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13Mar

Four Proven Ways to Mitigate the Costs of a Data Breach

No business wants to suffer a data breach. But unfortunately, in today’s environment, it’s difficult to completely avoid them. Approximately 83% of organizations have experienced more than one data breach. (IBM Security 2022 Cost of a Data Breach Report)

These breaches hurt businesses in many ways. First, there is the immediate cost of remediating the breach. Then, there are the lost productivity costs. You can add lost business on top of that along with lost customer trust. A business could also have extensive legal costs associated with a breach.

Visit our website here to see what the cost of downtime would be for your business.

According to IBM Security’s report, the cost of a data breach climbed again in 2022. The global cost of one breach is now $4.35 million, up 2.6% from last year. If your business is in the U.S., the cost rises to $9.44 million. In Canada, the average data breach costs companies $5.64 million.

Costs for smaller companies tend to be a little lower. But breaches are often more devastating to SMBs. They don’t have the same resources that larger companies do to offset all those costs.

It’s estimated that 60% of small companies go out of business within six months of a cybersecurity breach.

Companies don’t need to resign themselves to the impending doom of a data breach. There are some proven tactics they can take to mitigate the costs. These cybersecurity practices can limit the damage of a cyberattack. 

All these findings come from the IBM Security report. They include hard facts on the benefits of bolstering your cybersecurity strategy.

 

Cybersecurity Tactics to Reduce the Impact of a Breach

 

Use a Hybrid Cloud Approach

Most organizations use the cloud for data storage and business processes. Researchers found that 45% of all data breaches happen in the cloud. But all cloud strategies are not created equally.

Breaches in the public cloud cost significantly more than those in a hybrid cloud. What is a hybrid cloud? It means that some data and processes are in a public cloud, and some are in a private cloud environment.

What some may find surprising is that using a hybrid cloud approach was also better than a private cloud.

 

Put in Place a Disaster Recovery Plan & Practice It

You don’t need to be a large enterprise to create an Disaster Recovery (DR) plan. The DR plan is a set of instructions for employees to follow should any number of cybersecurity incidents occur.

Along with this, it is the Business Continuity Solution put in place by the business to monitor backup processes, implement recovery objectives and restore your data to its former state.

Here is an example. In the case of ransomware, the first step should be disconnecting the infected device. DR plans improve the speed and effectiveness of a response in the face of a security crisis.

Having a practiced Disaster Recovery plan reduces the cost of a data breach by an average of $2.66 million per incident.

Need help setting up your Disaster Recovery plan? We’re ready to help you with a custom-built business continuity solution that meets the needs of your unique business. Give our experts a call at 716-373-4467 x115 or click here to get started.

 

Adopt a Zero Trust Security Approach

Zero trust is a collection of security protocols that work together to fortify a network. An example of a few of these are:

Approximately 79% of critical infrastructure organizations haven’t adopted zero trust. Doing so can significantly reduce data breach costs. Organizations that don’t deploy zero trust tactics pay about $1 million more per data breach. 

 

Use Tools with Security AI & Automation

Using the right security tools can make a big difference in the cost incurred during a data breach. Using tools that deploy security AI and automation brought the biggest cost savings.

Data breach expense lowered by 65.2% thanks to security AI and automation solutions. These types of solutions include tools like advanced threat protection (ATP). They can also include applications that hunt out threats and automate the response.

Here at Databranch, we use a number of automated remote monitoring tools that will inspect your system 24/7, 365 days a year to help prevent attacks from happening to your organization. Click here to learn more.

 

How to Get Started Improving Your Cyber Resilience

Many of these ways to lower data breach costs are simply best practices. You can get started by taking them one at a time and rolling out upgrades to your cybersecurity strategy.

Databranch will even help you put together a roadmap to achieve this in the most efficient way possible. Address the “low-hanging fruit” first. Then, move on to longer-term projects.

As an example, “low-hanging fruit” would be putting multi-factor authentication in place. It’s low-cost and easy to put in place. It also significantly reduces the risk of a cloud breach.

A longer-term project might be creating an incident response plan. Then, you would set up a schedule to have your team drill on the plan regularly. During those drills, you could work out any kinks.

 

Need Help Improving Your Security & Reducing Risk?

Working with Databranch can take the cybersecurity burden off your shoulders. Contact us today at 716-373-4467 x 115 or [email protected] to discuss your security needs.

 

Article used with permission from The Technology Press.

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