KatalystTechnologies

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Cybersecurity The Threat Against Data
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Its one of the most flourishing industries on
the planet, with staggering growth that would
make almost any field of businessand even most
countriesenvious. By next year, experts predict
it will generate enough revenue to be the
third-largest economy in the world after the
United States and China. Its also one of the
most dangerous and nefarious enterprises
imaginable cybercrime.  The 2019 Official
Annual Cybercrime Report estimates that by 2021,
cybercrime will generate 6 trillion, with no
signs of slowing down, and companies are
rightfully nervous. While cybercrime is, of
course, a general term that encompasses a
multitude of digital offenses, a significant
portion of that is the result of data theft.
Theres no faster or more painful way for a
company to discover the value of its data than
when it gets into the wrong hands.
Just ask Facebook, Target, Capital One, Equifax,
or any of the thousands of companies who have
faced a breach. 
Its becoming more and more coordinated and
growing every day, says JT Kostman, Chief
Executive Officer at ProtectedBy.AI. The odds of
you being hacked if youre an organization of any
size, its almost impossible that you wont. How
can companies minimize their risk?
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First Steps  To adequately protect your assets,
you must first understand what you have and its
worth. You dont put a 1,000 fence on a 100
horse, says Praveen Minumula, Chief Technology
Officer at Katalyst Technologies. What are your
crown jewels? Concentrate on protecting your
most valuable and critical assets. Balance the
costs and risks of any potential
compromise.  Minumula also points out that
perhaps the greatest threat to data security is
human error and unreliable outsider services.
Companies must continually educate employees on
best practices and set security expectations for
collaborators. When you are outsourcing your
application development, or youre bringing in
third party vendors, you need to ensure they
also meet the minimal security standards that you
want to define, he says. This was the factor
that led to the 2013 Target breach that impacted
41 million customers. Defense vs. Offense  If
attacks are presumably inevitable, companies must
remain constantly diligent and prepare for the
worst-case scenario. That means developing a
contingency plan for when, not if, they face a
breach.  Theres nothing you can stop to
prevent an attack, says Minumula. But can you
identify what caused it? Fundamental factors
that can be easily modified, such as running an
obsolete system or using the same password across
multiple platforms, can majorly amplify
vulnerabilities. Nonetheless, what you really
must prepare is how you will respond to a breach.
This includes backing up data, ensuring maximized
endpoint protection, and multi-factor
authentication.  If you have a perfect defense
and only one offensive technique, youre winning
every fight, says Kostman.  
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Criminals and Compliance Naturally, companies
want to protect both their data and their
customers. However, now there are even greater
incentives to take precautions. In Europe, the
General Data Protection Regulation (GDPR) states
that significant data breaches can result in a
fine of 20 million or 4 of annual worldwide
profitswhichever is greater. The recently
enacted California Consumer Privacy Act gives
residents of that state unprecedented control
over how companies can utilize an individuals
data. Meanwhile, Oregon Senator Ron Wyden has
proposed legislation that could lead to jail time
for executives of companies that misuse
consumer data. Companies are coming to us now
and saying, Ok, how do we keep the crooks at bay
and keep our executives out of court? says
Kostman. How can you simultaneously pursue
security and opportunity? Thats going to be the
future. Katalyst Can Help Your
organizations data is one of its most valuable
assets. What strategies will you utilize to keep
it as secure as possible? Contact the experts at
Katalyst to determine how to prepare and protect
against cybercrime, and stay tuned for more tips
and insight within this increasingly significant
area of data management. Source Link -
https//katalysttech.com/blog/cybersecurity-the-th
reat-against-data/
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• Katalyst Technologies is a leading IT services
  and solutions company servicing clients in the
  manufacturing, wholesale distribution, life
  sciences, e-commerce, logistics, and retail
  sectors. We provide industry specific IT
  products, strategies and solutions for companies
  implementing large-scale and transformational
  projects. Our business and technology experts are
  highly-skilled and work seamlessly across
  multiple geographies, with a global footprint in
  the U.S, U.K, India, and Germany. We specialize
  in the areas of Digital e Commerce,
  Enterprise Resource Planning, Supply Chain
  Management, Engineering and Manufacturing,
  Professional Services and e Publishing.

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