4 Tips for Preventing a Data Breach
According to a study by Ponemon Institute, companies that had data breaches involving less than 10,000 records had an average cost of data breach of $4.7 million and those companies with the loss or theft of more than 50,000 records had a cost of data breach of $11.9 million.
A data breach can cost your company millions of dollars and reputation consequences. For example, in 2015, one company had a data breach cost $6.5 million, which was an average of $217 per record. The cost of breaches are actually staying consistent in cost, what is startling is the number of breaches growing year after year.
Interestingly, different industries had different price points when it came to cost per record. Highly regulated industries like healthcare, pharmaceutical and financial have breaches associated with higher costs of $217 per record while industries in the public sector had costs well below the cost of $217.
With the increase in the number of breaches and no industry being excluded from a potential breach, what can yor organization do, to protect yourselves from a data breach?
Appoint a Chief Information Security Officer (CISO):
There are many organizations where the CISO role does not exist. A CISO will bring knowledge of data security best practices, which can be used to develop a plan for protecting the company against data breaches. Having a CISO in place tells your organization, consumers, clients, and vendors that you take data information security seriously.
Conduct Periodic Security Audits:
While it is a common practice to conduct detailed security audits on an annual basis, sometimes these can be more paper exercises than true practices. Vulnerability scanning and assessments should be performed on Internet-facing systems quarterly. This process will assist in the identification of threats or updates that may need to be performed.
Implement a Clean Desk Policy for Employees’ Workspaces:
Having an organized workspace can help productivity, but that’s not the kind of “clean” we’re referring to. Make sure workspaces are clear of sensitive information, such as documents or passwords. Also, organizations should ensure security parameters such as routine mandatory password changes, are implemented and enforced.
Provide a Clear Communication Plan:
If a breach occurs, the technical team will be focused on rectifying the situation. However, it is as important that your company have a plan to communicate the breach externally. Make sure that major stakeholders, such as human resources, executive management, customer service have been integrated into the process and all teams work together. There is no time during a breach response to have siloed groups.
Data breaches are a daily threat, but by following some basic security protocols, your organization can protect itself, and its stakeholders.