The Impact of Data Breaches Continues to Grow

Data breaches have become increasingly more prevalent and costly over the years. According to a ProWriters study, for a small or medium-sized business (SMB), the average cost of a breach is $108,000.

A data breach can have catastrophic effects to an organization, so taking the necessary steps to secure your company is critical to your productivity, reputation, and safeguarding your client relations. Anyone can be at risk of a data breach — from individuals to high-level enterprises and governments. More importantly, anyone can put others at risk if they are not protected.

Tips to Minimize the Risk of a Data Breach

• Limit Access to Valuable Data: While every role at an organization is important, there should be limitations on which staff members actually need access to certain data
• Conduct Employee Security Awareness Training: A large majority of data breaches actually occur due to human error. Unfortunately, employees tend to be the weakest links when it comes to data security (to no fault of their own).
• Update Software Regularly: When programs aren’t patched up and updated, they are more vulnerable to attacks as the software cannot recognize malicious activity.
• Compliance of Third-Party Vendors: Your vendors should be on the same page when it comes to security regulations as working with a less-than-reputable third-party vendor can increase your risk of data breaches and lawsuits.
• Implement the NIST Framework: The NIST framework allow organizations to analyze what activities are most critical within the company and ensure proper resources are allocated to protect them.

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