Know the Odds: The Cost of a Data Breach in 2019

what are the odds of a data breach

Driving Down the Costs of a Cyber-Attack

Recent regulations around cybersecurity on a global front have helped to require companies to have firm processes in place for cyber-attacks. Something as obvious as improving response time with the right plan in place can do wonders for your company’s finances and reputation. By streamlining breach procedures, companies who are able to identify and contain a breach in less than 30 days saved on average $1 million USD as compared to those that could not contain breaches fast enough.

reducing cyber attack costs

The good news is that organizations can take measures to minimize cost and impact. The bad news is that cybercrime costs are quickly trending up as companies are slow to adopt these practices. Data suggests that cybercrime will cost businesses over $2 trillion total this year. 

As we’ve identified, having an incident response plan in place can help protect your business from the ashes. However, cybersecurity is not a one-person or even one-team job. Information Technology and Cyber Security departments that work together can form a wonderful checks and balances relationship for your company.

Steps to Mitigate the Breach Damage

There are lots of factors that contribute to a cyber attacks high likeliness. For instance, there are 230,000 new malware samples appearing every day. But here are a few things your organization can employ to reduce your chances of an attack and greatly improve your odds of a speedy recovery.

  1. Reduce Response Time: The more quickly you can identify what’s happened, what the attacker has access to, and how to contain and remove that access, the more successful you will be.
  2. Have a Team Devoted to Security: In the event of a breach, an experienced team of incident response experts can help you quickly identify and contain the attack, and minimize costly delays. And while Cyber Security pros are few, you still need to have security skilled professionals aboard.
  3. Train Your ENTIRE Team: Take the reins of employee cyber education. If you want your workforce to block and respond to security bypasses, we must teach them what approaches to take and how to detect any malicious activity,
  1. Updated Tech and Tools: Now that we’ve established how important your people are in saving your business from an attack, they need to be properly equipped. Have a devoted team member that is an expert in Threat Intelligence, someone who understands what new practices hackers are employing and how to defend against them. Looking at tools such as the data breach calculator will also help to understand your industry, location and cost factors in the event of a security incident.

To keep your company from becoming a statistic, your company must make cybersecurity a priority. Understanding the cyber terminology, threats and opportunities is critical for every person in every business across all industries. Cybint offers high-quality education and training for businesses, higher education, and government agencies. Learn more today at www.cybintsolutions.com.

free cyber tools

Devon Milkovich

Devon brings a sharp marketing mind and can-do approach to Cybint’s marketing initiatives. Prior to joining Cybint, Devon worked on social media and marketing strategies for clients at Startups.com, working with companies in education, fashion, law, accelerator/incubator, medicine, content, and tech.
Posted in