The consequences of a breach run high, including the cost of remediation, lost productivity, lost business, lost customer trust, and legal expenses. The global cost of a data breach rose to $4.35 million, and it runs even higher in the US ($9.44 million) and Canada ($5.64 million).
Small businesses tend to incur lower costs, but the impact of a breach often devastates them due to limited resources. It’s estimated that 60% of small companies go out of business within six months of a cybersecurity breach.
Businesses don’t have to accept the inevitability of a data breach. They can implement effective strategies to reduce its impact and minimize the costs associated with it. These proven cybersecurity techniques limit the harm caused by a cyber attack.
These insights come from IBM Security’s report, which provides solid evidence on the advantages of enhancing your company’s cybersecurity plan.
Cybersecurity Tactics to Reduce the Impact of a Breach
Use a Hybrid Cloud Approach
According to research, 45% of data breaches occur in the cloud. Many organizations rely on public cloud storage and business processes. However, the costs of breaches in public cloud environments run higher compared to those in hybrid clouds.
A hybrid cloud approach, where some data and processes get stored in a public cloud and others in a private cloud, offers a more secure and cost-effective option than relying solely on a private cloud. This might come as a surprise to some.
Put in Place an Incident Response. Then Plan & Practice It
A well-prepared incident response plan is crucial, regardless of the size of your organization. The IR plan provides clear guidelines for employees to follow in the event of a cybersecurity incident.
For instance, when hit by a ransomware attack, disconnect the infected device first. People need to know that. Then what? Implementing an IR plan quickly and effectively mitigates the impact of a security breach.
Research shows that writing up a comprehensive and well-rehearsed incident response plan significantly reduces the cost of a data breach. On average, it saves as much as $2.66 million per incident.
Adopt a Zero Trust Security Approach
“Zero trust” names a collection of security protocols that work hand in hand to fortify a network. Examples include:
- Multi-factor authentication
- Application safelisting
- Contextual user authentication
Approximately 79% of critical infrastructure organizations never use zero trust protocols. Getting on that bandwagon significantly reduces data breach costs. Organizations that don’t deploy zero trust tactics pay about $1 million more per data breach on average.
Use Tools with Security AI & Automation
Implementing appropriate security tools greatly reduces the expenses associated with a data breach. Security AI and automation technologies offer the greatest cost-saving benefits.
According to studies, security AI and automation technologies, including advanced threat protection (ATP) and threat-hunting applications that automate responses, lower data breach costs by as much as 65.2%.
How to Get Started Improving Your Cyber Resilience
Implement ways to reduce data breach costs by following best practices and making gradual upgrades to your cybersecurity strategy. Collaborate with a reliable IT provider to formulate a plan of action. Tackle the low-cost, simple solutions first and then move on to more extensive projects.
For instance, implementing multi-factor authentication offers a low-cost, straightforward solution that significantly lowers the risk of a cloud breach. On the other hand, creating an incident response plan and regularly practicing it with your team represents a longer-term project ensuring a seamless response during a security crisis. By regularly drilling the plan, any flaws get identified and addressed easily.
Why Is This Published By A Business Phone Company?
Here at NoContractVoIP, we believe that your success creates our success. And, since we specialize in business communication, we work to help you communicate better while staying safe. We create the cutting edge communication systems that modern companies need.
To talk to a business phone system specialist, call 866-550-0005 or contact us today.
To get the latest helpful content delivered to your inbox every month, subscribe to our newsletter here.