A single data breach has the potential to make or break business. For example, in December 2013, Target which is the second largest discount retailer in United States learned that cyber criminals have forced their way into their computing systems, gaining access to guest credit and debit card information. As the investigation continued till mid 2014, it was determined that certain guest information like names, mailing addresses, email addresses and phone numbers were stolen by the hackers.
Till date, the company could not recover from the nightmare of data breach and all that negativity has reflected on its profit margins.
According to a 2015 survey conducted by Ponemon Institute, average organizational cost of a data breach is estimated to have increased from $3.52 million to $3.79 million in 2015. The average cost paid for each lost or stolen record containing sensitive and confidential information increased from $145 in 2014 to $154 in 2015.
Thus, in order to avoid operational paralysis due to data breaches, companies can follow some basic guidelines which are lined up below-
- In order to eliminate threats in the entire organization, security must reach beyond the IT department. A company must evaluate employee exit strategies, remote project protocol, on and off site data storage practices, and more. Then it must establish and enforce new policies and procedures and physical safeguards which are appropriate to the findings.
- Establish a comprehensive data loss protection plan that will enable decisive action and prevent operational paralysis when a data breach occurs. Let everyone in the management structure know about the plan. The management should educate themselves about the plan in such a way that they can react as soon as the event of a breach occurs.
- In the past few years, there have been continuous saga of lost and stolen laptops containing critical information illustrating that corporate policies designed to safeguard portable data only work when employees follow the rules.
- Conducting a periodic risk assessment through internal audit conducted by specialized resources will expose the loopholes prevailing in the organizations.
- Mobile workers or those using their own devices under BYOD policy should be well educated about the possibilities of data breach and how much loss it incurs to the organization. Mobile workers should be provided with straightforward policies and procedures, ensuring security and authentication software which have to be kept up-to-date by them. Adequate training and technical support should be given to mobile workers
- It’s better to retain a third party corporate breach and data security expert to analyze the level of risk and exposure.
- There is a wrong notion prevailing in the corporate world that just by encrypting data in transit and rest will offer a method of defense. Although the majority of state statutes require notification only if a breach compromises unencrypted personal information, professional hackers can and do break encryption codes.
- An unpatched system- means a PC, whose operating system has weak spots, lacks security updates can be exploited by hackers. So, always ensure that you are using genuine software which is being updated on a regular note.
- If you are using cloud services, ensure that your organization maintains control of data at all times.
DNF Corporation can help your organization gain more such Data Security skills. DNF will work with your company’s data personnel to evaluate the existing encryption strategy and policies. This process will start with getting detailed asset information on your organization’s hardware and software environment, sensitive data, and current security policy management sets.
In combination with your corporate objectives, DNF team will determine the business objectives for encrypting data-at-rest. From these objectives, DNF team will derive a plan and proposal to address the policies, architecture, and scope of the project to keep you protected to the fullest.
Just give them a call to keep your organizations safe from data breaches.