When a business is closing down, there are unexpected layoffs across different levels, raising the specter of one of the most challenging risks to data, insider threats. Potentially disgruntled employees can cause significant damage to the company by stealing data, such as financial information and corporate information. Insider threat historically has risen to its highest level during times of deep economic crisis. A perfect storm of conditions for insider abuse may be unfolding.

Another potential exposure point is social engineering. Historically speaking, we have seen people resort to unethical ways during dismal economic times. Even if the employee remains loyal to the company that is going out of business, they could be naïve enough to become part of a social engineering attack that somebody from the outside is executing. It could be as simple as opening up a phishing email that offers incentives or jobs--very appealing to someone losing a job. So here we could have a loyal but concerned employee that puts the company at risk.

One common challenge with information security for retailers is the multiple critical components that makeup a retail operation. The IT infrastructure of a retail chain may involve several smaller components such as domain names, internal and external web sites, and wireless networks. These are some of the last things that will have to be shutdown after a business has ceased operations. These parts of the infrastructure need to be addressed in a security conscious manner to ensure that confidential data is not left unsecured. Not addressing these "missing pieces" make it highly likely that they will come back to haunt your business in the future.

For Consumers:

First and foremost, recognize that there is an increased risk of identity theft with the economic downturn. The emotions surrounding the personal losses in an economic downturn can negatively impact the security-conscientiousness of consumers. Consumers are being scammed in an ever-increasing variety of ways. For example, people are receiving so as to avoid having their bank account closed in a merger. They provide their bank information and their account balance is plundered. Be aware of what you are doing in the cyber world. Ensure that you monitor your credit reports so that you can detect any fraudulent activities. Use the shredder to dispose of any mail that contains sensitive information.