A new study by SecurityMetrics revealed that many companies are not implementing the appropriate document security tools to keep personal information safe. In fact, a number of healthcare, hospitality and retail organizations have failed to encrypt confidential payment card data, which could be exposed by cybercriminals.
"Whether a business stores unencrypted card data because of an improperly configured payment application, or because employees handle data improperly, storing card data without encryption is against industry regulation," said Gary Glover, security assessment director at SecurityMetrics.
The research revealed that credit card fraud costs companies more than $52 billion each year. In many cases, these incidents occur simply because decision-makers failed to encrypt sensitive information, which was easily exploited and used by malicious individuals.
Executives should consider using document rights management and other advanced access control tools to ensure only authorized workers have the ability to view confidential resources. Failing to implement advanced document protection tools will only make firms more vulnerable and, as a result, less likely to remain competitive in the coming years.