Three Reasons to Include Dark Web Monitoring in Your Risk Management Plan

Jul 25, 2019 | Dark Web

Risk is inherent to any business, and it’s crucial to plan for adverse events. In this age of cyberattacks, risk management for any business that relies on data must include preparation for data breaches. Dark web monitoring and scanning are crucial additions to the risk management toolkit of any business seeking to reduce the risk of data breaches.

The dark web, also known as the darknet, is a hidden part of the internet that requires special knowledge or tools to access. While the dark web itself is not illegal, it is a haven for selling illegal goods, including stolen data like business credentials such as passwords and usernames.

Data breaches occur as a result of cyberattacks, and small business owners are their ideal target. Often, small businesses are less likely to take the same level of precautions that larger businesses take to protect their networks and data. This makes them easy targets. For example, in just the first quarter of 2019, there were 281 reported data breaches, resulting in 4 billion records exposed, and these numbers don’t include unreported data breaches. According to the Federal Trade Commission, information available for sale on the dark web is up to 20 times more likely to come from sources that don’t report data breaches (e.g., the smaller businesses).

You and your employees’ business credentials have value and are often sold on the dark web for $1-$8 each. The value of your business credentials is only limited by the buyer’s creativity and malicious intent. Not only can your credentials provide further access to your business, but they can also be used for other illegal activities.

Dark web monitoring services identify, analyze, and proactively monitor for an organization’s compromised or stolen employee and customer data. For businesses of all sizes, this service is a crucial addition to any risk management program. Here are three reasons why you should insist that your IT team include dark web monitoring in their security stack for your business.

Stay Informed – With regular dark web monitoring, you can discover whether your credentials are up for sale before a data breach occurs at your company.

Avoid Further Damage – Once someone with malicious intent attains your or your employee’s credentials, they can do a lot of damage. They may be able to gain access to other sites with more potential for financial gain. They can use your information to send spam, launch malware attacks on your business, or use your identity for other criminal activities.

Avoid Further Expense – Data breaches are expensive, costing not only money, time, and human resources to mitigate, but also customers and brand trust. According to a study conducted by Ponemon Institute, in the US, data breaches cost companies an average of $225 per compromised record. 

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