When most executives discuss data breach threats, often issues like financial loss due to customer dissatisfaction and diminished brand reputation are top of mind. However, it is a common misconception that data breaches are solely consumer-focused. Recent incidents in particular illustrate hackers are targeting a wider variety of valuable information – including employee records.
The potential impact of an employee data breach cannot be overlooked. From personally identifiable information (PII) to financial and healthcare records, username credentials and even potentially sensitive email exchanges and intellectual property, employee records represent a plethora of valuable information. Furthermore, a company’s employees are arguably their biggest asset, and must be treated differently than external audiences. If employee records are lost in a data breach, it is important that there is clear communication at the onset to help deter confusion, loss of productivity and potential turnover. Consider that employees are much more invested in the company as it is not as easy to make a change like it is for a consumer who can simply shop at another retail store or move their accounts to a different bank. Employees will be more engaged and have even higher expectations to be protected if they are impacted by a breach.