A data breach can be extremely cost intensive, even threatening to business continuity. C-level managers act wisely, if they enable several processes and measures against. The following are ways through which you can cut the cost of data breach:
You can reduce the cost of data breach by $16 by ensuring that your company is thoroughly encrypted. This entails protection of both data at rest (files saved on devices) and data in transit (such sending an email).
2. Business Community Management (BCM)
Wise organizations identity potential threats and with a BCM process in place, are able to minimize the risk of data breach and recover quickly in the event of an attack.
3. Incident Response Team
This team should constitute competent internal personnel from IT, legal, information security and compliance, as well as other external members such as crisis management experts, outside legal counsel and computer forensic specialists. An effective incident response team is capable of reducing the cost of data breach by $19.
4. Employee Security Training
Employees should be trained on how to recognize various methods of cyber attacks. They should know how to responsibly handle sensitive data, handling passwords and identifying and preventing phishing emails.
5. Security Analytics
This is the analysis of data to enhance security by identifying possible threats and blocking them. It involves a review of data about the network, users and endpoints.
6. Participation in Threat Sharing
By sharing threat intelligence on common platforms, organizations are able to spot and block cyber threats. This sharing of information could save an average of $8 per record breached.
7. Cyber Insurance Protection
A company can use a data breach insurance policy for legal defense and liability costs in the event of a law. The policy can also provide other network security services.
8. Data Loss Prevention and Data Classification
Software products, tools and strategies should be put in place to manage information available to end users. Data should also be classified to help establish and monitor security policies.