Prevent Employees from Stealing Data
Data is essential to all types of businesses. With the rise of the digital working environment, there has been a noticeable rise in internal and cyberthreats. It is alarming to learn that trusted employees are responsible for a sizable percentage of data breaches.
In addition to causing financial damages, data theft can lead to mistrust, harm the reputation of business, and can create legal issues as well. Companies need to protect their important data by employing modern day computer monitoring technology tools such as Wolfeye. This monitoring tool acts as a security layer and prevents loss of data minimizing data theft.
This article delves deeper into the data theft at workplaces and how computer monitoring software like Wolfeye can help curb the workplace data theft by employees.
What Are the Common Methods of Employee Data Theft?
Employee data theft is especially risky since it usually involves reliable people who have authorization to access company data. Every company must comprehend which data categories are most susceptible to theft, how employees steal data, and the warning indicators that suggest possible data theft.
Some common methods of stealing data are as follow:
Personal Information
Personal Identifying Information (PII) includes information such as names, addresses, phone numbers, email addresses, social security numbers, and other details that can be used to identify an individual. Employees may steal this information for identity theft or sell it on the underground market at high prices.
Financial Information
Transaction histories and credit card numbers of employees and customers are of great interests when it comes to stealing financial data. Usernames and passwords can be stolen and used to access more sensitive information or carry out illegal tasks.
Trade Secrets
If a company is involved with formulas, designs, and other proprietary knowledge that provides businesses with a competitive advantage, that data can be easily stolen and sold to its competitors in the market.
Patented and Unpatented Innovations
Before an innovation is patented or made public, its content might be stolen by staff members, providing competitors with access to the data.
Research and Development (R&D) Data
Sensitive research and development data might be stolen in order to speed up a competitor’s product development, especially in technology and pharmaceutical sectors.
Reports on Internal Finances
Information on the company’s financial plans and goals might be leaked or exchanged by insiders.
Payroll Information
Employees may steal payroll data in order to assume false identities or put pressure on their colleagues.
Pricing Strategies
Employees may steal valuable information on a company’s cost structure and product or service prices that may benefit the competitor.
How Do Employees Steal Data?
There are number of ways that can be used by employees to steal important company data:
Using External Devices
Employees can use portable devices to covertly and easily replicate large volumes of data. It runs the risk of taking confidential files off-site without anyone knowing if they plug in a flash drive and download the data. When employees copy data to encrypted devices even in cases where businesses use encryption, the data becomes exposed because the device may be lost or stolen.
Email Transmission
By forwarding confidential company information to their personal email accounts, employees can access it when they are not in the office. Because it gets over company security procedures, this email transmission can be dangerous. Employees may send phishing emails to one another in an attempt to coerce one another into disclosing personal information that they will then pass to outside accounts.
Unauthorized Access
Employees may share or sell access to these files with third parties or sell them using cloud storage solutions’ sharing features.
Printed Documents
Office desks and printers are common targets for physical document stealing, especially if the documents are left unattended. Data theft can occur through the use of access cards and security tokens to gain unauthorized access to systems.
Why Is It Important to Prevent Employees From Stealing Data?
Businesses are seriously threatened by the financial and legal repercussions of data theft. They need to understand the consequences to recognize how important it is to put in place robust data security protocols.
Financial Implications of Data Theft
Stolen data can result in the significant loss of money. The category of direct expenses includes the expenses associated with identifying the degree of the breach, notifying relevant parties, and implementing protective measures.
Businesses may also be subject to fines and penalties, especially if the breach involves a violation of any laws or regulations pertaining to data protection, such as the GDPR.
Furthermore, stolen data can lead to missed business opportunities, decreased revenue, and even loss of customers if they lose confidence in an organization’s capacity to protect their information.
Data Theft Impact Your Business Reputation
Data stealing can cause reputational damage that lasts for a long time. Customers, associates, and investors may believe that the company is untrustworthy, which will erode their confidence in its ability to protect sensitive information.
Negative publicity from a data breach can also damage the brand, making it harder to retain existing customers and attract new ones. Over time, this mistrust can significantly impact a company’s profitability and standing in the marketplace.
Legal Consequences of Data Theft
Data theft may result in severe legal consequences. Affected individuals or businesses may file lawsuits against the business, which could lead to costly legal fights and settlements. Executives may face fines from regulatory agencies if they violate data protection regulations.
The legal repercussions could result in audit requirements, operational restrictions, and increased regulatory attention in addition to monetary fines. All of these things would place further strain on the company’s finances and reputation.
How Can Computer Monitoring Software Prevent Data Theft?
As the risk of stealing data increases, businesses are utilizing computer monitoring software to protect their important data. These tools are designed to monitor employee behavior, identify dubious behavior, and prevent unauthorized access to confidential data. One such program is Wolfeye, which offers a plethora of features to protect companies against internal stealing of data by employees.
Features of Wolfeye
Within the world of computer monitoring software, Wolfeye distinguishes out because of its extensive feature set that is intended to enhance the security of the system
Real-time Screening
With Wolfeye’s real-time screening feature, managers can monitor employee activity in real time. With the help of this tool, managers can instantly see what their employees are doing and identify any unlawful or suspect conduct. By immediately responding to potential security threats through live monitoring, businesses can prevent instances of data stealing before they occur.
Screenshot & Screen Recording
Wolfeyes’ screenshot and screen recording feature enables the application to regularly screenshot the user’s screen, creating a visual record of their activities. This function is quite beneficial when it comes to documenting unlawful activities, or providing evidence in the event of a security breach.
File Access Detection
With Wolfeye, file access is effectively monitored when files are opened, modified, or transferred across the network. This feature ensures that the sensitive data is only accessed by authorized employees. If the program notices odd files access patterns, it can alert administrators so they can take prompt action.
Identifying Suspicious Behavior
An important factor that facilitates the identification of potential security threats is Wolfeye’s ability to identify unusual behavior. The software identifies unusual acts, such as trying to avoid security measures or enter restricted areas, by looking at trends in user behavior.
By identifying these suspicious patterns early on, Wolfeye helps prevent data stealing and ensure that businesses data is protected.
How Should You Implement Wolfeye in Your Business?
Wolfeye implementation in your company necessitates a calculated strategy that strikes a balance between the requirement for strong security and consideration for employee privacy, This calls for thorough preparation, open communication, and smart integration with a broader security plan.
Balancing Employee Privacy & Security
When using monitoring software like Wolfete, a balance must be kept between employee privacy and company data. While security is important, micromanagement can lead to distrust and a toxic work environment.
Rather than haphazardly following every move an employee makes, companies should assure that their monitoring efforts are focused on protecting important data. It is useful to establish clear guidelines regarding what is monitored and why it is monitored.
Transparent Communication with Employees
Transparency is necessary for successful implementation of a monitoring software like Wolfeye. Employees should be informed about Wolfeye’s introduction, its features, and the monitoring process.
A brief overview that the primary goal is to protect important data and stop data theft will ease concerns. Creating a communication platform where employees can ask questions and air their grievances related to the tool can help foster trust and cooperation.
Educating Employees on the Importance of Data Security
Training of employees is necessary for successful installation of monitoring tools. Companies must inform employees on the dangers of data stealing, the role monitoring plays in avoiding it, and the best ways to protect personal information through training sessions.
By obtaining the required training, employees may succeed more at Wolfeye and be more prepared to support the business’s overall security initiatives.
Conclusion
Businesses have the responsibility to maintain trust and protect company information. Regularly review and update security procedures to address possible breaches, conduct audits to conform compliance, and train employees to have a security-conscious mentality. Monitoring tools like Wolfeye should be implemented in complete transparency securing the integrity of the workplace.