Data breaches pose serious risks to an organization’s bottom line with contractual implications and loss of sensitive information. According to a recent study by Experian, despite these risks, only 44% of CISOs and CEOs feel that their organizations are prepared to handle cyber-attacks and data breaches.
The lack of human resources and budget are the most common reasons for data breach cases. By understanding the severity of risks, you will position yourself and your organization to take the right steps to protect your data. With a few preventative measures and help from the expert cybersecurity auditors at VineIT in St. Petersburg, FL, you can take your data security from good to great and guard against costly data breaches. Call us today to learn more about how we can secure your data and minimize breach risk.
Understanding the Challenges of Data Risk Management
Over 1,000 data breaches took place in 2020 due to planned assaults on sensitive organizational databases. Globally, the damages from such breaches may reach up to $6 trillion in 2021. You can attribute a majority of these costs to proactive cloud migration and the installation of complex data security mechanisms.
System misconfigurations and unpatched software may lead the way, but several factors cause these breaches, including weak password encryptions, unauthorized user access, and phishing or email scams.
The lack of human resources only exacerbates the problem. As the pandemic environment pushes more businesses into the remote working model, unmanaged devices in these networks further complicate the issue and create more entry points for bad actors to conduct cyber-attacks.
How to Minimize Breach Risk
Be proactive instead of reactive and protect your sensitive organizational data before a breach occurs. Cybersecurity auditors at VineIT recommend the following preventive measures to protect your data from breach risk:
Conduct Attack Surface Inventory
Before you wonder about the costs of risk assessment, remember that data equals cash for your business. Every breach creates a dent in your finances and affects your reputation. Conducting risk assessment and using artificial intelligence (AI) for asset inventory is a small price to maintain your organization’s trustworthiness.
Automated inventory of digital assets saves resources, especially for under-resourced teams. You can save the cost of one full-time hire by investing in automated systems.
The system identifies potential risks lurking in any third-party, cloud-based, or internal assets on your network. This may include Internet of Things devices, devices brought from home by employees, managed IT systems, and industrial control systems.
Audit the Security Posture Regularly
Potential gaps in your IT organization or compliance management can also affect data security. Conduct timely audits to find these gaps and validate your cloud security posture.
The audit relies on your company’s dynamic operations to unearth issues like non-documented security policies, improper encryption, inadequate network security, and lack of Business Continuity Plans.
Leverage Risk-Based Analysis to Take Corrective Actions
Another helpful strategy is to uncover the most vulnerable data resources and protect them. Assess the distance between your devices and breach risks to prioritize the issues that need immediate attention. An automated system can monitor your security configuration constantly to identify compliance weaknesses and cyber vulnerabilities.
When your existing team better understands the threat landscape, you can prioritize items that need remediation with a proper action plan.
Increase Productivity with Automated Tools
As the threats evolve, CISOs have to make hasty decisions to avert them immediately. Once you identify a vulnerable system within your IT infrastructure, spruce up the security practices with automated tools.
Adopt a well-coordinated approach like SOAR: security orchestration, automation, and response. This approach encompasses several threat management tools and frameworks for faster risk detection and appropriate responses. When you have the system set up, you can discover the best tools and processes to predict and control data breach risks. A data-driven dashboard can supplement the process further and help your team stay aware and responsive when faced with cyber vulnerabilities.
Minimize Data Breach Risk in Your Organization with VineIT
Data security is crucial for every organization. Keep your network and sensitive data safe with VineIT. Our team of certified security auditors in St. Petersburg, FL, identifies cost-extensive data vulnerabilities and deploys network safety structures to secure your data.
The best time to take steps to protect your organization from data breaches is before the breach occurs. Schedule a consultation with our cyber threat experts today at (844) 484-6348, and protect your data and reputation in this age of data breaches.