According to IBM’s Cost of Data Breach Report (2023), the average cost to contain a data breach in 2023 is $4.45 million. This means that organizations could face costs exceeding or falling below this amount due to the devastating implications of a data breach. In some cases, companies may even lose over $50 million when dealing with a high volume of breaches. Sadly, data breaches continue to increase, with a reported 70% rise in Q3 of the previous year.
Disturbingly, reports suggest that about 60% of small and medium businesses would go out of business when faced with a major data breach. The long and short-term effects of a data breach can be overwhelming, which is why we prioritize preventing them instead of merely containing them.
If you want to learn how to prevent data breaches, this guide is for you.
How to prevent data breaches
Data breaches, often referred to as the unauthorized access, acquisition, or exposure of sensitive information, have the potential to cause immense harm to individuals, businesses, and even entire industries. These incidents can lead to financial losses, reputational damage, regulatory fines, and legal consequences. In the face of such risks, organizations must adopt proactive approaches to minimize vulnerability.
Here is a step-by-step guide that’ll teach you how to prevent data breaches and keep your organization safe.
- Regular employees’ awareness and training
Reported research suggests that 88% of all data breaches are caused by human error, which is primarily made up of negligent and ignorant employees. Employees are one of the most vulnerable and weakest links when it comes to an organizational cybersecurity breach. However, when they are properly trained, they become a security asset and the first line of defense.
Regularly training your employees on best data security practices gives them the tools to recognize phishing emails, suspicious websites, or potential social engineering attempts. They’ll learn to pause and think before clicking on that tempting link or sharing confidential information. It’s like arming them with a shield against cyber threats.
Awareness campaigns also keep the importance of data security at the forefront of their minds. When your employees understand the value of the data they handle and the potential consequences of a breach, they’ll naturally become more cautious and responsible.
But it’s not a one-time thing. Data threats evolve, so your training should, too. Constantly educating your employees on how to prevent data breaches would create a culture of security within your organization
- Restrict access to data and sensitive information (adopt role-based security)
The less access there is to your organization’s data and information database, the less risk of encountering a data breach. If an employee doesn’t have a business accessing certain data, then they shouldn’t be granted access.
Implement strong access controls on your digital systems and databases. This means assigning specific permissions to individuals based on their roles and responsibilities. For example, only employees who require certain data to perform their jobs should be granted access.
Create an efficient work system where very few people would be needed to access sensitive and critical data.
This helps prevent data breaches in a couple of ways:
- Limiting exposure: Not everyone needs access to everything. By granting access on a need-to-know basis, you’re minimizing the chances of data falling into the wrong hands. Even if one account gets compromised, the potential damage is contained because the attacker won’t have a free pass to all your data and enterprise architecture.
- Insider threats: Sometimes, data breaches happen from within an organization. Access controls prevent employees or contractors from accessing data beyond their scope, reducing the risk of malicious insiders misusing sensitive information.
- External attacks: Threat actors are always on the lookout for vulnerabilities. If they can’t easily access sensitive data due to tight access restrictions, they’re less likely to succeed in their breach attempts.
Here are some tips to help you implement this strategy
- Role-Based Access: Assign specific roles to employees based on their responsibilities. Each role comes with its own level of access to data.
- Multi-Factor Authentication: Require more than just a password to access sensitive information. This could involve a second form of verification, like a fingerprint scan or a text code.
- Regular Audits: Periodically review who has access to what and make adjustments as needed. People change roles, and some might not need the same level of access they once had.
- Encryption: Even if a threat actor manages to bypass access controls, encrypted data adds an extra layer of protection. If the stolen data is encrypted, it’s much harder for attackers to make use of it.
- Employ data encryption protocols.
When you encrypt data, you’re basically converting it into a secret code that only someone with the right key can decode. It’s like turning your sensitive information into a language that only you and your trusted recipients can understand. This means that even if a threat actor manages to get their hands on your encrypted data, it’s practically useless to them without the decryption key.
This process greatly reduces the impact of a potential breach. Even if a hacker somehow gets access to your encrypted data, it’s just a jumble of characters without the encryption key. This provides an added layer of security and buys your organization valuable time to respond and mitigate the breach.
- Implement a data backup and recovery policy.
Data backup means creating duplicate copies of your data, almost like photocopying your important documents and keeping them locked away in a safe vault. This process might sound mundane, but it’s your safety net. In the case of a system glitch or threat actor attack to your primary data, you can simply restore your backup to mitigate business activity stoppage.
Data recovery is the process of restoring your data from a backup source (in-house or cloud-based). It ensures that even if a breach occurs or your data gets corrupted, you have a way to restore your information to its rightful state. This swift recovery minimizes the damage and disruption caused by the breach.
Recommendation: Adopt offsite storage; this means storing backup copies offsite is a smart move. If a disaster or a breach hits your primary location, your offsite copies remain untouched and ready to be deployed – look into trusted Backup-as-a-Service (BaaS).
- Implement continuous monitoring and auditing.
Continuous monitoring and auditing involve keeping a vigilant eye on your systems and data, not just periodically but around the clock. It’s like having a security guard that never takes a break.
Instead of relying solely on occasional security checks, continuous monitoring involves real-time observation of network traffic, system logs, and user activities. It helps identify any unusual patterns or potential vulnerabilities as soon as they arise. For instance, if someone tries to access sensitive data without proper authorization, the monitoring system will trigger an alert.
But monitoring alone isn’t enough. That’s where auditing steps in. Auditing involves a detailed examination of your organization’s digital landscape, adopting the right processes, and understanding the right scope. These help to determine the cybersecurity frameworks that are appropriate to your organization.
By conducting regular audits, you can verify that your security measures are up-to-date and effective. Auditing helps you spot weak points in your system, such as outdated processes, insufficient access controls, or non-compliance.
- Employ cyber-security specialists.
One of the key advantages of having an in-house cybersecurity specialist is their ability to provide proactive and real-time support. These specialists possess the knowledge and expertise to identify vulnerabilities within the organization’s network, infrastructure, and applications. By conducting regular risk assessments and implementing robust security measures, they can mitigate potential risks before they turn into full-blown breaches.
Furthermore, an in-house cybersecurity specialist plays a crucial role in incident response and recovery. In the unfortunate event of a security breach, they are equipped to swiftly detect and contain the attack, minimizing the damage and reducing downtime. Their familiarity with the organization’s systems and protocols allows for a faster and more effective response, ensuring that critical data and operations are safeguarded.
Beyond incident response, an in-house specialist also serves as a valuable resource for employee education and awareness. They can conduct training sessions, disseminate best practices, and promote a culture of cybersecurity within the organization. By educating employees about the latest threats and techniques used by cyber criminals, they empower individuals to be the first line of defense against potential attacks.
These specialists keep themselves updated with the latest trends in cyber threats and attack techniques, enabling them to implement strong security measures. They can set up firewalls, SIEMS, intrusion detection systems, and encryption protocols to create layers of defense that prevent unauthorized access.
- Update security software and tools regularly.
Information Technology is a fast-paced industry; software and tools get outdated almost as soon as they are developed. Cyber-criminals keep evolving; they keep finding ways to adapt and beat cybersecurity. To stay safe, you must be ahead and vigilant.
Software updates are released by the developers to fix known security vulnerabilities and improve the overall performance of the software. By regularly updating your security software and enterprise systems, you’re essentially closing the doors that threat actors could potentially use to sneak into your systems. These updates might include fixes for bugs that could be exploited, improvements in encryption methods, and enhanced ways to detect and prevent new types of cyberattacks.
- Compliance with data protection regulations and policies
Data protection regulations, like GDPR (General Data Protection Regulation) or CCPA (California Consumer Privacy Act), The federal Privacy Act 1988 (Cth) in Australia, provide a comprehensive framework for how organizations should handle and safeguard their data.
By following these regulations, organizations are forced to enhance their data security measures. They have to implement encryption, strong access controls, and regular security audits, among other things. It’s like having a checklist of all the right things to do to keep data safe and secured.
Now, why is this so effective in preventing data breaches?
First, these regulations usually come with hefty fines for non-compliance. Nobody wants to pay those, right? So, organizations are motivated to step up their data security efforts.
Second, these regulations often require organizations to report data breaches within a certain time-frame. This means that even if a breach does happen, it’s brought to light quickly, allowing for faster damage control and mitigation.
And third, compliance with these regulations often involves keeping an eye on emerging cybersecurity trends and staying updated with the latest threats. This proactive approach can help organizations stay one step ahead of potential attackers.
Conclusion
Preventing data breaches requires a multi-faceted approach encompassing technological, procedural, and human elements. By following these tips on how to prevent data breaches, you can help protect your personal and sensitive information from being compromised. Remember to always stay vigilant and proactive in keeping your data safe.