How guarded is your financial data? If you have an uneasiness about the safety of your information, it is not uncommon. A survey in 2020 discovered that 47% of small-business owners determined that data security is their biggest IT security concern. Other security challenges in the survey include preventing data loss and the increase in the complexities of attacks. Amplifying the issue is the increase in remote work, which also increases the security risk of your financial data. In fact, among employees 70% of their passwords were lost or stolen. Losing credentials represents more than half of the data that is often compromised from a data breach.
It’s not just stolen passwords that present a threat to your company data, it may also include your customers’ personal identifiable information (PII). Cybercrime is always adapting, and a growing threat to small and large businesses alike. Data breaches can result from a variety of methods of attack. This includes ransomware, which is where attackers lock down your data and require you to pay a ransom for release. Phishing, weak or missing encryption, and misconfigured systems are also examples of ways your financial data can be compromised.
These are just a few ways that your data can become compromised. That being said, innovation in artificial intelligence (AI) is being used to enhance cybersecurity and protect your customers’ PII. For example, AI can identify a user that is trying to access content that they are not authorized to. AI can also help strengthen encryption while data is transmitted, analyzed, and stored. Its ability to learn and work 24/7 allows AI to gather information quickly and respond to potential threats. Make sure to check out the resource below, Using Artificial Intelligence (AI) To Help Keep Your Financial Data Safe. It describes more about how your business can reduce the risk of a financial data threat as well as ways you can be compromised by cybercrime.