A recent study by IBM Security and the Ponemon Institute, examined both direct and indirect costs to companies that had examples of dealing with a single data breach incident. Based on in-depth interviews with nearly 400 companies across the globe, the study includes things like:
- Costs associated with breach response activities
- Reputational damage
- Cost of lost business
This Cost of a Data Breach study determined that the average cost of a data breach has grown to $4 million – a substantial increase compared to last year’s $3.79 million. This is an increase of almost 30 percent since 2013.
“Data breaches are now a consistent ‘cost of doing business’ in the cybercrime era,” said Larry Ponemon, chairman and founder of the Ponemon Institute, a research firm focused on security. “The evidence shows that this is a permanent cost organizations need to be prepared to deal with and incorporate in their data protection strategies.”
The evolution of identity technologies has made it difficult for lines of business to understand what the IT departments are doing to control access. Complexity is further increased through the need for outsiders, such as partners and suppliers, to have access to internal systems as well as the needs for insiders to have access to systems for externally provided services like travel.
How do you protect your business and minimize the cost of data breaches? It is clear that there is no “silver bullet” approach to securing your business. Instead, we recommend that you work with a service provider who will design and implement a combination of solutions that address the following key areas:
Email Security
It’s obvious that the majority of breaches these days begin with an email. You need a tool that a detect and prohibit dangers without hindering essential business communications.
DNS Security
Because every email includes a link, and every click on a link reaches out to a DNS server for resolution before the user can actually open the link, having a tool that can learn from all those click can provide a shield.
Network Security
Network security software can constantly monitor firewalls, switches and routers to ensure that threats are detected early with as few false positives as possible.
Endpoint and Application Security
Endpoint and application protection tools range from antimalware and patch management software to multifactor-authentications VPNs.
User Behavior Analytics
Analytics tools can study the behaviors of your users and identify red flags that fall outside of normal user tasks.
Phishing Training and Testing
Raising awareness and increasing the education level of the user (your weakest link in security) is essential. You can also run “secret shopper” tests to ensure they are implementing the rules they have been taught.
To protect your business efficiently and minimize the data breach “cost of ding business,” it is important to work with a provider that can implement integrated solutions that offer the complete, top-to-bottom protection you require, along with dashboards that give you the visibility and control you desire.
Schedule a consultation with Flagship to learn more about how to protect your business from cyber-crime.
If you liked this blog, you also might like: Strategies for Securing Your Business – Part I & II
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