CFOs and the Organizations They Serve Cannot Afford to Ignore External Data Security
Save Your Company Millions by Understanding the Threat
“We already spend extensively on information security,” is what you’re probably saying as the person tasked with approving budgets for IT and cybersecurity. But did you know that most organizations are only protecting against half the risk out there? Yes, traditional network security - the management and hardening of internal, physical, on-premise hardware components and data storage by an on-site IT team - is still important. Yes, mitigating vulnerabilities in third-party/cloud software is also a big part of it too. And you’ve likely already been doing these things for some time. But here’s the gaping hole through which millions of dollars could be stolen by cybercriminals.
IBM and the Ponemon Institute recently reported the average cost of a data breach in the US reached a record high in 2022 of $4.5 million. For context, thefts traced back to vulnerabilities in third party software in the US averaged $4.3 million. However, average losses for Social Engineering attacks in 2022 were $4.47 million!
Social Engineering attacks are not at all interdicted by firewalls, encryption, employee education or other traditional practices. All Social Engineering attacks like Phishing/Spear Phishing, Smishing/Vishing, Business Email Compromises, and others begin with poorly protected external data, like the kind anyone can easily purchase from Data Brokers or people search sites to trick any one of your employees or your vendors’ employees into permitting access to protected networks.
Achieve HR Savings Through External Data Security
Cybercriminals are not the only threat to your organization and your carefully planned budget. The cost of HR is already elevated due to low unemployment and increased workforce mobility. The cost of sourcing, onboarding, offboarding and training is compounded by HR churn. Employee turnover in a competitive labor market is exacerbated by HR poaching and aggressive recruiter harassment. Privacy Bee removes this threat by keeping your workforces’ data out of the hands of aggregators, data brokers and resellers. The HR savings are significant.
Mitigate Productivity Drains that Shrink the Bottom Line
Productivity is often hard to fully measure. But CFOs know the importance of fostering high levels of worker productivity to drive profitability. That’s why Privacy Bee offers tools to help claw back scores, hundreds or even thousands of hours of productivity lost to incessant email spam, telemarketing, recruitment and other unwanted solicitations pitched at your employees every single day. Privacy Bee helps organizations enforce good digital hygiene practices by removing employees’ Personally Identifiable Information (PII) from data brokers and other sources of data used by telemarketers and spammers.
External Data Security By The Numbers
We know CFOs prefer hard, numerical data when determining whether an expense is valid and worth the investment. Privacy Bee is highly cost-effective and delivers ROI through lower HR costs and productivity gains alone. However, though proving a negative is hard, the following data illustrates the painful costs a CFO can help avoid by investing modestly in External Data Security with Privacy Bee.