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Four Tips for Mitigating Risk of Cyber Crime, SAS Knowledge Exchange

Abstract

1. Pay attention to the tiniest of details. As we rely increasingly on data automation to do our heavy lifting for us, we open ourselves up to the dangers of processing data inappropriately. Cloud storage and file sharing add to that risk. It is best to take a detailed approach to examining data flows. Small holes easily can turn into flood gates. 2. Partner with best-in-class data firms. TJX lost money not because of a bad business model or even poor customer service. It lost money because of how it transferred credit card data, a task far outside of running a department store. Be honest about what you do best and don't be afraid to partner with experts in data risks and management. 3. Know your employees and their actions. A broad universe of tools (social networks, blogs, and intranet postings) is available for monitoring employee behavior. Many firms even deploy keystroke tracking software to comb messages and emails for legal issues. It is important to educate employees on how their actions can impact a company and its overall data security. 4. Customers expect more than the law. Laws exist that set clear direction on how companies need to process financial and health care data. But as more firms allow data sharing with web services and third-party apps, the risks become greater. Management needs to look to customer expectations regarding the treatment of data.

Type

Article

Author(s)

Russell Walker

Date Published

2013

Citations

Walker, Russell. 2013. Four Tips for Mitigating Risk of Cyber Crime. SAS Knowledge Exchange.

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