The cyber battlefield is intensifying as corporate networks face an alarming 38% surge in weekly cyberattacks in 2022 compared to the previous year, according to Check Point Research.
The most recent high-profile example was the cyberattack on a payroll provider that affected thousands of employees of British Airways, Boots, and BBC.
With an intricate web of financial information, personal details, and confidential data, it's no wonder global payroll is a prime target for cybercriminals prowling the digital landscape.
Failure to protect personal data could unleash a horde of malicious criminals eagerly waiting to exploit sensitive information, hungry for unauthorized access and the chaos it brings. The grim reality is further tainted by the existence of illegal marketplaces where stolen payroll data is traded.
Therein lies the importance of cyber security, which acts as a sturdy fortress, shielding your organization from potential security breaches that could send shockwaves rippling through your finances and reputation.
Why data security is critical in payroll
$4.35 million.
That was the average total cost of a data breach in 2022, according to Cost of a Data Breach Report 2022.
Payroll processing is a delicate dance between sensitive data and stringent regulations, with no room for error. Organizations must tread carefully as the consequences of non-compliance go beyond a mere tarnished reputation—they bring hefty fines and the looming threat of legal repercussions.
Private records of 147 million Americans were compromised due to the Equifax data breach in 2017, which resulted in the company agreeing to a settlement of over $700 million to address legal claims and provide compensation to affected individuals.
ALSO READ | 6 Biggest Fines Recorded for Non-compliance
But it doesn't stop there. Payroll data intertwines with various systems within an organization, forming a complex network of dependencies. A breach in this delicate ecosystem reverberates far and wide, disrupting productivity and efficiency. Think of the ripple effect—a single point of vulnerability can cascade into substantial financial losses and expose employees to the harrowing specter of identity theft and fraud.
The fallout from a payroll data breach extends even further, piercing the core of an organization's reputation. Like a wounded beast, its ability to attract and retain talent dwindles, overshadowed by the shadow of compromised security. In an era where public perception reigns supreme, safeguarding your organization's integrity becomes a non-negotiable priority.
Key components of successful data security strategies
According to Cost of a Data Breach Report 2022, stolen or compromised credentials were the most common initial attack vector in 2022, accounting for 19% of breaches in the study.
Attackers often exploit the weakest link: non-tech-savvy employees. They prey on human vulnerability and deploy the dark art of social engineering to fish for valuable information. By shrouding in a cloak of urgency and authority, they coerce unsuspecting victims into divulging sensitive data.
So, it should be no surprise that access controls are the cornerstone of a successful data security strategy. With cyber threats looming, robust access controls shield sensitive information, preventing unauthorized breaches.
While two-factor authentication, container access control and other measures might prevent unauthorized access, encrypting payroll data is even more critical. This must also be coupled with regular updates and patches to fix potential chinks in the armor and ward off any threats and regular backups in a secure location to prevent data loss in case of a cyberattack.
Agentless and agent-based security, along with CI/CD security is crucial to ensuring compliance and ward off any potential threats.
While implementing security measures is essential, they can lose their impact if employees lack proper training. Awareness is the key to defending against data breaches. Fostering a culture of security and arming staff with best practices builds a formidable barrier against potential threats.
In the dynamic landscape of remote work and hybrid multi-cloud environments, safeguarding sensitive data demands a new approach. Enter the mighty zero-trust security model, a game-changer for organizations seeking unrivaled protection.
Surprisingly, only 41% of companies have embraced this cutting-edge strategy, but those who did reap remarkable benefits. Organizations that have fully implemented a zero-trust approach have experienced significant cost savings, amounting to $1.5 million, as revealed by a recent report on breach potential. By limiting accessibility and demanding contextual validation, zero-trust fortifies data and resource defense.
How Neeyamo protects the confidential and sensitive data of the customers and employees
Protecting sensitive data is of paramount importance, and Neeyamo stands at the forefront with robust security measures to safeguard the confidential information of its customers and employees.
Neeyamo places a strong emphasis on data security through the implementation of continuous testing and validation measures. To ensure a robust security framework, Neeyamo conducts a range of rigorous testing procedures, including penetration testing, vulnerability testing, and ethical hacking. These thorough assessments are instrumental in identifying and promptly addressing any system vulnerabilities, enhancing the overall security posture.
Neeyamo's data security practices are validated through the attainment of relevant certifications, compliance frameworks, adherence to GDPR regulations, and the active involvement of a Chief Information Security Officer (CISO). Neeyamo actively pursues certifications that prove its unwavering commitment to data security and adherence to industry standards. These certifications demonstrate Neeyamo's dedication to maintaining the highest security controls and protocols.
Furthermore, Neeyamo's unwavering compliance with GDPR protects personal data and privacy. The CISO oversees and implements comprehensive security strategies, facilitates continuous monitoring, and promptly responds to emerging threats or incidents. Through this comprehensive approach encompassing meticulous testing and validation, Neeyamo effectively safeguards data security for its esteemed clients.
With a comprehensive 360° security approach encompassing data security, infrastructure security, system security, application security, and mobile security, Neeyamo ensures the highest level of protection for valuable data assets.
At Neeyamo, we adhere to the highest data security standards by implementing cutting-edge technologies and employing the defense-in-depth (DID) approach. DID involves multiple layers of security controls to protect against various cyber threats. Here are some of the tactics we use to ensure the utmost protection:
Encryption: We utilize advanced encryption algorithms such as AES (Advanced Encryption Standard) for securing files, disks, and data transmission. It ensures that data remains unreadable and confidential to unauthorized individuals.
DLP (Data Loss Prevention): Our comprehensive DLP solutions employ advanced techniques to identify and prevent unauthorized data exfiltration. It includes monitoring and blocking sensitive data transfers via USB, email, or other communication channels.
IDS/IPS (Intrusion Detection and Prevention Systems): We deploy IDS/IPS technologies to detect and prevent unauthorized access or malicious activities within our network. These systems monitor network traffic in real-time, promptly identifying and mitigating potential threats.
SIEM (Security Information and Event Management): Our solution aggregates and correlates security events from various sources, enabling us to detect and respond to security incidents proactively. This technology provides real-time monitoring, threat intelligence, and automated incident response capabilities.
WAF (Web Application Firewall): We implement WAF to protect against web-based attacks, such as SQL injections, cross-site scripting (XSS), and distributed denial-of-service (DDoS) attacks. The WAF filters and monitors incoming web traffic, blocking malicious requests and ensuring the security of our web applications.
Endpoint Protection: We deploy advanced endpoint protection solutions incorporating technologies like antivirus/anti-malware, host intrusion prevention systems (HIPS), and behavior-based detection to secure endpoints (e.g., laptops, desktops, mobile devices) against malware and other threats.
PAM (Privileged Access Management): We employ PAM solutions to enforce strict controls over privileged accounts and credentials. PAM technologies monitor and manage privileged access, ensuring only authorized individuals can access sensitive systems and data.
MFA (Multi-Factor Authentication): We implement MFA to add an extra layer of security during user authentication. This technology requires users to provide multiple factors, such as passwords, biometrics, or security tokens, to verify their identity.
Vulnerability Scanning and Patch Management: We regularly conduct vulnerability scans and employ automated patch management tools to identify and remediate security vulnerabilities in our systems and software. This proactive approach helps us maintain a secure environment by addressing known vulnerabilities.
Cloud Security: For cloud-based services, we employ robust security measures specific to the cloud environment, such as secure access controls, data encryption, and continuous monitoring of cloud infrastructure and services.
Remember, behind each paycheck and sensitive piece of information lies a story—stories of hard work, dedication, and trust. Ensuring the security of that narrative is not just a responsibility but a moral obligation.
At Neeyamo, we combine these advanced technologies and security practices within a comprehensive defense-in-depth strategy to ensure the highest level of protection for our clients' sensitive data. We continuously stay informed about the latest cybersecurity trends and update our defenses, accordingly, reflecting our commitment to maintaining the highest security standards.
We are on a quest to transform the payroll landscape of each organization into an impregnable fortress, where data breaches become tales of caution rather than woe.
Ignite your payroll revolution and get to know more at www.neeyamo.com or send us an email at irene.jones@neeyamo.com.
