A new report found that the number of data breaches jumped 68 percent last year to the highest total ever.
According to the new report, there were 1,862 data breaches in 2021, surpassing the previous year’s total of 1,108. Everything from America’s largest oil pipelines to personal consumer information was targeted in these breaches.
Not only is a data breach a major inconvenience, but it can also take a huge financial toll on your business. Read this guide to learn how to reduce the monetary damage of a data breach.
Before the Data Breach
The best way to reduce the financial impact of a data breach is to prevent the breach from happening in the first place. Here are some ways to prevent a data breach:
Conduct an Audit
Conduct an audit on your current data security activities in relation to possible threats. With the knowledge you gather from the audit, you can develop a risk assessment plan that includes policies and preventative measures to address the identified vulnerabilities and protect your data.
Create Strong Passwords
Train your employees to change their passwords often and to use strong password recommendations. They should also implement two-factor authentication whenever available.
You should also review all of your business accounts frequently and make sure you actually made all of the posted charges. Usually, your financial institution will flag any atypical charges, but this isn’t always the case.
Limit Information Sharing
Limit what your business shares on social media and other apps. While you certainly want to keep your customers updated, the more sensitive information you share, the more hackers have to leverage.
Offer Continuous Employee Training
As hackers find new ways to infiltrate networks, it’s important to keep your employees trained and up-to-date on all things related to network security. Here are the aspects you should train your employees on:
- Data responsibility and compliance regulations
- Email responsibility with an emphasis on avoiding phishing tactics
- Maintaining passwords and password credentials
- Corporate device policy with an emphasis on safeguarding and VPN connectivity
Additionally, you should limit access to specific files based on the current state of the employee. For example, your marketing department probably doesn’t need access to current financial files.
After the Data Breach
Of course, the steps you take following the data breach are just as important as the steps you take before the data breach. After a breach has occurred, we recommend reviewing your state and federal protections. The government may be able to provide your business with certain protections, and they may be able to direct you toward sites where you can report the breach.
Additionally, it’s important to react to the breach in a speedy and efficient manner. Waiting too long to report or do anything can lead to more money lost. You should also report the breach to your insurance companies. This page can tell you more about cyber insurance.
Monetary Damage for Data Breaches: Time to Act
Now that you know how to reduce monetary damages in the event of a data breach, it’s time to move forward. By taking preventative measures and acting quickly, you may be able to save your company thousands of dollars, if not more.
Check back in with our site for more data security tips!