Companies grant data access to their top executives for several reasons, but are they always the wisest decisions? While business executives have a lot of helpful insights into how the organisation should manage information, ramifications are expected when access is granted to far too many individuals. Some of the most notable are as follows:
1. Disruptions in operations
The effects of a data breach have a substantial impact on business operations from the moment your corporate data is compromised to the investigation and recovery procedure. Furthermore, depending on the degree of the breach, data violations might result in total data loss, necessitating a lengthy recovery period for victims.
Furthermore, the most common course of action in these cases is to shut down operations until a solution is found, giving you adequate time to focus on locating the cause of the c-suite breach.
2. Financial loss
The forensic analysis and cleanup required after a cyber attack are expensive. The monetary loss from the time a company closes its operations to the time it starts running is substantial, as many clients and customers become unhappy, demanding their security for their own benefit.
3. Damage to reputation
The aftermath of a cyber-attack leaves behind a significant adverse effect on a business’s reputation. Once a company’s internal data gets disclosed, it becomes vulnerable to threats, as hackers and competitors can use its confidential data to take advantage of its position in the market, or even worse, destroy it.
4. Decrease in productivity
The loss of data is not the only aspect that can decrease productivity. The time lost must be taken into account too. When cyberattacks are the default mode of action for the company’s data, it is natural that cyber security is not its top priority.
5. Loss of Control and Opportunities
The loss of control results from a trusted data holder using it for purposes other than intended. The best example is a former employee using privileged information for malicious purposes.
As for the loss of opportunities happens when a company loses a client due to a breach. In addition, there are instances when a breach results in a loss of data that has given an organisation an edge in the market.
Understanding Zero Trust and Its Security Benefits
The term “zero trust” refers to an IT network security standard that requires identity verification for each device or people attempting to access an interface. It applies to any person or device requesting access within or outside the interface.
Some of the leading security benefits of zero trust are listed below.
- Zero trust security makes your IT team more efficient. It also employs centralised monitoring and makes it simple to store data in a single spot.
- Zero trust provides outstanding data security. A Zero Standing Privilege design combined with real-time access prevents rogue workers or viruses from gaining access to large portions of your interface.
- Zero trust significantly improves end-user productivity. It lessens help desk calls by ensuring that staff can access only the necessary applications.
- Zero trust security helps lower operational costs with a centralised dashboard to self-monitor the system.
- Zero trust security makes keeping your network free of malware much more accessible. By integrating various security systems and reviewing data and activities, you can detect and remove malware instances.
A data breach in the C-suite of a company is one of the worst scenarios that a business can face. It can have devastating effects on its reputation, productivity, financial health, and even how your staff works. For this reason, businesses should focus on strengthening their cyber security protocols and policies.
FraudWatch is a digital brand protection company specialising in protecting company data against brand abuse. We understand that not all businesses employ the same security measures, so our solutions are tailored to suit clients’ needs. Contact us today to learn more!