Data breaches, the most devastating threat, can cost millions to organizations, damage their online reputation, and have legal repercussions. Hackers are notoriously observing and finding different ways to steal sensitive data. If a data breach occurs, it may take weeks for your business to return to normal.
Thus, it's paramount for organizations to fortify their data assets against data breaches. All your organization should do is implement robust security measures and stay one step ahead of cybercriminals. According to Statista, over 353 million people in the US were affected due to compromised data. To keep you informed, let's delve into the pivotal steps every organization should take to protect their valuables.
Understanding the Context of Data Breaches
The term data breaches sound alarming. However, it's a vague term. It is defined as a security incident wherein third-party hackers or unauthorized users get access to your sensitive, private, or confidential information. Data breaches are a major security concern, as sensitive data is transmitted all over the internet. This can be an accidental or intentional event to steal an organization's valuable assets.
An example is an employee of an organization can compromise with the logins and steal the data – that could be shared or even sold for financial benefits. On the other hand, malicious actors might steal information from your database. Data breaches incorporate loss or theft of data such as personal details, healthcare data, credit card numbers, social media accounts, and more.
Effective Strategies to Protect Your Company's Valuables
Organizations should establish security measures that defend against these data breaches. Failure to implement the right strategies can put your company at risk. Let's get through the process now:
Restrict Access
Access is where vulnerabilities can come down! Thus, limiting access in your organization or at an individual level is necessary. If your organization has granted access to 1,000 employees, and if any of them in the group could be faulty in the chain. Make sure to restrict access and assign different roles to your internal systems.
By implementing these strict measures, organizations can mitigate the risk of data breaches and deal in a secure playground. Additionally, assessing and auditing access controls can help to identify any vulnerabilities or loopholes in the system.
Backup Your Data Regularly
It is better to be secure in the first place rather than acting when it's too late. Data backups can be a savior. As data breaches are accidental or intentional, as discussed, if such a scenario occurs, there can be a massive loss of critical data. Thus, organizations should take regular data backups primarily in an off-site cloud platform with ironclad security measures.
Protect Your Website
Today's websites are critical assets for any small or large business. Websites can also be targeted by hackers, causing loss of company data. An SSL certificate is a must-have security padlock that encrypts your website traffic. You can also use different penetration tools, such as Intruder and Detectify, to check your website for any vulnerabilities.
Train and Educate Your Employees
Your employees can be an entry point for data loss if they need to be informed of cybersecurity best practices. Start educating employees from day one, acquaint them with recognizing phishing emails, and avoid clicking on suspicious links and websites. Conduct regular training sessions and awareness programs to prevent future misfortunes.
Solid and Hard-to-Crack Passwords
Hackers can easily crack weak passwords. Stop including organizations' or individuals' names, dates of birth, and initials in the password. Using strong passwords and changing them regularly makes it challenging for identity thieves to access sensitive information. Passwords should be 12 to 14 characters, including special characters, symbols, numbers, upper case and lower-case letters.
Add Authentication Layers
Authentication adds an extra layer of security to your data. One of the wise options is Multi-Factor Authentication, which helps enhance the overall safety within your organization's network. When logging in to the system, employees must authenticate, meaning go through one or more security checks – a one-time password on phone number and email.
Develop an Incident Response Plan
We cannot stop certain things. However, it's in our hands to put in our best efforts. Developing an incident response plan can do wonders. Outline the steps to counter the data breach if any case occurs. Allocate responsibilities to specific teams, establish communication protocols, combat data breaches, and protect your company's assets.
Businesses that Face Data Breach Should Take the Following Steps
- Report the data breach to law enforcement
- Post a popup about the data breach that recently hit.
- Notify customers affected by the data breach, which includes contacting them via email or phone.
- Fix security issues that caused the violation while maintaining records of the attack.
The Bottom Line
The constant rise in data breaches, cyberattacks, and other security issues has emphasized the need for top-notch cybersecurity and protection of your company's valuable data. By implementing the outlined security strategies mentioned above, companies can safeguard their data in today's world, where hackers and cybercriminals seek to exploit.
Read more blogs related to business security:
Data Loss Prevention Strategies: A Must-Have Checklist
Blockchain Technology: A Game Changer in Solidifying Cybersecurity
