The world has moved almost entirely to a digital platform and the business world is no exception. Valuable information is being housed and transmitted via the internet and mobile devices with no guarantee that intellectual property and customer data is secure.
Every organization is a target–regardless of its size or security posture. According to a 2014 Dell report, 87% of respondent organizations have reported a security breach, 73% in the last twelve months. In addition, the average cost of a compromised record is $230 resulting in a significant financial risk for businesses of all sizes. Costs of response are also rising 15% per year, and smaller organizations incur significantly higher proportional costs than larger organizations. Studies have shown that 23% of recipients open phishing messages and 11% open the attachments.
Regardless of company size, the risk of a security breach can result in lost time and productivity. Business disruption costs equal 38% of the total recovery cost. A typical breach can take over nine months to be detected.
Recent large scale breaches have occurred not as the result of technology failure, but rather, via human failure. Currently, 80% of security spending is for perimeter security which is only effective for 30% of the risk. This would suggest that there is a strategic gap between security risks and security solutions.
At UHY, we view cyber security as a strategic issue, not a tactical issue. Our team of experts will guide you through the ever-changing challenges of cyber security with proactive advice and insight, and the objective of keeping your company’s digital property secure. Our service offerings are focused on ensuring that your cyber security program covers all three critical elements; People, Process, and Technology.
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Business taxpayers should be on high alert for cybercriminals attempting to steal W-2 forms and other sensitive information through phishing scams.
Cybercriminals typically increase their activity in the first part of the year through phone scams and email phishing schemes. These scammers try to obtain personal information using different tricks and tactics so they can file income tax returns and claim refunds on behalf of unsuspecting taxpayers. Some scammers may also allege a taxpayer owes taxes and aggressively demand payment for a quick payout.
On October 12, The Internal Revenue Service (IRS) announced that there is a new cyber scam to be aware of. The scam is an intricate plan that has affected both tax pros and taxpayers alike, and is being used by cybercriminals to obtain access to annuity and life insurance accounts.