiable information that can be used for identity theft. Although retailers and banks are primary targets, no industry is immune. That includes any businesses using ACH and wire transfer services. Ransomware attacks are also prevalent and a constant threat, but such attacks seldom get reported publicly.
Many cyber attacks take advantage of weak passwords on entry points into the network, such as remote access systems. Others exploit target systems that are missing software security updates or those that have been configured insecurely. If they’re successful and your organization becomes victimized, the overall costs of recovery can be astronomical in terms of actual dollars lost, the investment it requires to repair the damage, and the costs to repair your reputation.
Now is a prime time to examine your potential risks. Read the full article by downloading it below.
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