Essential Steps to Address Data Breach Risks in Your Business

What is a Data Breach??

A data breach occurs when an unauthorized individual gains access to data that they are not supposed to see. After obtaining the data, they can either steal it or manipulate it.?

Depending on the type of data involved, the data risks can include the following:?

• Deletion or corruption of databases?

• Leakage of sensitive information?

• Theft of intellectual property?

• Responsibility to inform and reimburse affected individuals.?

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What are the Essential Steps to Address Data Breach Risks in Your Business??

Organizations have to understand the profound effects of a data breach on their organization to minimize risks and protect against attacks.??

According to IBM’s 2023 Cost of Data Breach Report, 51% of organizations plan to increase security investments post-breach.??        

Here are some steps you can implement to reduce the risk of data breaches in your firm.?

Identify and Classify Your Data?

• Identify the data you possess and determine its storage locations.?
• Compile an inventory of all data categories, such as customer information, supplier information, employee records, and financial data.?
• Classify them according to their level of sensitivity and importance.?
• Personal identifiable information (PII) should be categorized as extremely sensitive, for example.?

Implement Strong Access Controls?

• Not everyone in your organization needs access to all the data.?
• Implementing access controls can minimize the risk of unauthorized access.?
• Grant access to your employees based on job roles. For example, access to financial records should be restricted to the finance team.?
• Employ the Least Privilege Principle. Give employees the minimum data access necessary to perform their duties.?

Use Strong Passwords and Authentication??

• Weak passwords are a common entry point for data breaches.?

• A strong password has to include a combination of letters, numbers, and special characters.?

• You can also use tools password managers like LastPass, Keeper, NordPass to create strong and unique passwords for your online accounts and alert you to potential data leaks.?

• Employ Multi-Factor Authentication (MFA) that requires an additional verification method, such as a code sent to a phone, alongside a password.?

Compliance with Data Privacy Laws:?

• The fusion of compliance and cybersecurity leads to better security for organizations.?

• Keeping up with cybersecurity compliance regulations can be challenging, but it’s vital for safeguarding your business.?

• It helps protect an organization’s digital assets, data, and information systems from cyber threats and vulnerabilities.?

Regularly Update and Patch Systems:?

• Check for updates and patches for all operating systems, applications, and firmware every week.?

• Ensure that you update critical patches within 24 hours and non-critical patches within a week.?

• Inform users about upcoming updates and expected downtimes to minimize disruptions.?

Educate and Train Employees:?

• Provide quarterly training sessions to educate employees on how to recognize and report phishing emails.?

• Conduct workshops for staff on secure browsing habits and understand the risks of downloading unauthorized software.?

• Provide training on safe data handling procedures and the use of password managers.?

Establish a Data Breach Response Plan:?

• Having a response plan in place can minimize the damage if a breach occurs.?

• Form a team responsible for managing data breaches and conduct regular drills for them.?

• Outline steps to contain the breach, assess the damage, notify affected parties, and report to regulatory authorities.?

Monitor and Audit Data Access:?

• Keep track of the identity, time, and activity of anyone accessing sensitive information.?

• Schedule monthly audits to thoroughly review access logs.?

• Ensure that access patterns comply with your organization's security policies and promptly address any unauthorized access.?

Use DLP Tools:?

• Invest in reliable security solutions to protect your data.?

• Implement Data Loss Prevention (DLP) tools to monitor and protect data movement.?

• By incorporating antivirus software, artificial intelligence, and machine learning, a DLP solution can effectively identify any suspicious activity.?

• It compares content against your organization’s DLP policy for unauthorized users.?

Conclusion:?

Data breach prevention needs to include everyone, from end-users to IT personnel and all those in between. In the process of preventing data breaches or leaks, it is important to remember that the security is only as strong as its weakest point. Companies can also seek help from Managed Cybersecurity Service provider like FourD CEI to improve their systems’ security. We bring deep knowledge about how to thwart common security threats.?