Steps to Secure Data Against Breaches (Act Now)

In the current digital age, data breaches have become a significant concern for businesses and individuals alike. One of the most high-profile breaches occurred in 2020 with the SolarWinds attack, where hacker groups used sophisticated malware to steal sensitive data from several US Departments.

The convenience of digital technologies has led many to prioritise ease of use over robust security in digital products. However, this approach can leave systems vulnerable to attacks. Data breaches can have numerous consequences, including a decrease in share prices. According to reports, share prices of breached companies can drop by an estimated 14% just a few days after the breach occurs.

Data breaches can affect anyone or any organisation due to increased reliance on digital technologies. They can occur due to weak user behaviour, security flaws, or a lack of relevant security controls within a network or information system. One of the most common methods used in breaching sensitive information is phishing attacks. These attacks trick victims into installing spyware and data exfiltration malware that steals and uploads critical data to a remote server under the hacker's control.

Phishing attacks are among the most widely used methods in data breaches. They require little expertise or equipment to execute, making them a popular choice for attackers. Common targets of phishing emails include company executives and individual system users.

Insider threats are another significant data breach risk. These threats can be intentional or unintentional. Intentional insider threats are driven by motivations like monetary gain or revenge, while unintentional threats are users who, through ignorance or inadequate training and awareness, cause accidental data breaches.

To mitigate these risks, businesses should adopt a multi-layered approach to data breach prevention. This approach includes strict access controls, employee training, advanced security technologies, and ongoing risk management.

The Principle of Least Privilege is a key principle in this approach. It involves limiting employee access only to the data necessary for their role, minimising exposure to sensitive information.

A Layered Security Architecture involves implementing multiple overlapping security measures, including firewalls, intrusion detection/prevention systems (IDS/IPS), endpoint protection with up-to-date anti-malware, and strong encryption for data both at rest and in transit.

Multi-Factor Authentication (MFA) is also crucial. It requires MFA for access to all critical systems, adding an extra security layer beyond passwords, as passwords alone are often compromised.

Employee Cybersecurity Awareness Training is essential in educating users on the recommended information security practices. Since a significant portion of breaches originate from human error, regular training on identifying phishing, secure data handling, and password hygiene is essential.

Automated Tools and Monitoring can help identify and respond quickly to suspicious activity. This includes the use of Data Loss Prevention (DLP) solutions, automated data classification, real-time monitoring of data access, and AI-enhanced threat detection.

Regular Risk Assessments and Updates are also necessary. This involves continuously evaluating critical assets, patching vulnerabilities promptly through automated patch management, and performing regular audits of access permissions to stay ahead of evolving threats.

Network Segmentation and Access Control can help contain breaches and reduce the attack surface. This involves dividing the network into smaller secured segments and controlling network access strictly and establishing clear permissions.

Compliance and Secure-by-Design is also important. This involves aligning with data privacy regulations and embedding security requirements early in product development to reduce vulnerabilities entering production.

By adopting these practices, businesses can significantly reduce their exposure to breaches and mitigate potential damages. Timely Patch Installation and System Updates are also necessary to protect against attacks that seek to exploit unpatched vulnerabilities. Restricting Access to Sensitive Data is important to prevent unauthorised access.

Modern Data Backup and Encryption practices are crucial to ensure continuous data availability and authorised access only. Strong Password Security Policies should require users to create complex passwords, use unique passwords for different work accounts, and use a password manager.

Organisations that implement data protection measures suffer lower costs. Extensive use of such data security measures reduces a data breach cost to an average of $360,000. However, the worldwide average cost of a data breach currently stands at $3.92 million. Almost $600 billion is lost to security incidents every year.

Ransomware attacks have increased in recent years due to emerging trends where malware developers create ransomware and lease to other criminals on what has been dubbed as ransomware as a service. Endpoint Management systems provide network-wide visibility of all connected endpoints and control who can access which data.

In the face of increasingly sophisticated data breach threats, businesses need to be vigilant and proactive in their approach to data security. By prioritising robust security measures and educating their employees, businesses can significantly reduce their risk of data breaches.

[1] https://www.forbes.com/sites/forbestechcouncil/2021/06/08/the-current-best-practices-for-data-breach-prevention/?sh=7b1878f567e0 [2] https://www.forbes.com/sites/forbestechcouncil/2021/06/10/the-importance-of-endpoint-security-in-data-breach-prevention/?sh=41306d9a7f9a [3] https://www.forbes.com/sites/forbestechcouncil/2021/06/11/the-role-of-network-segmentation-in-data-breach-prevention/?sh=48549e4e7be6 [4] https://www.forbes.com/sites/forbestechcouncil/2021/06/14/the-importance-of-cybersecurity-awareness-training-in-data-breach-prevention/?sh=457a982d7151

The encyclopedia of information security highlights phishing as one of the most common tactics in data breaches, tricking users into installing malware.
Adequate security audit, including access control, encryption, and endpoint protection, is crucial to protect financial and personal-finance data from breaches.
In the quest for efficient technology, businesses often overlook basic security training, leaving systems vulnerable to social engineering attacks.
Cybersecurity investments in data-and-cloud-computing technologies have led to a decrease in the average cost of a data breach, saving organizations millions.
Many phishing attacks target company executives and individual system users, sometimes resulting in insider threats with malicious or unintentional motives.
Cybersecurity awareness training is essential in teaching employees best information security practices, such as identifying phishing attacks, secure data handling, and password hygiene.
A layered security architecture, which includes multiple overlapping security measures like firewalls, intrusion detection/prevention systems, and endpoint protection, can help prevent data breaches.
Multi-Factor Authentication is critical in securing access to all essential systems, adding an extra layer of security beyond passwords, which are often compromised.
Regular risk assessments, risk management, and updates help businesses stay ahead of evolving threats and continually improve their data breach prevention measures.