Breaches are Becoming More Common
Hi, again! Today we're here to talk about some ways you can reduce the cost of a data breach for your business. We know that no one wants to deal with a breach, but unfortunately, they're becoming more and more common. In fact, around 83% of businesses have experienced more than one data breach already.
But don't worry! There are some proven tactics you can use to mitigate the damage of a cyberattack. First, let's talk about why breaches are so costly. Not only do you have to deal with the immediate costs of fixing the breach, but you also have to factor in lost productivity, lost business, and lost customer trust. Plus, legal costs can add up quickly.
According to a recent report from IBM Security, the average cost of a data breach globally is $4.35 million, and in the US, it's even higher at $9.44 million. For smaller businesses, the costs can be a little lower, but the impact can be more devastating since they don't have as many resources to offset the costs.
But there is hope! Here are some tactics you can use to reduce the impact of a breach:
Use a hybrid cloud approach - this means storing some data in a public cloud and some in a private cloud. It's been shown to be more effective than using just a private or public cloud.
Put in place an incident response plan and practice it - this is simply a set of instructions for employees to follow in case of a cybersecurity incident. Practicing the plan can significantly reduce the cost of a data breach.
Adopt a zero trust security approach - this is a set of security protocols that work together to fortify your network. It includes things like multi-factor authentication and contextual user authentication.
Use tools with security AI and automation - using tools that deploy security AI and automation can lower the cost of a data breach by over 65%.
So, how can you get started improving your cyber resilience? Start by taking these tactics one at a time and rolling out upgrades to your cybersecurity strategy. Work with a trusted IT provider to put together a roadmap and address the "low-hanging fruit" first. This could be something like putting multi-factor authentication in place. Then, move on to longer-term projects like creating an incident response plan.
We hope these tips are helpful! Remember, it's always better to be prepared than to be caught off guard.
If you’re worried about the recent uptick in breaches for small businesses, click to Call or Email us today to schedule a meeting.