Cyber Liability and Data Breaches
are Growing Risks for Staffing Companies

Do you have the resources to prevent this crime and manage its impact?

 

IBM Corp.’s Chairman, CEO, and President recently said that cybercrime may be the greatest threat to every company in the world. For further concern, the World Economic Forum (WEF) says a significant portion of cybercrime goes undetected.

 

A silent and powerful threat, indeed. It demands attention and brings forward critical questions that your staffing business should answer to help keep your company and data protected.

 

Is your business at risk of a cyber-attack?

Man frustrated over a data breach

Forbes notes that large banks, retailers, and federal agencies make the headlines when they are hacked – but all businesses are at risk. According to Microsoft, 20% of small to mid-sized businesses have been cyber-crime targets.

 

There is a certain confidence required to be a successful staffing business owner. You know your strengths, your competition, and how to use technology as a strategic advantage. But what level of confidence do you have in your ability to secure your data?

 

How much do you know about the cyber risk that’s lurking at your door? Do you know what it would cost you if you were cyber attacked? Can you afford the expense of mitigating this risk in your business? More to the heart of the matter, can you afford not to?

 

What’s the cost of preventing this crime and managing its impact?

 

IBM Security recently reported that the average cost of a data breach has reached $4 million. That’s approximately $158 for every lost or stolen record. In highly regulated industries like healthcare, the cost of a breach can be as much as $355 per record. The current process of responding to a breach is extremely complex and time-consuming if not properly planned for.

 

That fact has contributed to cybersecurity insurance becoming one of the fastest growing sectors in the insurance market, according to the “PwC Global State of Information Security Survey 2016″. PwC forecasts that the global cyber insurance market will reach $7.5 billion in annual sales by 2020 (a $5 billion dollar increase within a 5-year timeframe).

 

How can you protect your staffing company from cyber-attacks?

 

If companies are not careful with security, it can be like leaving the front door to the business unlocked. You must also implement best practices and share guidelines that educate and enforce security policies, which will help engage everyone within the business to make security a priority.

 

As a staffing company, data is one of your most important assets. Highly sensitive personal data is required from applicants and employees, and you have a responsibility to safeguard that information. Furthermore, you don’t want the related negative consequences of what a data breach can do to your brand and reputation, as well as its potential impact on employee turnover and client trust. It’s imperative you be aware of the expected and unexpected sources of cyber threats and make sure you have the right security precautions in place.

 

Read Whitepaper, “Cyber Liability and Data Breaches are Growing Risks for Staffing Companies”

 

People 2.O provides robust staffing software and comprehensive back office solutions that help keep your most sensitive and employee information and your most valuable client data safe and secure. We can help protect you from cyber threats, compliance challenges, and employment-related liabilities – so you can focus on the things that allow your staffing business to grow.

 

Learn more about cyber threats and what they may be costing you. Download the whitepaper that offers essential steps you can take now to minimize the risk, liability, and expense of cyber-attacks. 

Cyber Liability & Data Breaches Whitepaper Cover