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Cyber Security and Outsourcing

Did you know that 43 percent of data loss can be attributed to employees? Data breaches are not always the results of criminal infiltration. Research shows that data loss and security breaches cost companies an average of $4 million in 2017, during which more than four billion pieces of confidential data were exposed.

It is critical to create an effective information and cyber security infrastructure to protect your data collection efforts could put your customers and your company at risk.

Risks Associated With Cyber Security

Data is easier to steal than you think.

Customer records are particularly sensitive because they can contain significant financial information. The sensitivity elevates if you’re in the healthcare industry because your data might include personal health information (PHI).

Since you must report data breaches, your company’s reputation can take a serious hit if your customers’ data becomes compromised. Additionally, you could face serious consequences with regards to your cash flow, accounts receivable management, and stakeholders.

A data breach involving sensitive personal information about customers could result in a serious fine from a regulatory body. Back in 2017, for instance, a large information services provider experienced a significant data breach and had to reach a settlement with the Federal Trade Commission (FTC).

Unfortunately, data breaches are on the rise. IBM research reveals that 2017 saw nearly 40 percent more data breaches than 2016, and 94 of those breaches exposed at least a million confidential records each. Consumers value their privacy. In 2017, more than 15 million American consumers suffered from some sort of identity theft.

Cyber Security Solutions

Getting best-in-class security for your data can help prevent breaches and other cyber security issues.

Many businesses don’t invest in the infrastructure necessary to comply with NIST, FISMA, and PCI-DSS guidelines. That’s why working with the right outsourcing provider can become a major component of your data protection strategy.

Established outsourcing partners that secure their data against breaches can help protect your company from lawsuits, fines, reputation hits, and other consequences of a data breach. When you’re looking for a partner, make sure the candidate you choose follows these guidelines:

  • Data protection for data while it’s at rest, in processing, and in transit
  • Secure data center with 100 percent uptime
  • Intrusion detection and content filtering for digital communications
  • Redundancies in place to preserve data
  • Employees who are experts in specific data security areas, such as NIST, FISMA, and PCI-DSS, depending on your industry

Furthermore, make sure your partner views data protection as a priority. As hackers and other criminals find new ways to skim data from victims, outsourcing partners must keep up with those attempts and find new ways to prevent intrusion.

You also want to make sure that your data is physically safe. Data centers should be equipped to prevent physical intrusion, fire and flood damage, and other catastrophes.

At Empereon-Constar, our portfolio servicing is compliant with the industry’s most rigorous standards: NIST, FISMA, PCI-DSS, etc. We employ experienced security specialists with the expertise in protecting data against loss and corruption. If you’re looking for an outsourcing provider who can provide end to end customer life cycle outsourcing, and protect your data, we’re here for you. Contact us now to start optimizing your revenue.