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Enterprise Security Magazine | Tuesday, June 07, 2022
It's critical to devote time and resources to preventing data breaches because they cost the company a lot of money.
Fremont, CA: Preventing data breaches is the greatest way to avoid the misery and costs that come with them. However, you must first comprehend them in order to prevent a data breach. As a small- to medium-sized business owner, you may confront many types and costs of data breaches. Below is a brief primer on how to avoid data breach events. When cybercriminals gain access to data and sensitive information, data breaches occur. These breaches are quite expensive.
According to IBM's 2020 Cost of a Data Breach Report, the average total cost of a data breach is $3.86 million, not including the unquantifiable reputational harm. It also takes up time. According to IBM, detecting and properly containing a compromise takes an average of 280 days. With a large section of the workforce migrating to remote work, figuring out ways to avoid data breaches became even more crucial in 2020. Remote work increased the time it took to discover and contain breaches, according to 76 percent of IBM survey respondents. This resulted in an additional cost of $137,000 per breach.
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From artificial intelligence to incident response teams, there are various high-level security precautions you can take to prevent a data breach. This is what you should know about how breaches happen if you own a small business or simply want to know what you can do to prevent them.
Physical actions: While you might think of cybercriminals as clever hackers who only access data online, they also gain access through physical activities. They could, for example, take documents, laptops, phones, or storage devices. They could even gain physical access to assets and copy them without anyone knowing.
Human error: Malicious action isn't necessarily the cause of data breaches. In fact, according to IBM, malevolent assaults account for only roughly half of all breaches (52 percent). Accidents happen, and sometimes a person just leaves critical information in an unprotected location or transmits it to the wrong person by mistake (or people).
Social engineering: A solid data breach prevention plan includes safeguarding your company from internet security threats. Phishing is when cyber thieves send malicious emails that appear to be legitimate in order to get access to sensitive data. They might, for example, send an email that appears to come from your company's IT department, demanding that a staff member's password be changed so that they can access their accounts. These scams can take the shape of emails or phone calls, and they allow scammers to get confidential information that they then sell or use to conduct fraud.
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