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Asymmetric Information Causes Data Breaches

Asymmetric Information Causes Data Breaches

Written by 
Katherine
 | 
March 6, 2019
March 31, 2020

Can you trust everyone you collaborate with? There are too many factors in play for the answer to be a 100% yes. Even though you may trust the people to not maliciously use your data, there is still the chance that they could accidentally expose it. Not everyone’s security measures will be as stringent as yours. This is exactly what happened to Rush University Medical Center. They experienced a data breach of about 45,000 records due to separate incident at one of their financial vendors. Even though Rush was probably secure on their own, they had to collaborate with others. Collaboration is a big part of today’s business environment but it is almost never done securely. Data is being freely shared without knowing if the other party will keep it secure.

This illustrates the problem of asymmetric information. This problem arises when two parties with shared interests don’t have all the necessary information about the other. This is typically found in situations such as buying a used car. Both the buyer and the seller do not know how much the other values the car. They will have to go through a series of bids in order to find a price that both can agree on. This process makes sense and is an integral part of a business transaction. However, what happens if the seller is offering a car that is secretly broken down? The buyer will offer a price that reflects a car that is working properly and will pay far too much for the broken car. Issues of trust occur in all aspects of life and security is no different.

There are too many possibilities when you hand your data over to other people. Even if they have security measures in place, data breaches can still happen. Once it leaves your organization, it is typically out of your control. In today’s environment, data lives in many different places. Instead of central file servers, we store files in Google Drive or Dropbox. The rise of cloud storage services like these made business more convenient, but in turn made it less secure. Data that lives in the cloud typically does not have adequate protection. If your account is compromised, almost anyone can obtain the information in the files. This problem naturally persists when you share data with third parties as well. They most likely will use these cloud storage services too and this creates an extra layer of separation between you and your sensitive data. How can you collaborate securely with others?

You need a security solution that not only protects data, but provides visibility. SecureCircle does both. We protect your data so that in turn your files are protected. Imagine you have a slide deck with confidential information that you created in Powerpoint. You want to share this with a third party so you upload it to Google Drive. The protection follows the data within the file, so the file is still protected in Google Drive. We provide visibility and security for all of your sensitive data using detailed logging and best in class file encryption. If a file is protected, only devices with the SecureCircle client will be able to read it. There are threats coming from all directions in today’s increasingly digital business environment. Your organization must be prepared. Visit us at www.securecircle.com today to find out more about our solution.

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