Data breaches are something no business wants to experience, yet they remain an unfortunate reality in today's world. According to IBM Security2022 Cost for a Data Breach Report, 83% of companies have experienced more than one data breach. (IBM Security2022 Cost for a Data Breach Report)
Breach of security can have devastating consequences for businesses in many ways. Not only is there the cost to resolve the breach, but you might also incur lost productivity costs as well. Furthermore, you could lose business and customer confidence as well as incur legal fees as a result of this incident.
IBM Security's report indicates the cost of data breaches has risen globally in 2022, reaching $4.35million worldwide - 2.6% higher than last year. Companies located in the United States may incur up to $9.44 million for breaches while Canadian firms pay an average of $5.64 million to resolve such incidents.
Smaller companies tend to pay lower costs, though breaches may be more severe for SMBs due to fewer resources available to offset these expenses compared to larger organizations.
A cybersecurity breach can force 60% of small businesses to close their doors within six months.
Companies don't have to accept the inevitable outcome of data breaches. There are effective strategies available that can reduce damage. These cybersecurity practices can help limit the impact of cyberattacks.
These findings are all based on the IBM Security Report and provide tangible proof of the advantages associated with strengthening your cybersecurity strategy.
Cybersecurity Strategies to Minimize the Effects of a Cyberattack
Hybrid Clouds Are A Good Option
Cloud storage is a widely-used feature of the cloud by most organizations for business processes and data storage. According to researchers, 45% of data breaches occur in the cloud - however not all cloud strategies work equally well.
Public cloud technologies tend to be more expensive than hybrid clouds, which means some data or processes reside in either a public or private cloud.
Some may be surprised to know that a hybrid cloud approach is also more efficient than a private one.
Implement an Incident Response Plan and Utilize It
An incident response plan (IR) is not necessary for large enterprises. An IR plan consists of a straightforward set of instructions, designed to guide employees in the event of any cybersecurity incidents.
As an example, ransomware victims should prioritize disconnecting infected devices as the first step. Incident response plans (IR plans) improve both effectiveness and speed in responding to security crises.
A well-thought out incident response plan can significantly reduce the cost of data breaches. On average, these incidents result in savings of $2.66million per incident.
Utilize a zero trust security approach
Zero trust refers to an ensemble of security protocols that work together in concert to strengthen a network. Here are some examples:
- Multi-factor authentication
- Application Safelisting
- Contextual User Authentication
Nearly 79% of critical infrastructure companies have not implemented zero trust strategies, which can significantly reduce data breach costs. Companies who do not utilize zero trust techniques are likely to pay out an average of $1 million per data breach.
Utilize Security AI & Automatization Tools
Utilizing the right security tools can make all the difference when it comes to reducing costs associated with data breaches. The greatest savings were realized using tools that automate and deploy security AI.
Security AI and automation solutions have significantly reduced data breach costs by 65.2%. These tools include advanced threat protection (ATP) tools as well as applications that automate responses to threats.
How to Enhance Your Cyber Resilience
These are just some of the top practices for reducing data breach costs. Start by taking each one seriously and then implement updates to your cybersecurity strategy.
Establish a roadmap with reliable IT providers by beginning with the "low hanging fruit". After that, you can move onto longer-term initiatives.
Multi-factor authentication is an example of "low hanging fruit". It's simple to set up and cost-effective, significantly decreasing the chance of a cloud breach.
An incident response plan might be a long-term project. You would then create a schedule for your team to practice the plan regularly, working out any bugs along the way.
Are you in need of assistance to enhance your security and reduce risks?
A reliable IT partner can take a lot off your plate. Contact us today to discuss a comprehensive cybersecurity plan.