12 Cybersecurity Tips for Businesses

The massive data breach that occurred at Target during the holiday shopping season drove home the serious implications for businesses that fail to take the necessary steps to protect themselves from cybercrime. Data breaches are on the rise, pushing cybersecurity issues to top priority position for businesses and consumers alike in 2014. According to data collected by the Consumer Bankers Association and the Credit Union National Association, the price tag on the Target breach is upwards of $200 million for banks and other financial institutions. The Independent Community Bankers Association also released an estimated $40 million cost assessment to replace four million debit and credit cards affected in the Target breach. The attack could potentially cost Target tens of hundreds of millions of dollars to settle lawsuits, reimburse banks and implement new security systems, not to mention the cost of lost sales and rebuilding consumer trust.