No company wants to experience a data breach, but it has become increasingly difficult to avoid in today's environment. According to IBM Security's 2022 Cost of a Data Breach Report, 83% of organizations have experienced more than one breach, and the cost of a breach has increased globally to $4.35 million, a 2.6% increase from the previous year. In the US, the cost is even higher, reaching $9.44 million, while in Canada, it's estimated at $5.64 million.
Smaller businesses tend to have lower costs, but the impact can be more devastating for them as they don't have the same resources as larger companies. In fact, an estimated 60% of small businesses go out of business within six months of a cybersecurity breach.
However, companies can take steps to reduce the impact of a breach. Here are some proven tactics, according to the IBM Security report:
Cybersecurity Tactics to Reduce the Impact of a Breach
Use a Hybrid Cloud Approach Many organizations store data and run business processes on the cloud, but 45% of data breaches occur in the cloud. Using a hybrid cloud approach, where some data and processes are in a public cloud and some are in a private cloud environment, is more secure than relying solely on a public or private cloud. In fact, breaches in a hybrid cloud environment cost less than those in a public cloud.
Graph from: IBM Security/Ponemon Institute 2022 Cost of a Data Breach Report
Develop an Incident Response Plan and Practice It
Having a well-practiced incident response plan can greatly reduce the cost of a data breach. This plan should include steps for employees to follow in case of a cybersecurity incident, such as disconnecting an infected device in the case of ransomware. A practiced incident response plan can lower the cost of a breach by an average of $2.66 million per incident.
Adopt a Zero Trust Security Approach Zero trust is a collection of security protocols, such as multi-factor authentication, application safelisting, and contextual user authentication, that work together to fortify a network. Adopting a zero trust approach can significantly reduce the cost of a breach, with organizations that don't deploy these tactics paying around $1 million more per breach.
Implement Tools with Security AI and Automation Using the right security tools, such as those that incorporate security AI and automation, can greatly reduce the cost of a breach. In fact, expenses were lowered by 65.2% when organizations used security AI and automation solutions, such as advanced threat protection (ATP) and threat hunting applications.
Getting Started with Improving Cyber Resilience
Improving cybersecurity can be as simple as implementing best practices, starting with the low-hanging fruit such as multi-factor authentication and then moving on to longer-term projects, such as creating and practicing an incident response plan. Working with a trusted IT provider can help companies create a roadmap and take the security burden off their shoulders.
Need Help Improving Your Security & Reducing Risk?
Working with a trusted IT partner takes a lot of the security burden off your shoulders. Give us a call today to schedule a chat about a cybersecurity roadmap for your business.