Security breach 101: Preventive steps, consequences, future and more!

Businesses are now operating in what’s called a hybrid and heterogeneous IT environment. From on-premise resources & network assets, to cloud services, the arrangement is complex. There are various reasons why companies invest in hybrid IT infrastructure – to reduce costs, enhance operational efficiency, and improve customer experience. This, however, comes with inherent risks. Data and studies from various sources have indicated that companies end up spending millions in damage control following a security breach. Terms such as ‘cybersecurity’ & ‘data protection’ are now relevant to every industry.

In this post, we are reviewing more on how companies can avoid a security breach, but before that let’s look at the consequences.

Reviewing consequences of security breaches

  • The foremost damage caused by a security breach is revenue loss. For example, if sensitive data is stolen from a website, the brand will have to shut it down before investigation is completed, and that means that customers will be looking at other avenues.
  • In case of breaches, regardless of nature and source, brands are expected to spend on investigation and further evaluation. Digital forensics can be an expensive affair to say the least.
  • Lack of compliance may invite additional fines and penalties, and a company may find itself dealing with a bunch of lawsuits from clients and business partners, besides additional pressure that’s usually created by authorities.
  • Probably the biggest and most serious consequence of a security breach is reputation damage. Financial losses can be recovered, but gaining back the trust of consumers and find previous foothold in the market can be hard.

How to prevent security breaches?

  • Educate your employees about cybersecurity, common kinds of security breaches, and how their actions can impact the enterprise.
  • Invest in right software, firmware and firewalls, and make sure that everything is updated.
  • Find comprehensive platforms to monitor and track IT and network assets.
  • Test your systems on a regular basis, and ensure that all environments are checked for. If required, hire a cybersecurity expert.
  • Find a right way to record everything – transactions, actions and changes. In case of a data breach, every transaction will be evaluated.
  • Go for network segmentation when required, to ensure protection of IT assets.
  • Identify bugs and contact software manufacturers to get things fixed.
  • Maintain a clear stance towards cybersecurity. Develop a defined set of policies with regards to response.
  • Focus on password creation, management and other relevant aspects.

Check online now to find more on password management tools.

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