5 Steps You Can Take to Lower the Cost of a Data Breach

5 Steps You Can Take to Lower the Cost of a Data Breach?

Data breaches have become a regular occurrence for businesses and organizations. Customers have faith in you because they know they can make purchases without worrying about the security of their personal data. Therefore, if data fraud happens, it might result in serious consequences. The four most common forms of cybercrime are email compromise, phishing, malevolent insiders, and social engineering. According to a study, 58% of data breaches in Canadian organizations entail phishing attacks.

Most business partners and employees are trustworthy and dedicated to delivering a good job. Nonetheless, insider security breach remains one of the most serious threats business organizations face today. Insiders, be they employees, partners, or suppliers, are the most common source of data breaches today, whether intentional or unintentional. 

Data breach costs must be minimized as part of any effective security plan. The total cost of a breach may be reduced by some or increased by other elements. Laws and regulations are examples of factors that are outside the control of the firm but must be dealt with nonetheless.

5 Steps to Lower the Cost of Data Breach

When correctly implemented, a number of measures under the company’s control can mitigate the effects of a data breach. These considerations can potentially turn a huge organization’s catastrophic crisis into a more manageable one. The following are five strategies to help your firm reduce the cost of data breaches.

1. Improve Your Cybersecurity

Cybersecurity programs, strong passwords, and two-factor authentication are the first lines of protection against hackers. Make sure your network and any connected devices are safe from harm, thanks to the protections provided by your software. Maintain the highest level of defense and close any loopholes hackers may find by promptly installing any security network updates.

2. Make Use of Encryption Technology

If you want to lessen the chances of a data breach, encryption is a must. For instance, it can protect data in both resting (on your computer, server, mobile device, or the Cloud) and moving (to and from) states (e.g., information uploaded or downloaded over the Internet, used by an application, sent over an instant messenger or email). If a hacker does manage to intercept encrypted data, however, it will be worthless to him unless he has the key to decrypt it (e.g., using private encryption keys or using an outdated encryption algorithm).

The typical cost of a data breach may be greatly reduced by implementing the widespread use of encryption across an organization. According to research, 26% of Canadian companies managed to stop ransomware attacks prior to data encryption

3. Consider Purchasing Cyber Insurance

With an increasing number of businesses experiencing data breaches, the rise in cyber insurance adoption should be no surprise. It is crucial to remember that cyber insurance is a reactive control, which means it will not protect a business from experiencing a data breach. Instead, insurance will ensure that the organization has adequate financial stability in the event of a significant security breach. Cyber insurance can be used to cover a wide range of data costs and leak-related services, such as hiring a forensics expert or any other additional resource needed to investigate and contain an incident. 

4. Create a plan for incident response

You should already have one in place that outlines what your organization, employees, and third parties should do in case of a data breach. A plan for an incident response should have details about how and where confidential data is kept, how vital data is backed up, and who can access such data. The plan should also contain a list of people you must notify on time, such as credit monitoring organizations, law firms, and forensic data experts. A fast response to an attack allows you to get back to operations immediately while minimizing damage.

5. Educate Workers on the Importance of Cybersecurity

Another great way to lessen the probability of a data leak is to raise security consciousness amongst staff. Employees should begin by being familiar with the company’s security policies and fundamental security concepts, including instructions (such as limits on transferring files to USB devices or sending email attachments) and the repercussions for disobeying them. These measures should lessen the possibility of unwitting or purposeful insider complicity in a compromise. Phishing and other typical assaults that lead to data breaches can have much lower success rates if employees are given security awareness training.

Lower the cost of a data breach

Managing data breaches can be a challenging experience, but taking the proper precautions can minimize the damage done to your operations. Being prepared can save you time and money at the end of the day.

Contact Haxxess today if you need assistance enforcing cybersecurity measures. We offer Managed IT Services to small and medium-sized businesses throughout Sudbury, North Bay, and Espanola.

stay in touch

Subscribe to our newsletter and we'll keep you informed about latest IT news.