Everyday, we read headlines about another important company being held hostage by hackers who have gained access to their data. Just this month, IT services company Infosys and aircraft manufacturer Boeing both suffered data breaches. And more than 88 million individuals have been affected by large breaches of personal health information, according to the U.S. Department of Health & Human Services.
Unfortunately, it's not just big companies that hackers target. According to Forbes, small businesses are three times more likely to be targeted by cybercriminals than larger companies. Hackers are aware that most small businesses lack resources and security expertise, and this makes them easy targets. The cost of a data breach can be devastating to small businesses, primarily because they don’t have dedicated IT support, or the same resources that larger companies do to offset all the financial repercussions.
It’s estimated that 60% of small companies go out of business within six months of a cybersecurity breach.
Oakland Solutions looked to IBM's 2023 security report, Cost of a Data Breach,for strategies that can mitigate the costs and limit the damage of a data breach.
Strategies to Reduce the Cost of a Data Breach
Implement a Hybrid Cloud Approach
Most organizations use the cloud for data storage and business processes. In fact, it's been found that 45% of all data breaches occur in the cloud. Of the three types of cloud available (private, public, and hybrid), breaches in the public cloud cost significantly more than those in a hybrid cloud. A hybrid cloud combines public and private clouds, and can help diversify data storage, and protect assets in the event of a disaster or attack.
Graph from: IBM Security/Ponemon Institute 2022 Cost of a Data Breach Report
Practice an Incident Response Plan.
An Incident Response Plan (IR plan) is guide for employees to follow in the event of a cybersecurity incident. IR plans improve the speed and effectiveness of a response during a security breach. According to the IBM report, practicing an IR plan reduces the cost of a data breach by an average of $2.66 million per incident.
Adopt a Zero Trust Security Approach
A collection of security protocols that work together to fortify a network is called zero trust. An example of a few of these are:
· Multi-factor authentication
· Application safelisting
· Contextual user authentication
Many companies currently operate using a patchwork of security solutions and tools and these are poorly integrated. They are unaware that a zero trust approach can significantly reduce data breach incidents and costs.
Security AI & Automation
Security AI and automation technologies equip businesses to stay ahead of cyber threats through faster incident detection and response.
Data breach expense can be 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.
Oakland Solutions Can Help Improve Your Security & Reduce Risk.
Working with a trusted IT partner, such as Oakland Solutions, takes much of the security burden off your shoulders. We specialize in IT support for small businesses. Give us a call today to schedule a chat about a cybersecurity roadmap.