Data breaches are becoming increasingly common in today’s digital environment. In fact, 83% of organizations have experienced more than one data breach, according to IBM Security’s 2022 Cost of a Data Breach Report. The impact of a data breach can be devastating, with costs ranging from immediate remediation to lost productivity, business, and customer trust, as well as extensive legal fees.
Small businesses are particularly vulnerable, with an estimated 60% going out of business within six months of a cybersecurity breach.
Fortunately, there are proven tactics that businesses can adopt to mitigate the impact of a data breach. In this article, we will outline four cybersecurity practices that can help limit the damage of a cyberattack, as recommended by IBM Security’s report.
Cybersecurity Tactics to Reduce the Impact of a Breach
Use a Hybrid Cloud Approach
Most organizations use the cloud for data storage and business processes, but not all cloud strategies are created equal. Researchers found that 45% of all data breaches happen in the cloud. A hybrid cloud approach can significantly reduce the cost of a data breach compared to a public cloud or private cloud approach. A hybrid cloud means that some data and processes are in a public cloud, and some are in a private cloud environment.
Put in Place an Incident Response Plan & Practice It
Creating an incident response (IR) plan doesn’t have to be a daunting task. An IR plan is simply a set of instructions for employees to follow in the event of a cybersecurity incident. Practicing the IR plan can improve the speed and effectiveness of a response during a security crisis. According to IBM Security’s report, having a practiced incident response plan can reduce the cost of a data breach by an average of $2.66 million per incident.
Adopt a Zero Trust Security Approach
A zero trust security approach is a collection of security protocols that work together to fortify a network. Examples include multi-factor authentication, application safelisting, and contextual user authentication. Surprisingly, approximately 79% of critical infrastructure organizations have not adopted zero trust. However, doing so can significantly reduce data breach costs. Organizations that don’t deploy zero trust tactics pay about $1 million more per data breach.
Use Tools with Security AI & Automation
Incorporating security AI and automation into your cybersecurity strategy can also help lower data breach costs. These tools can help identify and address vulnerabilities and threats more quickly and effectively. For example, incorporating multi-factor authentication is a low-cost and easy way to significantly reduce the risk of a cloud breach.
How to Get Started On Improving Your Cyber Resilience
Working with a trusted IT partner can help businesses address these tactics and create a roadmap to improve their cybersecurity strategy. By addressing the “low-hanging fruit” first, such as implementing multi-factor authentication, businesses can reduce their risk of a data breach and limit the potential impact. Longer-term projects, such as creating and practicing an incident response plan, can also help mitigate the impact of a data breach.
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.