Reduce Your Risk of Employee Theft

Businesses today need to worry about people outside their business trying to break into their network and steal their data. Unfortunately, that’s not the only direction that theft can come from. In this week’s blog, we’ll take a look at the types of technology theft you need to be aware of inside of your company and what you can do about it.

Types of Technology Theft

Administrators have a lot to deal with without their own employees taking from the proverbial cookie jar. Let’s take a look at some of the most common resources stolen by employees.

• Intellectual property theft - IP theft includes stealing software code, proprietary information, or trade secrets. Employees with access to sensitive information may copy, share, or sell these assets. 
• Physical device theft - Businesses deploy a lot of different types of hardware to their employees. Laptops, smartphones, and other devices that contain sensitive data are prime targets. The loss of such devices can lead to data breaches, IP theft, and more.
• Data theft - Employees may illegally download or transfer company data, including customer lists and financial records. This data can be used to gain a competitive advantage or be sold to third parties.
• Sabotage and unauthorized use - Unfortunately, some employees may engage in sabotage by altering or destroying critical software or data. Others might misuse company technology for personal projects, draining resources and compromising security.

Prevention Strategies

There are things you can do to keep from being the victim of employee theft. Let’s take a look at some of the safeguards you should put in place to reduce your risk:

• Comprehensive security policies - Develop and enforce stringent security policies that cover data access, device usage, and software management.
• Employee education and training - Regularly educate employees on the importance of data security and the consequences of technology theft.
• Access controls - Limit access to sensitive technology and data to only those employees who need it for their work.
• Monitoring and auditing - Implement monitoring systems to detect unusual activity, and conduct audits to ensure compliance with security policies.
• Legal safeguards - Use legal agreements, such as non-disclosure agreements (NDAs), to protect intellectual property and other sensitive information.

The last thing you need is to deal with your employees taking advantage of your company. Technology can help. Give the IT experts at Phantom Technology Solutions a call at (800) 338-4474 to see how we can help you secure your business more effectively.