Data breaches may be among the most alarming issues worldwide. According to the Identity Theft Resource Center, “There has been an increase in a lack of transparency in breach notices at both the organization and government level that, if it continues, could lead to a significant impact on individuals”.
From healthcare, education, manufacturing to the public sector, no industry is immune to it. Security violations like this can be fatal for any business and it can also make you lose your integrity as a business. In this article. We will learn how data breaches can affect your business and how you can deal with them effectively.
How Data Breaches Impact Your Business
Financial
Data breaches can certainly make you suffer immediate financial costs. As a breached business, you will have to repay the stolen funds and compensate your consumers that will make you suffer a huge share value loss. In a situation like this, you should use this as a drive to a disaster recovery strategy and develop data security, which will certainly require a financial investment.
Along with that, you should also be ready to pay legal fees, suffer hidden costs in fines, public relations, and regulatory punitive measures. You should also expect a lawsuit especially if the data is sensitive.
Reputation
Customer loyalty takes years to earn and a minute to lose. It is bound to take a nosedive after a data breach. Your customers value their privacy and they are trusting your organization whenever they share any information that is private to them. In case of a data breach, it will automatically be viewed as a lack of respect for their data and privacy.
Intellectual Property
Your intellectual property is as important for you as your financial assets. It includes all your business strategies, engineered solutions, and project blueprints that are among the most valuable assets for you as an organization. It helps you have an edge on your competitors and when you lose them, you are losing a part of your success.
How You Can Protect Your Business From Data Breaching
Having security expertise to understand the threats to your business is the first and foremost step in your disaster recovery strategy that accounts for cyber resiliency and data loss. With proper expertise and guidance you can implement the following strategy to prevent your business from data breaches:
Plan: Each business has different requirements when it comes to security. Your first step as a business should be to take some time and evaluate your security priorities and identify the solutions to custom fit your needs.
Discover: To create a strategic security solution to meet your business objective, you should assess your current security posture and review configurations.
Remediate: To protect your business from the most relevant threats to your business, you should harden the security of your architecture and implement the appropriate security controls while reviewing the policies and procedures.
Test: Testing is important for identifying any additional gaps in your system. You should break in, test, and infiltrate the layers of security and validate security controls.
Roadmap: To respond proactively to pervasive market rises, you should create a strategy as a part of a hardened security framework to prepare your organizations for any potential threats for the future.
Manage: By ensuring the continued management of your security posture, you can respond confidently to the most imminent threats.
Data breaches are a growing concern worldwide and their consequences can be brutal for any business. To make sure, your organization does not lose its years of customer loyalty and integrity in the market, it is important to make sure, you are making necessary efforts to prevent it.
TAG: Technical Action Group
Technicalactiongroup.ca is a complete technology solution provider located in Toronto. Founded in 2003, it is providing satisfactory results to business owners across Canada with the most reliable and professional IT support services for almost two decades. They employ a skilled team of talented IT consulting professionals to solve your IT nightmares once and for all. With expert support and leadership, the whole team of TAG is committed to delivering their services tailored to your unique requirements.
