It’s not just cybercriminals who hack into networks and steal data.
Most business owners erroneously think cybercrime is limited to hackers based in China or Russia, but the evidence is overwhelming that disgruntled employees, both of your company and your vendors, can cause significant losses due to their knowledge of your organization and access to your data and systems. What damage can they do?
- They leave with YOUR company’s files, client data, and confidential information stored on personal devices, as well as retaining access to cloud applications, such as social media sites and file-sharing sites (Dropbox or OneDrive, for example), that your IT department doesn’t know about or forgets to change the password to.
In fact, according to an in-depth study conducted by Osterman Research, 69% of businesses experience data loss due to employee turnover, and 87% of employees who leave take data with them. What do they do with that information? Sell it to competitors, BECOME a competitor, or retain it to use at their next job.
- Funds, inventory, trade secrets, client lists, and HOURS stolen. There are dozens of sneaky ways employees steal, and it’s happening a LOT more than businesses care to admit. According to the website StatisticBrain, 75% of all employees have stolen from their employers at some point. From stealing inventory to check and credit card fraud, your hard-earned money can easily be stolen over time in small amounts that you never catch.Here’s the most COMMON way they steal: They waste HOURS of time on your dime to do personal errands, shop, play games, check social media feeds, gamble, read the news and a LONG list of non-work-related activities. Of course, YOU are paying them for a 40-hour week, but you might only be getting half of that. Then they complain about being “overwhelmed” and “overworked.” They tell you, “You need to hire more people!” so you do. All of this is a giant suck on profits if you allow it. Further, if your IT company is not monitoring what employees do and limiting what sites they can visit, they could do things that put you in legal jeopardy, like downloading illegal music and video files, visiting adult content websites, gaming, and gambling – all of these sites fall under HIGH RISK for viruses and phishing scams.
- They DELETE everything. A common scenario: An employee is fired or quits because they are unhappy with how they are being treated – but before they leave, they permanently delete ALL of their e-mails and any critical files they can get their hands on. If you don’t have that data backed up, you lose it ALL. Even if you sue them and win, the legal costs, time wasted on the lawsuit and on recovering the data, not to mention the aggravation and distraction of dealing with it all, are all greater costs than what you might get awarded if you win the lawsuit, might collect in damages.