Information Theft: How to Protect Your Business From Insider Data Theft

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Information Theft: How to Protect Your Business From Insider Data Theft

Information theft is a serious problem that every organization must address to protect its interests. Details of businesses’ operations and customer information are critical assets, which might be stolen by a competitor, external contractors, or by internal employees. 

The biggest data thefts can be caused not by outside threats but by internal employees. The threat could be anyone who has access to your information, from the administrative level to C-level executives. It could be the staff handling the CRM, the Operations Manager who has access to all of the company files, or the external contractors you’re doing business with.

To counter this growing phenomenon, organizations must have an insider threat detection system in place that can monitor an employee’s activities, including information access and data changes.

Information Theft or Data Breach

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Information theft or data breach is a crime. It is the illegal acquisition of confidential or proprietary information, generally by an employee or contractor who has access to the information through their job. 

Information theft is not only happening in large companies but also in small businesses as well. Most people don’t realize that they can be held legally responsible if they don’t have safeguards in place to protect their business from insider data theft.

How to Prevent Information Theft?

Data theft is a serious issue, and it’s not something that can be taken lightly. Here are some tips for protecting your business from insider data theft:

  1. Test your security system – Can your system detect whether a large volume of files is being downloaded or sent to another location while you sleep?
  2. Use Software – There are many different types of software available today that can help prevent data theft by insiders. You may schedule a free discovery call with our experts to know more about it.
  3. Use Multi-Factor Authentication – This will help ensure that only authorized individuals have access to these systems. Many businesses still rely on spreadsheets, MS Excel, or Google Sheets. Setting the permissions correctly is very essential.
  4. Use Encryption Technologies – Your IT team should be able to help you set up AV, Endpoint Detection and Response (EDR), Extended Detection and Response (XDR), Anti-malware, Virtual Private Networks (VPNs) software, and Zero Trust Security.
  5. Use Firewalls – This helps protect information from being accessed without authorization.
  6. Your software should have an audit trail. This lets you know who’s copying what file and when it was copied. If your IT team is unable to set up software that has these capabilities, detecting threats will be difficult. Competitors using your hard-earned information is the last thing you want to see. So talk to your IT team immediately to make sure that these are all set up.
  7. IT audits – IT audits should be performed once every quarter. Check how long it takes to restore your server backup. Is there an identical system ready to use in real-time?

Key Takeaways

These are just a few of the ideas to help you prevent data theft from insiders. Implementing these strategies will help you secure critical business information and keep your business protected from insider data theft. 

While it is often said that knowledge should empower you and give you the confidence to make informed decisions, dealing with Information Theft and Data Breaches can be a truly daunting task. 

We are here to help you protect your data and your business. Voice Ignite has been helping businesses protect their assets from all sorts of risks. Schedule a free discovery call today.