Data Breaches: How to Protect Your Company’s Valuables?

Have you ever heard of this security incident affecting millions worldwide? Most individuals or business owners might be familiar with it.

The whole and sole purpose of the data breach is to damage the company’s overall business and reputation. These security breaches are growing fastest, costing businesses $US4.35 million in 2023, which was around 15% increase in the past 3 years. Thus, mitigating or preventing data breaches should be at the top of the company’s priority list.

Below, we share the best practices to protect your company’s valuables from data breaches. Let’s get started.

About Data Breaches

Small or large-scale organizations deal with sensitive customer data in every sphere, which must be 100% secure. A data breach is a security incident wherein the company’s confidential information is exposed without prior authorization. It could turn into a catastrophic advent for a company, causing massive damage.

Which are the Common Types of Data Breaches?

Before delving into ways to prevent data breaches, let’s understand the most common types of data breaches companies face.

Cyberattacks:

An unauthorized attempt to access a company’s network led to data theft.   

Phishing Attacks:

It is about tricking individuals using emails or messages, urging them to reveal sensitive personal or financial details.

Insider Threats:

Employees intentionally misuse the company’s confidential data by using access privileges.

SQL Injection:

Attackers aim to exploit websites or web application vulnerabilities by inserting malicious code, thereby gaining access and extracting databases to expose sensitive information.

Understanding these common data breaches is critical to implementing adequate security measures to safeguard your company’s information.

Let’s now get through the best ways to prevent company data breaches.

Ways to Prevent Data Breaches in Company

Following is some of the proven methods to stay one step ahead of the data breaches and become the centerstage for ironclad organizational security.

Use Complex-to Guess Passwords  

Passwords are everywhere. Security experts always recommend using passwords that cannot be cracked easily. Consider 12 to 14 characters strong passwords while logging in to your computer, your business applications, etc. Furthermore, as an additional layer of security, you can also use multi-factor authentication, bio-metric, or more.

Improve Common Security

A small security step for your organization can make a big difference. You never know when a threat strikes. Thus, implement general but must-have security measures such as VPNs, restricted access, traffic monitoring, firewalls, encryption, etc. Also, ensure the third party isn’t the cause of the company data breach.

Regular Security Audits

Carry out regular security audits in your organization. This can help find the vulnerabilities in the network or system, comply with the laws and regulations, address the growing threats, and regain customers’ trust.

Switch to Cloud Platform

According to stats, 94% of organizations globally adopt a cloud platform. Rather than storing data in-house or on physical hardware, adopting the cloud is beneficial due to its standout characteristics. Cloud automatically backs up data, safeguarding it in case of critical data loss. In addition, the cloud offers heightened security, flexibility, and scalability for businesses.

Educate and Train Employees

Employees are the first line of defense. Human error is also one of the primary reasons for company data breaches. For example, employees may install malicious software or click on any links that seem to scam and get into the trap of phishing scams. Thus, by educating and adequately training employees about potential cyberattacks/breaches, organizations can prevent themselves from forthcoming issues.

Incident Response Plan

Organizations must be ready with a solid incident response plan, elaborating on the steps to take in case of any data breach. Perform a demo mock-up, too. The plan should include mitigation, investigation, and stakeholder communication protocols.

Restricted Access to Crucial Data

Limiting access to critical data in your organization can minimize the risk of significant data breaches. Don’t randomly grant privileged access to your company’s essential documents. This can be an entry point to compromised organizational security.

Summing it Up

Data breaches are going nowhere, as hackers are being the spyware. However, incorporating the proper preventive measures can significantly reduce data breaches. Incorporate the above security measures, protect your company’s valuables, and fortify defenses.

Your company’s success depends on keeping your data in safe and secure hands. At HTN, we post valuable security, tech, analytics, and more content that catches your attention. Keep informed with our latest blog posts and maximize your presence in the digital space.

Frequently Asked Questions

  1. What are the causes of data breaches?

Data breaches have different causes; the most common ones include weak passwords, phishing attacks, employee negligence, software vulnerabilities and insecure networks.

  1. What’s the impact of data breaches on the company?

The impact of data breaches on the company is devastating. Right from data loss, data breaches lead to loss of customers’ trust, legal liabilities, reputation damage, and business downfall. Furthermore, the information exposed in data breaches can be used for identity theft or malicious purposes.

  1. What if there’s a data breach in my company?

To identify if there’s a data breach in your company, keep a close watch on specific indicators such as login to an unusual network, changes in the company’s system and inability to access critical data.

  1. How do you ensure compliance with regulations?

Stay updated with specific security regulations such as GDPR, HIPAA, and CCPA and perform measures to abide by their requirements. This may also include the right to data collection, data accuracy, and more.

  1. Is investing in cyber insurance worth it?

Yes! Cyber insurance is highly beneficial as it covers the costs incurred in a data breach, including legal fees, regulatory fines, and customer loss. However, it is also paramount to closely review the policy and make well-informed decisions.

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