No business wants to incur a cyberattack or data breach, but in the current online environment, it can be difficult to avoid them completely. According to an IBM Security report 83% of businesses have experienced at least one data breach. These breaches affect businesses in multiple ways. Firstly, there is the cost of addressing the breach, and then there is the loss in productivity associated with it. The cost of a data breach often will also include indirect costs such as damage to reputation, loss of business, and legal fees, which can be difficult to quantify.
According to the IBM report, the average cost related to a data breach increased in 2022, and the worldwide cost of a single data breach is now US$4.35 million. This figure was up 2.6% from the previous year. Costs related to a data breach for smaller businesses tend to be moderately lower, but the effect of the breach can be far more serious, as smaller businesses do not have the same resources available to offset a data breach.
Companies can take measures to mitigate the consequences of a data breach. There are strategies that they can implement to reduce the costs associated with a breach, and these strategies can limit the collateral damage from a cyberattack.
Actions to Reduce the Severity of a Data Breach
Develop an Incident Response Plan and Practice its Use
Businesses of all sizes are encouraged to develop an incident response plan. An incident response plan is a set of instructions that employees should follow if a cybersecurity incident occurs.
For example, if there is a ransomware situation, the first action recommended by a plan could be to disconnect the infected device from the network.
Incident response plans improve the efficiency of reactions in a cybersecurity situation and having one will reduce the costs associated with a breach of data, on average by US$2.66 million per incident according to the IBM report.
Take a Zero-Trust Security Position
A zero-trust security position means that your business employs a collection of protocols that act in unison to strengthen your network. An example of some of these protocols are:
- Application whitelisting
- Contextual user authentication
- Multi-factor authentication
The IBM research highlights that 79% of critical infrastructure businesses have not adopted a zero-trust security position, and by not doing so the costs associated with a data breach are increased on average by US$1 million per breach.
Use Tools Which Feature Security AI And Automated Processes
Utilising the best tools can make a significant difference in the costs incurred from a data breach. By using tools that implement security AI and automated processes there can be a significant reduction in the costs associated with any breach.
The IBM report noted that security AI and automated processes lowered breach costs by 65.2%, which was the largest reduction in costs noted from the various mitigation measures.
The best types of measures include tools such as advanced threat protection, and applications that detect security threats which prompt an automated response.
How To Improve Your Online Security and Resilience
You can lower the costs associated with a data breach by utilising these best practices and make positive changes by implementing at the same time that you upgrade your cybersecurity methods.
Working with an IT specialist such as Aryon will help you strengthen your business security practices, as we will identify and address any security related issues, big or small.
For example, we might recommend that you introduce multi-factor authentication to your business’s processes. This type of recommendation will immediately reduce your vulnerability to a data and security breach.
Another improvement we may suggest is to create an incident response plan, so that in the event of a cybersecurity situation occurring, your staff are best equipped to handle it.
Need to Improve Your System Security and Reduce Your Exposure?
Working with a solutions provider such as Aryon is the best way to ensure the security and integrity of your business. Contact us today to find out how we can help you and your business be safe and secure.