June 09, 2023
As we've all witnessed, data leaks and breaches have become commonplace. In today's digital climate, not even the most secure businesses are exempt from these security risks - in fact, 83% of organizations have experienced multiple such data leaks or incidents!
No business wants to be part of this statistic; however, it is critical that companies take steps to minimize their risk levels and protect themselves against potential threats.
The consequences of a data breach can be dire and far-reaching. From restoring the damage to compromised data to taking care of lost productivity and employee training, businesses must also confront potential losses in revenue, customer trust, and possible legal liabilities.
Without prompt attention to remediation, these costs could quickly spiral out of most organizations' control.
IBM Security's most recent report (IBM Security 2022 Cost of a Data Breach Report) demonstrates that the price of a data breach is rising year after year - now with an international rate of $4.35 million and a U.S.-based cost estimated at $9.44 million, up 2.6% from 2021! If your business isn't protected by robust cybersecurity, it may be time to invest in protective measures before those costs rise again next year. Canadian companies face a daunting financial burden of up to $5.64 million, on average, for every data breach they experience.
Bless their heart, IBM supports companies with the financial capacity to deal with costs like that, even when those costs are painful for the victim organization. The report that these numbers come from reflects the damages that affect all organizations.
However, for smaller victim companies, the costs of cyber breaches are often much more crippling than for their larger counterparts. With fewer resources to combat and recover from serious information security events or when a data breach happens, it is estimated that 60% of small businesses will close within six months following a security data breach of the types in that report.
The above data breach mitigation proves: safeguarding one's business against malicious attacks should be non-negotiable, and this article discusses what companies can do regardless of their respective size.
Despite the high probability of data breaches, businesses don't have to surrender to their looming fate. These cybersecurity practices will ensure your business remains safe and secure against potential threats from most breaches.
According to the IBM Security report, reinforcing your cybersecurity system will bring you many tangible benefits. These advantages are backed up by detailed facts and figures that clearly demonstrate why your security posture is so important.
Mitigating the Impact of a Cybersecurity Breach: Proven Strategies to Protect Your Business
Leverage the Benefits of a Hybrid Cloud Strategy for Maximum Efficiency and Flexibility
It's no secret that most companies are now relying on the cloud for critical data storage and operational processes. Unfortunately, 45% of all data breaches occur in this domain.
However, not all strategies organizations employ when it comes to utilizing the cloud are equal - public clouds come with higher risks than hybrid ones.
What is a hybrid cloud? A combination of elements where part of access to your data and operations occur publicly while others remain private within an isolated environment, thus reducing associated costs due to potential security breaches while still providing you access to powerful tool sets the public cloud offers.
What some may find surprising is that using a hybrid cloud approach was also better than working within a private cloud or isolated within on-premises solutions.
Establish a Proactive Incident Response Plan of Action and Rehearse It
Even if your company isn't a large enterprise, it's essential to have an incident response (IR) plan.
An IR plan is a list of steps or procedures employees must follow in case of any potential cyber-attack, severe security incident, or where data loss or breach is suspected.
For example, one of the first activities an employee should take upon a ransomware attack is quickly disconnecting any affected device. They should be aware of this expected response.
An Incident Response Plan, when properly implemented, will ensure rapid and effective intervention during security crises.
A well-crafted and up-to-date IR Plan ensures that everyone knows their roles should anything go wrong—providing peace of mind for all stakeholders involved.
Embrace a Zero Trust Security Strategy to Protect Your Assets and Data
Business owners may or may not believe that their business could possibly be the target of a data breach, but in reality, any company can fall victim to malicious attacks. One way of preventing data breaches and protecting yourself is by implementing a Zero Trust security framework.
Zero Trust is an approach that is based on the principle of never trusting users or privileged access to systems without first verifying them.
It uses identity-based authentication to protect resources. It only allows authorized users to gain access to resources within their permissible areas inside an organization's network.
Zero trust stipulates that threats to information systems can come from internal and external sources and requires continuous monitoring of the system's sensitive information and data.
Despite being a game-changer for security, only 21% of critical infrastructure organizations have adopted any form of zero trust.
Ignoring this method can be costly; organizations that neglect to deploy zero-trust tactics pay around $1 million more per data breach than those who do. This shows how important it is for businesses to invest in their security teams and implement these measures as soon as possible!
Fortifying your network against data leaks can be simple with zero-trust security protocols. Multi-factor authentication, application-safe listing, and contextual user authentication are just a few of the tools in this comprehensive solution for your network perimeter and for keeping sensitive data very safe.
Because Zero Trust is easily the most recognizable technological solution to many serious data security breaches, more and more technical solutions come into play each year. Businesses of every size can help themselves by planning for and investing in new data security technologies as they become available.
With these measures working together to keep customer information and protect your sensitive information systems against malicious actors and intrusions, you'll have peace of mind that your information and financial data are secure.
Harness the Power of Tools with Advanced Security AI and Automated Efficiency for Optimal Results.
Investing in the right cybersecurity strategy and resources can make all the difference in mitigating a data breach. Leveraging tools such as cutting-edge endpoint security, AI technology, and automated solutions will bring significant cost savings and reduce data breach expenses by 65.2%.
Solutions like advanced threat protection (ATP) provide effective security controls, while applications that search for threats and automate responses are incredibly useful.
Together, these measures create a powerful line of defense against potential breaches. When implemented properly, these measures become valuable investments.
Get Set to Enhance Your Cyber Resilience: Here's How!
A great way to reduce the risks of a data breach and lessen its costs is by introducing these recommended best practices step-by-step into your cyber security plan.
Start these key steps today, and you can be on your way to better digital protection!
It doesn't matter what size your company is; with the help of a reliable and security-savvy IT provider, you can develop a strategic plan. Start by tackling the "low-hanging fruit" before venturing into more long-term projects.
Identify The Low-Hanging Fruit Opportunities
When it comes to protecting data in the cloud, one of the lowest-hanging fruit opportunities is the implementation of multi-factor authentication. This cost-effective security solution provides comprehensive protection and can effectively reduce the probability of employee credentials and user accounts being hacked.
It can be quickly installed with minimal disruption and requires minimal maintenance. Multi-factor authentication is an easy win to ensure you don't overlook an important security measure when deploying cloud applications.
In addition to multi-factor authentication, there are a variety of data breach mitigation strategies that offer low-hanging fruit opportunities for businesses. Some key examples include:
- Regularly changing default passwords on all applications and devices.
- Developing and sticking to a robust cybersecurity policy for employees.
- Implementing encryption solutions such as end-to-end encryption or public/private key infrastructure.
- Setting up processes to alert IT administrators immediately in the event of suspicious activity.
- Utilizing automated threat intelligence systems for real-time monitoring and notifications.
- Running regular security audits and vulnerability scans on company systems, networks, and applications.
Develop a Proactive Incident Response Plan to Protect Your Business
Developing an incident response and communications plan is ideal for any intermediate project. To guarantee that your team is adept in the process;
Construct Your Plan Properly
Your incident response plan should provide an overview of the roles and responsibilities of each team member during a security breach event, and a chain of escalation contacts is essential in case the primary contact is unavailable.
Additionally, your plan should note all relevant information about your organization, such as system configurations, access codes, disaster recovery plans, and any other resources that may be useful in responding to an incident.
Include outside resources, such as a forensic lab, security personnel, legal counsel, etc., within your incident response plan to assist you in investigating incidents. Furthermore, create clear-cut processes to alert stakeholders about an issue and define how and when the incident should be reported.
Practice Your Plan
Maintain a regular practice of drills. These rehearsals allow you to recognize discrepancies and instantly make corrections to be well-prepared when it matters most.
By implementing a proactive incident response plan, you can protect your business from potential risks in a timely manner while avoiding further damage to your reputation or security. Such a proactive approach plan will equip your team with the right resources and processes to diagnose and respond to any problem in an emergency.
Build a Security Trust Team
Assemble a team of IT and risk management specialists to discuss long-term strategies for investing in security measures that your organization will commit to, so you, security staff, and business partners can be better prepared with the right resources should data breaches occur.
The team should be able to evaluate the security risk posed by any new technology or business processes in consideration for future use and develop a plan for upgrading existing systems and processes as needed.
They should also be able to act quickly to ensure that security measures are updated regularly and reinforced. They may need to work alongside outside vendors to ensure the organization stays up-to-date on the latest security technology and best practices.
This type of team allows a business to stay ahead of the curve and proactively protect its data before rather than reacting after a data breach.
Building an effective Security Trust Team is just one component of an organization's larger security plan. It's important to stay up-to-date on cyber threats and developments in the cybersecurity industry and to constantly evaluate existing systems for vulnerabilities that need to be addressed.
Struggling to Safeguard Your Data & Minimize Risk? Let Us Help!
When you collaborate with a reliable IT partner, who is well-informed and experienced in business network security issues, your chances of having an appropriate level of information systems preparedness improve significantly.
It doesn't matter if you have existing IT support - sometimes, it takes trained professionals to take the fear and burden away from business owners regarding cybersecurity.
Get in touch now to discuss building a secure digital roadmap for your company!