Many companies have been far too lax with their data security. A new report from IBM shows they are starting to pay the price.
Big Blue released its annual report titled “Cost of a Data Breach” on Wednesday. This report showed that the average cost of a data breach was $4.24 million. This figure is not likely to drop anytime in the future.
This underscores the need for vigilance in the face of growing data security threats. Smart organizations recognize the need to invest in greater data protection safeguards.
Chris McCurdy, vice president and general manager of IBM Security, acknowledged that this is easier said than done. Many companies are struggling with the costs of developing new technological solutions in the wake of the pandemic. However, they can’t overlook the importance of establishing sound data protection standards.
There is no question that cybercrime is on the rise. Every 39 seconds there is a cybersecurity attack, averaging 2,244 times per day. Hackers attack businesses of all sizes to get access to sensitive data. Cybercriminals use malware, ransomware, phishing campaigns, and more to try to steal your organization‘s data. However, with the right technology, tools, and team your organization can help keep your data safe from cyber-attacks.
Foundations of data security
Data security is the process of protecting digital information from unauthorized users or cyber attackers. You must safeguard your data throughout its lifecycle from unwanted access, corruption, or theft by cyberattacks, including when transferring data from one repository to another. Data security touches every aspect of your cybersecurity program, from access control, implementing policies and procedures, to patching and data storage. Read on to find out the best strategies to keep your data safe.
Common attack vectors:
· Ransomware
· Malware
· Phishing scams
· Trojan Horse
· Man in the middle attack (MITM attack)
· Distributed-Denial-of-service attack (DDOS attack)
· SQL injection
· Zero-Day Exploit
A single data breach could cost your organization thousands in lost revenue and damages. Here are some simple and effective security measures and recommendations to reduce the danger of a data security breach, cyberattack, DDOS attack, or other forms of a cybersecurity breach.
1. Always back up your organization’s data in multiple places.
Utilize a cloud backup system and an onsite backup for maximum security. Back up all of your company‘s information, including cloud-based data, on a regular basis. On a daily basis, inspect the on-premise and cloud servers for good operation to ensure you have the most recent backup. Make a list of all the various types of data and classified information you have. Whether it‘s customer payment information, patient health records (PHI), personal financial information, or intellectual property, every company has sensitive data that it keeps, manages, and sends in order to do business. It is your company’s obligation to protect it.
2. Keep your systems patched.
Keeping your systems up-to-date with new software patches and operating system updates is the best defense against cybersecurity attacks. Create and execute a corporate data management strategy that focuses on access control and includes strong compliance measures. Make a list of all the devices that are linked to your network, including hardware and software. As simple as it may appear, this is an area where organizations are more vulnerable, as seen by the catastrophic Equifax attack. As critical problems are revealed, you should be aware of which systems in your environment need to be upgraded or patched. Creating and managing a list of hardware and software devices is important for implementing a strong cybersecurity program.
3. Find a cybersecurity partner.
Lack of time and staffing are two major issues that businesses confront when it comes to creating good data security practices. Having a third-party cybersecurity management firm do penetration testing or risk assessments can confirm that your cybersecurity plan is operating smoothly and that your private data is being kept as safe as possible. Security solutions are available for all business sectors, budgets, and sizes. If your company uses the internet, you need a cybersecurity specialist on your team. They can also prevent insider threats from damaging your business.
There is a myriad of ways your company can help to protect your data from cyber-attacks; however, these are the three most important strategies for data protection in 2021.
