Is Your Back-Office Printer Putting Your Data at Risk?

22 Jun Is Your Back-Office Printer Putting Your Data at Risk?

When it comes to data security, interventions like multifactor authentication and expanded security training are suggested as the first line of defense. However, in a recent article for Insurance Innovation Reporter, DATAMATX’s Risk and Compliance Director, Steve Berman, wrote about a source of possible data loss that’s often overlooked: the back-office printer.

Office printers frequently handle sensitive information, but many companies underestimate their potential role in data loss and fail to secure these devices appropriately. Here are a few reasons from the article that explain why safeguarding your back-office printers is crucial to customers’ data security:

• • As with any instance of data loss, lack of printer security can result in regulatory penalties and steep fines. In one recent example, a company was fined $1.2 million for HIPAA violations after failing to erase private health information from a leased printer. While these breaches are occasionally the result of a printer error, malicious actors can also target unsecure printers in an attempt to access and sell their data.

• • Despite an ongoing push toward digital transformation, printed documents remain the backbone of many businesses across various industries. Unfortunately, the popularity of print for documents such as invoices, financial statements and contracts can put companies at an increased risk for a security breach; in the last year, over two-thirds of businesses experienced data loss from printing practices that were less than completely secure.

• • Even though manufacturers are aware of their security risks, printer protections are implemented much less commonly than you might think. One survey revealed that fewer than half of IT professionals established any form of printer protection and prioritized printer security below that of cloud and hybrid platforms.

• • As cyberattacks increase in number and severity, many businesses are transferring their risk through cybersecurity insurance policies. However, carriers are attempting to stem payout expenses by significantly raising their standards for policy qualification and renewal. Demonstrating that you’re using industry-recognized security standards to protect your IT assets, including your printers, can mean you stand a much better chance of qualifying for coverage.

At DATAMATX, we take the security of your customers’ data seriously, including by implementing the printer safeguards embedded in our SOC2 and HITRUST CSF certifications. To learn more about the steps you can take to minimize your risk of data loss—read Steve Berman’s recent article here!