A data loss prevention (DLP) policy is a set of rules and guidelines organizations created to help protect sensitive data. It is designed to detect, monitor, and prevent the unauthorized use, access, or disclosure of sensitive data such as:  

• Personal information 
• Intellectual property 
• Financial records 
• Medical records  

Why do financial institutions need a data loss prevention policy  

Specific types of organizations, like banks and financial institutions, handle more confidential customer data than others. For this reason, these organizations must follow a stringent data loss prevention policy to prevent any information theft or data breaches.  Data loss prevention (DLP) policies help ensure that customers’ sensitive data is kept safe and secure at all times.  

These policies may include elements like: 

• Limiting access to specific internal systems or documents. 

• Encrypting emails with sensitive content. 
• Implementing user authentication systems. 
• Developing protocols for monitoring network traffic. 
• Running regular scans for any potential threats. 

Without such policies, there is a risk that personal details such as names, addresses, account numbers, banking  activities, and more can be exposed to criminals or other malicious actors. As a result, not only do financial organizations’ reputations get tarnished when a data breach occurs, but they can get in trouble with the law. 

For example, the Gramm-Leach-Bliley Act (GLBA)’s Safeguards Rule requires financial institutions to use a risk-based approach when creating, modifying, and monitoring a security program to protect consumer data. If organizations don’t adhere to these policies, they can expect to face four major repercussions for non-compliance with data privacy laws: 

• Inadequate cybersecurity 
• Expensive fines 
• High individual penalties 
• Damaged reputation  

For every GLBA violation, financial institutions can expect to pay up to $100,000.

Data loss prevention policy best practices  

Data security best practices help to ensure that sensitive information remains secure and prevents unauthorized access.  

Credit card numbers, personal information, medical records, and intellectual property are just some types of data that should be protected from unauthorized individuals or organizations. Therefore, it’s crucial to implement DLP security measures and best practices to prevent malicious attackers from accessing sensitive data without permission. 

Some essential data security best practices include: 

• Developing secure networks. 
• Embracing encryption technology. 
• Regularly backing up data. 
• Creating detailed user access policies. 
• Educating employees on cyber security best practices. 
• Implementing antivirus and anti-malware software. 

The 3 types of data loss prevention strategies  

Data loss prevention (DLP) is an important part of data security in any organization. There are three types of data loss prevention strategies commonly used by organizations today.  

1. Network data loss prevention 

Often referred to as traditional or legacy DLP, network DLP is designed to monitor and protect data transmission within an organization’s internal network. It scans both inbound and outbound traffic for suspicious or malicious actors, such as confidential data being sent outside the organization.  

This type of DLP is typically used on-site and managed by IT personnel within the organization. 

2. Endpoint data loss prevention 

Also known as device control, endpoint DLP is designed to protect endpoint devices such as laptops, desktops, or other mobile devices used to access corporate data and networks. It can restrict user activities on an individual device level through policy enforcement, such as file blocking/sharing, application control, and content inspection. 

For example, an endpoint device policy could be set up to block USB drives from connecting to a laptop unless it meets certain criteria set by IT admins first, such as having specific encryption measures installed. 

3. Cloud data loss prevention  

Cloud DLP helps organizations detect data risk from cloud applications, such as Dropbox or Google Drive, where users may store sensitive information without proper authorization or encryption measures in place. 

Cloud DLP solutions can detect security policy violations by analyzing data shared across different cloud apps to prevent unauthorized access before they cause any real damage.  

Common inclusions in data loss prevention policies  

The three main reasons that organizations establish data loss prevention policies are: 
 

1. Compliance. Governments have implemented various regulations for organizations to collect and safeguard personal identifiable information or PII. As a part of their data compliance, organizations must develop and enforce DLP policies. 
    

2. Intellectual property. Trade secrets and proprietary information need to be protected from unauthorized access. This helps keep such information secure, preventing any potential abuse or misuse. 
    

3. Data visibility. Organizations often benefit from tracking how various users access and interact with data, providing them with essential insights. 

Now that we understand why organizations establish DLP policies, we must understand the common inclusions. A typical data loss prevention policy contains three different elements: 

Location  

Location defines where the policy will be enforced. 

For example, a company may set up a DLP policy that detects information protected by The Health Insurance Portability and Accountability Act (HIPAA), a federal law that requires organizations to protect sensitive patient health information.  The location would be wherever that patient’s health information is stored. 

Conditions 

The conditions are the parameters to which the policy is applied. 

For example, a DLP policy may state conditions such as: 

• Old data should be deleted to maintain compliance. 

• Data is being used differently than agreed upon by the user. 
• Personal data is stored in places that are not protected. 

Action  

If a specific situation meets any of the conditions specified in the DLP policy, then action is taken to prevent it. 

Actions correspond directly to the conditions. For example, data may be deleted if it’s found to violate HIPAA, or personal data may be blocked if it’s being stored in an unsafe environment.  

7 steps to creating a data loss prevention policy  

Numerous fundamental moving parts make up a successful data loss prevention policy. These are the generalized guidelines that you can follow to create a DLP policy at your organization. 

1. Prioritize which data is to be protected. All data is different and requires unique care. Therefore, the first step of establishing a DLP policy program is to determine the most sensitive data and begin protecting that first. 

2. Establish a framework. Develop a detailed policy outlining access rights and acceptable use to ensure all employees understand their responsibility for protecting data. This includes rules on secure storage, encryption, email regulations, etc. 

3. Assess risks. Consider potential threats such as hackers and internal employee mistakes in order to know what areas need additional security measures in place. Also, develop processes to minimize potential damage if a breach occurs.   

4. Set up technical controls. Implementing strong technical security measures is essential for ensuring the success of keeping your data confidential. This includes antivirus software, firewalls, two-factor authentication, user access controls, etc. 

5. Monitor activity. Regularly monitor activity and user behaviors so that suspicious activities can be flagged immediately and addressed, if necessary, before any problems or damage occurs. 

6. Train your staff. Ensure all employees are well-versed in the standards and guidelines within your DLP policy. In addition, staff must understand how they should handle secure information so as to not expose it due to negligence or lack of knowledge about proper procedures. 

7. Roll out your policy. Watch your DLP program come to life. Make sure to continuously monitor and adjust where necessary. 

Why you should use WinZip Enterprise to protect your organization from data loss 

WinZip® Enterprise is a compression and encryption software that is ideal for helping with data loss prevention. It utilizes robust 256-bit AES encryption technology to protect private files from unauthorized access in case of data breaches. This ensures that only those with the correct authorization can open these files. 

Furthermore, WinZip Enterprise’s auto-backup feature allows users to set up a scheduled backup plan to automatically back up essential data at regular intervals to protect it even when hardware fails, or user error occurs. With all these features combined, this software can help you keep your critical information safe and secure while minimizing the risk of data loss due to hardware failures or human error.  

Discover how WinZip Enterprise can help your organization maintain proper data loss security and avoid negative consequences. 

Data Loss Prevention (DLP) is an important security measure that enables organizations to protect their sensitive and confidential data from unauthorized access, use, or disclosure.   

DLP involves a variety of technologies and processes that work together to: 

• Identify and protect valuable data. 
• Monitor user activities. 
• Enforcing policies to make sure the data remains secure. 

• Ensure compliance with laws, regulations, or internal policies. 

With malicious cyberattacks becoming more common and sophisticated, businesses need a solid strategy to prevent potential threats. Unfortunately, data breaches, cybercrime, and data loss are up 600% since the start of the COVID-19 pandemic in 2020.  

Luckily, there are things that you can do at your organization to keep your information safe. Using DLP systems, organizations can reduce the risk of data breaches, which can have significant financial and operational implications.

What are some of the primary causes of data loss?   

There isn’t one reason why organizations experience data loss. However, there are some common culprits. Some of these include: 

1. User error or negligence. Mistakes or lack of experience with devices can lead to user errors which could result in data loss. Examples include accidental deletion of files, misplaced documents, or lost passwords. 

2. Hard drive failure. Most hard drives eventually fail and can lead to total data loss if the situation is not resolved quickly. 

3. System crashes. Software corruption, viruses, and incompatible upgrades can all cause system crashes that may lead to data loss. 

4. Data theft or unauthorized access. Malicious actors may try to access sensitive information by stealing physical storage devices such as external hard drives or laptops. Theft can occur when  the data on the device is not adequately secured. 

5. Software glitches. Unforeseen software glitches that occur when systems are upgraded, patched, or changed without being properly tested may lead to system errors, resulting in data loss. 

What are some key data loss prevention best practices?  

Following data security best practices helps to ensure that sensitive information (such as PHI and PII) remains secure and prevents unauthorized access.  

Credit card numbers, personal information, medical records, and intellectual property are just some of the types of data that are considered Protected Health Information (PHI) and Personally Identifiable Information (PII). PHI is defined as any information in a medical or designated record that can be used to identify an individual. PII is defined as information that can be used to distinguish or trace an individual’s identity. 

Therefore, it’s crucial to implement security measures and data loss prevention best practices to prevent malicious attackers from accessing sensitive data without permission. 

Some common and vital data security best practices include: 

• Developing secure networks. 
• Embracing encryption technology. 
• Regularly backing up data. 
• Creating detailed user access policies. 
• Educating employees on cyber security best practices. 
• Implementing antivirus and anti-malware software. 

5 Ways to prevent data loss  

Data loss is an unwelcome event that often has negative financial implications and causes reputational damage. Fortunately, there are several ways that organizations can mitigate the risk of data loss and keep their valuable information secure.  

1. Establish security policies 

Creating and using comprehensive security policies is one way to prevent data loss. These policies should clearly outline user access rights and establish rules for physically safeguarding sensitive data and maintaining backups.  

2. Schedule regular data backups 

Data backups are a key part of data loss prevention, as they help to ensure that essential data is not permanently lost in the event of an unexpected failure or disaster. Therefore, data backups should be done regularly, ideally daily but at least weekly.  

3. Use encryption 

Encrypting data involves using cryptographic algorithms to scramble data so it cannot be understood without a key or password. Once data is encrypted, the data can only be decrypted using the original passcode or key. 

Encryption ensures that if something happens to one particular server, storage device, or file, the encrypted backed-up data would remain intact.  

4. Require staff education and training  

Educating staff on the best practices for data storage is one of the most effective ways to prevent data loss. In addition, teaching proper data handling techniques can dramatically reduce the risk of human error. 

Training should include how to securely transfer data, store and encrypt data, and maintain regular backups. In addition, staff should be made aware of any security policies in place and the importance of following them when dealing with sensitive information.   

5. Keep equipment and software updated and patched  

Regularly updating hardware drivers, firewall configurations, and software applications to ensure the latest security patches are installed is vital to preventing data loss. This should be done in combination with installing software that protects against malicious threats such as viruses and malware that could potentially steal or damage your organization’s data.  

By using WinZipⓇ Enterprise, you can compress files, save space, and ensure your most sensitive data is never compromised. 

How do data loss prevention solutions and strategies work?  

DLP solutions use  encryption, file-level monitoring, policy management, and other technologies and tools to identify sensitive data and help organizations secure it. 

The first step of any data loss prevention strategy is to identify the type(s) of data that needs to be protected. Once this has been established, organizations can use various methods to secure this data. 

For example, an organization may deploy monitoring software designed to detect when users share or download confidential information or certain types of data outside of the company network. In addition, they may also establish policies governing who can view or share specific files. These approaches help to ensure that confidential information remains within the organization’s control. 

In addition, encryption technology is often utilized for data stored on networks or cloud storage platforms. This helps ensure that even if malicious actors could gain access to the system containing sensitive data, it would remain unreadable and unusable without an encryption key. 

Moreover, system backups are essential for information management. Organizations should consider creating a comprehensive backup strategy to ensure all data is stored in multiple formats and locations. This is also called the 3-2-1 rule, which says you should always have three copies of your data: two versions on two different storage medias and one version stored offsite.  

How to protect data loss with WinZip Enterprise  

WinZip Enterprise offers military-grade encryption, protecting data in transit and at rest. This enhanced security level complies with all major standards, including Federal Information Processing Standard (FIPS) 140-2 and FIPS 197. It also prevents data loss and extends corporate file protection with Windows Information Protection (WIP) support. 

Moreover, WinZip Enterprise features customizable access to data for employees at every level in your company. This ensures that employees who change roles or leave the company have their data access privileges updated or removed immediately. 

Lastly, WinZip Enterprise allows administrators to schedule data backups from the in-program Explorer menu. Moreover, it is compatible with some of the most-used cloud platforms on the market, including Amazon S3, Alibaba Cloud, Microsoft Azure, and more. 

Discover how WinZip Enterprise can help your organization prevent data loss, maintain data security, and avoid potential negative consequences. 
 

Data exfiltration, otherwise known as data extrusion or data theft, refers to the unauthorized transfer of personal information from one computer or device to another. Data exfiltration can happen manually, by a person with physical access to a device, or automatically through malicious programming and software. Essentially, data exfiltration is a type of security breach that happens when a person or company’s data is transferred, copied, or stolen from a device or software without permission.

There are many techniques that malicious actors use to steal data. Often, these cyber-attacks are targeted thefts used to gain access to specific valuable information.

Unfortunately, data extrusion can be exceedingly difficult to catch. Hackers often mask theft by making it look like network traffic that is typical to the user, therefore making it easy to miss. Once a person or company’s data is breached, the damage can be unfathomable.

So, what does data exfiltration mean for your business? Without the proper understanding, care, and precautions, you can’t be sure that your data is safe. When your data isn’t safe, neither is your business. To adequately keep you and your company clear of hackers, it is vital to understand not just what data extrusion is but how to prevent these attacks from ever happening.

Using data encryption, management, and sharing software, such as WinZip® Enterprise, can help protect users from data exfiltration. Solutions like WinZip Enterprise are essential to eliminating the risk of data loss by providing file tracking that can show when files or data are moved, edited, or deleted.

Data exfiltration vs. ransomware attacks

Ransomware attacks use malicious software to threaten to publish a victim’s data or block access to data permanently unless a ransom is paid, usually via cryptocurrency. For a long time, this type of extortion was one of the most common threats to organizations worldwide. However, the value of Crypto has plummeted in recent years, which has reduced the monetary appeal of once-popular ransomware attacks.

That’s where data exfiltration takes the main stage. Data extrusion is a type of espionage that’s becoming more prevalent rapidly. Rather than holding information or data captive, exfiltration actors will try to extort their victims, threatening to release their confidential information. These malicious actors often threaten to sell or release information to unscrupulous third parties or the public.

Public data exposure through data exfiltration is often considered more dangerous than ransomware. When a ransomware attack is performed, there’s usually an option to pay a ransom to satisfy the hackers, or a company can try to retrieve backups of their data if it’s properly stored. Leaked data, however, may prove to be wholly unfixable and ultimately more detrimental.

Examples of recent data exfiltration and ransomware attacks

Today, cyber-attacks are widespread and frequent. According to the Identity Theft Resource Center, there were over 1,864 data breaches in 2021, which was 68% more than in 2020. Even while organizations continue to improve their firewalls and detection systems, exfiltration actors are still finding a way in.

In April of 2022, the mobile payment company called Cash App reported that a former employee downloaded the personal information and data of over 8.2 million former and current customers. The hacker stole data that included full names, stock trading information, portfolio values, and brokerage account numbers.

On a smaller scale, over 2,000 people had their credit card information stolen from the budget airline EasyJet in 2020. This highly sophisticated cyberattack has been linked to a group of Chinese hackers that had targeted other airlines in the surrounding months. Currently, EasyJet is facing an £18 billion class-action lawsuit from the customers impacted by the data breach.

The examples of data exfiltration and ransomware attacks are limitless. The targeted entities range from oil pipeline operators to companies that protect sensitive personal information. Unfortunately, data theft and ransomware are only worsening, and no company is truly safe. The best way to avoid trouble is to use file management and compression software to keep you and your personal information secure.

Cost of data exfiltration or ransomware attacks for businesses

According to the 2022 cost of a data breach report by IBM and the Ponemon Institute, the average cost of a data breach in 2022 has reached a record high of $4.35 million. The cost of data exfiltration can be extensive. Customer turnover, legal charges, technical activities, loss of brand equity, and drain on employee productivity are just some of the many factors that are adversely affected by ransomware and data breaches.

4 reasons why secure file storage and sharing are essential

Secure file sharing and storage are essential for protecting sensitive information as it travels between users and networks. Without secure sharing platforms, your data can be easily breached. Ideally, an organization should use file-sharing and storing solutions specifically designed for businesses.

WinZip Enterprise® can provide your organization with incredible benefits that keep your data and information safe. There are four reasons why secure file storage and sharing are essential:

1. Enhanced data protection

When employees use unauthorized services, applications, systems, and accounts that don’t meet their company’s security standards, they risk leaking valuable information. Using WinZip Enterprise, managers can uphold standards and security protocols that secure organizational data.

2. Improved collaboration among team members

A secure file-sharing platform, such as WinZip Enterprise, improves collaboration among employees, whether they’re working from the office, home, or at another location. This software makes it simple to share all critical digital assets in one place, ensuring that everyone can find the information and data they need when needed.

3. Safe and effective file sharing capabilities

Many collaboration tools on the market make it difficult to share files without accidentally deleting or damaging them. For example, secure file-sharing platforms enable managers to control employee access levels for shared files, which adds an essential layer of protection. That way, unauthorized people can’t access, view, edit or delete files without permission.

4. Better data accountability

It’s oddly common for organizations to share sensitive files with all or most of their employees, which significantly increases the chance of data theft or exfiltration. Using WinZip Enterprise, administrators can limit what applications users and employees can access to ensure that data doesn’t become compromised.

IT requirements for protecting sensitive data

Every year, the government passes new laws and regulations regarding how companies must protect personal information and data. To date, there have been hundreds of cybersecurity-related laws and regulations enacted over the last four years alone.

Sensitive data that is referred to in these compliance laws include an individual’s:

• Address
• Health information
• Birthday
• Social security number
• Debit/credit card information
• Ethnic or racial data
• Religious beliefs
• Political standpoints
• Biometric or genetic data
• Sex or gender identification

In order to adhere to these compliance requirements and mitigate cyber threats, businesses need to take a security-first approach. Below are seven ways for organizations to meet compliance requirements for cybersecurity-related legislation:

• Assess risks: Organizations should identify all devices, users, information, applications, and networks. Then, they should categorize these factors as “high-risk” or “low-risk” to assess potential attack vectors.

• Set controls: Once organizations recognize their risks, they need to set appropriate controls to ensure this sensitive data is secure from malicious actors.

• Monitor control effectiveness: Controls that organizations set in the present day may not be effective in the future. Organizations must continuously monitor controls so that data doesn’t become vulnerable.

• Remediate risks: Risks to sensitive information are inevitable. Organizations must be able to identify their weaknesses and prioritize which risks are of the highest priority and need focus first.

• Document activities: Organizations must document all processes, activities, and policies to show that their policies and security efforts are effective. This process is closely watched by an auditor who will report on any issues or findings within an organization’s security program.

• Report to the Board of Directors or appropriate government body: Much of the legislation passed requires senior leadership to report to them with any issues or updates they may have to protect customer information. If this isn’t done properly, the government can hold corporate leadership responsible.

How WinZip enterprise can help your organization stay safe from data theft

WinZip Enterprise secures, manages, and protects sensitive business data. This fully customizable solution empowers IT admins with streamlined controls over user access, encryption standards, and protocols for storing and sharing information.

Detecting and stopping data exfiltration is key to eliminating data loss. Therefore, solutions like WinZip Enterprise are essential by providing file tracking, which records every instance of a file being moved, edited, or deleted. These insights help organizations review system activity and identify both insider attacks and external threats.

WinZip Enterprise leverages military-grade AES encryption for unsurpassed data protection at rest and in transit. This keeps files safe whether they are in storage or being shared, preventing unauthorized access and associated costly unauthorized data transfers that can result in extortion or even worse acts.

See how WinZip Enterprise can help protect your organization from data exfiltration.