How to Prevent Data Breach?

• March 5, 2023
• By SECNORA

Business organisations of all scales and every sector have become a target for cybercriminals. Every now and then, we come across media reports of large and small corporations suffering millions and billions of dollars of losses due to data breaches. As data becomes the new goldmine, it is not surprising why cyber threat actors are attracted to it and find new ways to steal it. 

In 2023, businesses worldwide are at increased risk of data breaches. With the global economy slowing down, hackers will try to conduct data breaches for monetary gains. This is the reason why the latest strategies are required to avoid cybersecurity breaches in 2023. 

In this blog, find out more about data breaches, their impact on businesses and the latest strategies that can be implemented to prevent data breaches and their impact.

Understanding Data Breach

Every business stores a large amount of personal and highly sensitive information. When cybercriminals carry out attacks to steal this information without the authorisation and knowledge of the business owner and others, it is known as a data breach. This information can range from credit card numbers, personal details, trade secrets, information related to IPs and other propriety data. Government agencies with national security matters are also at risk. 

Cybercriminals ask for ransom from organisations to restore the systems along with private and business data. Else, they threaten to leak sensitive information online and sell it on the dark web. 

Impact of a Data Breach

A data breach can have a significant negative impact on a business organisation. The major ones are discussed below. 

• Loss of Brand Reputation – A data breach incident can tarnish the brand’s reputation in the market. Customers can easily find data breach incidents related to the company online and may not be willing to purchase from them. 
• Business Loss – The business partners and vendors would not want to continue dealing with a compromised company. It can result in business loss. 
• Legal Problems – The legal tussle and consequences can take a heavy toll on business. Various countries already have data privacy laws in place which demand businesses to pay hefty fines and penalties which can go up to millions of dollars. The legal ramifications of a data breach are not completely known as countries continue to discuss and modify data laws. 
• Internal Issues – In case a data breach occurs, the Chief Information Security Officer (CISO) used to be blamed for the incident. However, this is no longer the case. As more and more data breach incidents happen, cybersecurity has become a hot topic in boardroom meetings. Hence, the leadership has to take the blame now for security incidents. This can lead to internal issues between different teams. 
• Increased Cost – Cybercriminals usually demand huge sums of money to retract and restore systems. This can disrupt business operations, disturb the budget and result in unwanted expenses and ultimately increased costs. Plus, the income stream also dries up due to poor brand reputation. 

Latest Strategies to Avoid Data Breach in 2023

Cybersecurity experts believe that taking measures that make it difficult for cyber attackers to progress in their pathways is the key to preventing data breaches. This can be achieved by preventing network compromise and access to sensitive data. 

First, find out how businesses can achieve the first objective of preventing network compromise. Stopping data breach attempts before they enter the system is important as it is difficult to stop them if they are already inside. 

• Training

Employees of a business organisation are always at the forefront of cyber defence. If the employees are not trained to take positive action in the event of a data breach attempt, investing in cybersecurity and building the strongest defence mechanism is useless. 

A vast majority of data breaches occur by tricking employees into giving valuable information and network credentials. It is either done via phishing or social engineering. Threat actors try to get information by sending fraudulent emails or messages which appear to be from genuine sources. 

Social engineering is carried out on a large scale. Instead of emails, cybercriminals use phone calls or SMS to manipulate employees emotionally to divulge sensitive information such as Wi-Fi access or network. 

Employees need to be thoroughly trained in recognizing and responding to data breach attempts via phishing and social engineering. Cyber awareness and education should include different topics such as Phishing, Password management, remote working and security, device security, Wi-Fi networks, device and cloud security, social media and website use, surfing and email best practices etc. 

• Security Vulnerability Management

Security vulnerabilities inside an organisation should be managed effectively. Experts have observed various vulnerabilities such as open ports, no multifactor authorisation mechanism, and misconfigurations as major problems. Internal audits and security ratings are necessary to find these vulnerabilities and act on them. Firewalls, Antivirus software and Endpoint detection and response solutions are common security breach controls that can prevent network compromise and keep security ratings high.

• Data Leak Management

Data generation is inevitable for the business of all scales. However, data leak management is an essential component which is absent from security programs. Data breaches become simpler as attackers can use the credentials to reach further in their pathways easily. 

According to experts, the sooner businesses detect data leaks, the better will be the results. For example, companies can save a lot of money if the data leak is detected earlier. 

Blogs, marketplaces and forums on the dark web are the main sources where data leak notifications can be found. 

• Vendor Management

Organisations looking to strengthen cybersecurity programs often forget about vendors and the security risks they might pose. Thus, vendor management is necessary to avoid security risks at every level of the deal. 

Businesses should assess the security posture of the vendors before onboarding them. Right discussion and questions can help to understand if the vendors meet regulatory compliance and thus prevent penalties. 

Vendor risk management provides monitoring options to detect potential vendor security risks that can cause third-party breaches. 

Secondly, businesses need to know how to prevent access to sensitive data in the organisation. This can help in preventing data breaches.

• Multi-Factor Authentication

Multi-factor authentication adds multiple layers of security between login requests and access approval. Today, the biometric authentication system is one of the most efficient methods that can prevent cyber criminals from conducting data breaches. 

• Zero-Trust Model

Zero-trust model as the name indicates assumes that everyone internally and externally are a threat to the system. Thus, strong authentication measures are built in to gain access to sensitive information. It is fast emerging as an effective means to prevent data breaches.

• Data Encryption

Encrypting data using advanced encryption standards trusted by the government can prevent hackers from gaining or extracting data. It is important that encryption is implemented for data at rest and in motion. 

In 2023, follow these latest strategies to avoid cybersecurity breaches and protect the organisation from monetary losses.