No business wants to suffer a data breach. But unfortunately, in today’s environment, it’s difficult to completely avoid them. Approximately 83% of organizations have experienced more than one data breach. (IBM Security 2022 Cost of a Data Breach Report)

These breaches hurt businesses in many ways. First, there is the immediate cost of remediating the breach. Then, there are the lost productivity costs. You can add lost business on top of that, and lost customer trust. A business could also have extensive legal costs associated with a breach.

According to IBM Security’s report, the cost of a data breach climbed again in 2022. The global cost of one breach is now $4.35 million, up 2.6% from last year. If your business is in the U.S., the cost rises to $9.44 million. In Canada, the average data breach costs companies $5.64 million.

Costs for smaller companies tend to be a little lower. But breaches are often more devastating to SMBs. They don’t have the same resources that larger companies do to offset all those costs.

It’s estimated that 60% of small companies go out of business within six months of a cybersecurity breach.

Companies don’t need to resign themselves to the impending doom of a data breach. There are some proven tactics they can take to mitigate the costs. These cybersecurity practices can limit the damage of a cyberattack.

All these findings come from the IBM Security report. They include hard facts on the benefits of bolstering your cybersecurity strategy.

Cybersecurity Tactics to Reduce the Impact of a Breach

Use a Hybrid Cloud Approach

Most organizations use the cloud for data storage and business processes. Researchers found that 45% of all data breaches happen in the cloud. But all cloud strategies are not created equally.

Breaches in the public cloud cost significantly more than those in a hybrid cloud. What is a hybrid cloud? It means that some data and processes are in a public cloud, and some are in a private cloud environment.

What some may find surprising is that using a hybrid cloud approach was also better than a private cloud.

Put in Place an Incident Response Plan & Practice It

You don’t need to be a large enterprise to create an incident response (IR) plan. The IR plan is simply a set of instructions. It’s for employees to follow should any number of cybersecurity incidents occur.

Here is an example. In the case of ransomware, the first step should be disconnecting the infected device. IR plans improve the speed and effectiveness of a response in the face of a security crisis.

Having a practiced incident response plan reduces the cost of a data breach. It lowers it by an average of $2.66 million per incident.

Adopt a Zero Trust Security Approach

Zero trust is a collection of security protocols that work together to fortify a network. An example of a few of these are:

• Multi-factor authentication
• Application safelisting
• Contextual user authentication

Approximately 79% of critical infrastructure organizations haven’t adopted zero trust. Doing so can significantly reduce data breach costs. Organizations that don’t deploy zero trust tactics pay about $1 million more per data breach.

Use Tools with Security AI & Automation

Using the right security tools can make a big difference in the cost incurred during a data breach. Using tools that deploy security AI and automation brought the biggest cost savings.

Data breach expense lowered by 65.2% thanks to security AI and automation solutions. These types of solutions include tools like advanced threat protection (ATP). They can also include applications that hunt out threats and automate the response.

How to Get Started Improving Your Cyber Resilience

Many of these ways to lower data breach costs are simply best practices. You can get started by taking them one at a time and rolling out upgrades to your cybersecurity strategy.

Working with a trusted IT provider, put together a roadmap. Address the “low-hanging fruit” first. Then, move on to longer-term projects.

As an example, “low-hanging fruit” would be putting multi-factor authentication in place. It’s low-cost and easy to put in place. It also significantly reduces the risk of a cloud breach.

A longer-term project might be creating an incident response plan. Then, you would set up a schedule to have your team drill on the plan regularly. During those drills, you could work out any kinks.

Need Help Improving Your Security & Reducing Risk?

Working with a trusted IT partner takes a lot of the security burden off your shoulders. Give us a call today to schedule a chat about a cybersecurity roadmap.

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This Article has been Republished with Permission from The Technology Press.

Data privacy has been a growing requirement ever since the internet age began. So much personal information is flying around through computer networks. Protecting it has become a mandate.

Most companies must follow HIPAA, GDPR, or another industry or locality-based privacy rule. By the end of 2024, 75% of the world’s population will have their personal data protected. It will fall under one or more privacy regulations.

You don’t need to be a large enterprise organization to have data privacy compliance at the top of your mind. It goes hand in hand with cybersecurity. Additionally, privacy requirements hit all sized companies.

Between July 2020 and July 2021, GDPR violations rose by 113.5%. The number of associated fines also jumped, by 124.92%. When it comes to HIPAA violations, each incident can carry a penalty between $100 to $25,000.

It’s important to make data privacy a priority and factor it into all your data collection processes. When companies collect, send, or store personally identifiable information (PII) it needs protection. This means putting adequate safeguards in place.

To stay on top of your privacy compliance obligations, you should also keep up with trends in this area. Next up, we’ve documented the biggest data privacy trends happening in 2023 that you should be aware of.

What’s Happening in Data Privacy Compliance?

AI Governance

Approximately 40% of privacy compliance technology needs artificial intelligence (AI) to operate. AI has certainly made its way into many of the applications we use on a daily basis.

When you’re typing in MS Word and text just springs up as a suggestion, that’s AI predicting what you’ll type next. When working on a photograph in Photoshop, you can now click a button to give a frowning face a smile. This is also the work of AI.

So, it’s no surprise that AI is running many of the algorithms responsible for keeping data protected. But what happens when there is a problem with the AI?

This is the question that AI governance is working to address. This is a new trend in data privacy because AI has never been so prevalent throughout the data journey as it is now.

Whenever AI is used in the data protection area, organizations need to govern it properly. This helps ensure that automated processes aren’t accidentally exposing sensitive data.

Consumer Privacy UX

A trend that we’ve seen over the last several months is putting more privacy power into the consumer’s hands. Many privacy regulations require that apps and websites provide data transparency. They need to tell people what data they’re collecting, how they’re collecting it, and what they do with it. People also need an “out” to get their data back.

These needs have led to consumer privacy UX becoming a “thing.” You can think of this as a centralized privacy portal. A place people can access privacy-related settings in various apps. This gives better visibility into how their data is being used.

Increased Scrutiny of Remote Employee Monitoring

The pandemic has forever changed the global workforce. Many organizations are now running completely remote offices. Or may be using a mix of remote and in-office staff. The dramatic increase in people working from home has led to data collection changes. Companies are ramping up their monitoring of those employees working off-site.

But this type of monitoring opens a can of worms when it comes to data privacy. Organizations need to ensure that they aren’t encroaching on the rights of their staff. This is most pertinent when putting monitoring in place on employee devices.

For example, approximately 49% of remote employees use their personal computers for work. Companies often put endpoint device monitoring in place for security reasons. They need to ensure they are not gathering or backing up any personal data. That would be data owned by the employee and not the company.

Data Localization

One of the concerns when the social app TikTok became popular relates to location. With the firm being a China-based company, people worried about the privacy of their data. The data was originally stored on servers governed by the Chinese government. A country with very different data privacy rules than the US and other countries.

Data localization is going to become more prevalent. Increasingly organizations look at where their cloud data is being stored. Where a server resides governs the privacy rules and regulations that it may fall under. Thus, companies and governments are now asking a question of cloud providers. This is, “Where is my data stored?” Many want their data to be as close to home as possible.

Privacy-Enhancing Computation (PEC)

Data privacy by design is a fairly new term. Using privacy-enhancing computation is a way that AI is helping cybersecurity. By using PEC as a built-in component of software and apps, developers provide value to clients. They address privacy concerns by making data protection more automated.

Look for PEC components in data analytics when shopping for business tools.

When Is the Last Time You Had a Compliance Check?

How are your data privacy protections? Are you risking a penalty due to lax controls? Give us a call! We can help with a compliance checkup.

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This Article has been Republished with Permission from The Technology Press.

Cybersecurity insurance is still a pretty new concept for many SMBs. It was initially introduced in the 1990s to provide coverage for large enterprises. It covered things like data processing errors and online media.

Since that time, the policies for this type of liability coverage have changed. Today’s cyber insurance policies cover the typical costs of a data breach. Including remediating a malware infection or compromised account.

Cybersecurity insurance policies will cover the costs for things like:

• Recovering compromised data
• Repairing computer systems
• Notifying customers about a data breach
• Providing personal identity monitoring
• IT forensics to investigate the breach
• Legal expenses
• Ransomware payments

Data breach volume and costs continue to rise. 2021 set a record for the most recorded data breaches on record. And in the first quarter of 2022, breaches were up 14% over the prior year.

No one is safe. Even small businesses find they are targets. They often have more to lose than larger enterprises as well. About 60% of small businesses close down within 6 months of a cyber incident.

The increase in online danger and rising costs of a breach have led to changes in this type of insurance. The cybersecurity insurance industry is ever evolving. Businesses need to keep up with these trends to ensure they can stay protected.

Here are some of the cyber liability insurance trends you need to know about.

Demand is Going Up

The average cost of a data breach is currently $4.35 million (global average). In the U.S., it’s more than double that, at $9.44 million. As these costs continue to balloon, so does the demand for cybersecurity insurance.

Companies of all types are realizing that cyber insurance is critical. It’s as important as their business liability insurance. Without that protection, they can easily go under in the case of a single data breach.

With demand increasing, look for more availability of cybersecurity insurance. This also means more policy options, which is good for those seeking coverage.

Premiums are Increasing

With the increase in cyberattacks has come an increase in insurance payouts. Insurance companies are increasing premiums to keep up. In 2021, cyber insurance premiums rose by a staggering 74%.

The costs from lawsuits, ransomware payouts, and other remediation have driven this increase. Insurance carriers aren’t willing to lose money on cybersecurity policies. Thus, those policies are getting more expensive. This is at the same time as they are more necessary.

Certain Coverages are Being Dropped

Certain types of coverage are getting more difficult to find. For example, some insurance carriers are dropping coverage for “nation-state” attacks. These are attacks that come from a government.

Many governments have ties to known hacking groups. So, a ransomware attack that hits consumers and businesses can very well be in this category.

In 2021, 21% of nation-state attacks targeted consumers, and 79% targeted enterprises. So, if you see that an insurance policy excludes these types of attacks, be very wary.

Another type of attack payout that is being dropped from some policies is ransomware. Between Q1 and Q2 of 2022, ransomware attacks increased by 24%.

Insurance carriers are tired of unsecured clients relying on them to pay the ransom. So many are excluding ransomware payouts from policies. This puts a bigger burden on organizations. They need to ensure their backup and recovery strategy is well planned.

It’s Harder to Qualify

Just because you want cybersecurity insurance, doesn’t mean you’ll qualify for it. Qualifications are becoming stiffer. Insurance carriers aren’t willing to take chances. Especially on companies with poor cyber hygiene.

Some of the factors that insurance carriers look at include:

• Network security
• Use of things like multi-factor authentication
• BYOD and device security policies
• Advanced threat protection
• Automated security processes
• Backup and recovery strategy
• Administrative access to systems
• Anti-phishing tactics
• Employee security training

You’ll often need to fill out a lengthy questionnaire when applying for insurance. This includes several questions about your cybersecurity situation. It’s a good idea to have your IT provider help you with this.

This can seem like a lot of work that you have to do to qualify for cyber insurance. As you review the questions, your IT partner can identify security enhancements. Just like other forms of insurance, if you take steps to reduce risk, it can often reduce your premiums.

So, it pays to do a cybersecurity review before applying for cyber insurance. You can save yourself time and money. It can also fortify your defenses against cyberattacks.

Need Help Making Sense of Cybersecurity Policies?

Cybersecurity coverage and insurance applications can be complex. If you answer wrong on a question, it can mean paying hundreds more in premiums than you should.

If you’re considering cybersecurity insurance, don’t go it alone. Give us a call and schedule a consultation. We can explain the policy details and provide guidance.

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This Article has been Republished with Permission from The Technology Press.

The global home security market has been growing by leaps and bounds. By 2026, experts expect the market to expand at a rate of 20.1%. This is on top of an expected increase of 21.6% from 2021 to 2022.

From Ring doorbell cams to entire home security systems, consumers want these solutions. Watching your front door from afar has never been so easy. With cloud-based video streams, homeowners can view any part of their home.

Sharing doorbell camera shots on neighborhood social media groups is now common. These home security systems also provide peace of mind at a wallet-friendly cost.

But don’t let the ease of setup fool you. Home security cameras can open your family up to risks if you don’t take precautions. Often, people are so excited to see what they can do, they don’t stop to think about device security.

There are horror stories online about hacked video cameras. This includes strangers saying disturbing things through those cameras to children.

Additionally, in 2019, Ring suffered a data breach. That breach exposed the personal data of over 3,000 Ring users. This included usernames and passwords.

It’s enough to make you reconsider your decision to add extra security. But don’t let those incidents scare you off. You can properly secure a home video camera system to ensure it’s not breached.

Here are some of the things you should do for a safe home security setup.

Make Sure Your Router is Secure

You access an IP security camera via the internet. Any commands going to the system or footage coming from it go through your router. So, you need to make sure that your router is properly secured.

Hackers breach routers so they can get to the devices connected to that network. Ensure your router security protocol is no lower than WPA2. The next generation, WPA3, is even better. These protocols govern the protection of data transmitted through the wireless network.

Give the router a strong password that is at least 12 characters long. Software can crack a password of only 8 standard characters instantly. But a 12-character password with at least one upper case letter, number, and symbol takes 34,000 years.

Change the Default Username & Password

You also need a strong password for your security system’s admin account. You should also change the default device and username. Hackers have lists of all these device defaults and use them to break into these systems.

Changing the default username and password for the device should be one of the first things you do. Otherwise, it could be mere minutes after you connect to the internet that you’re hacked.

Ensure the System Uses SSL/TLS Or Other Encryption

You don’t want the footage from your cameras transmitted for anyone to grab and watch. Make sure the security system you choose notes SSL/TLS. Or another standard encryption.

This ensures that the data cannot be intercepted and accessed. SSL is short for Secure Sockets Layer, and TLS is short for Transport Layer Security. Without a form of encryption, a hacker can easily breach your device.

Keep the Software Updated

If your security system has an automatic update feature, turn that on. Unfortunately, many users don’t think about updating their device software. This leaves it more vulnerable to a hack.

Updates often include important security fixes for found vulnerabilities. You want to make sure updates install promptly. That’s why automating this is best.

Consider Access Levels for Multiple Users

Do you have several family members accessing your cloud-based security device? If so, set up some access levels. Not everyone needs to be at an administrator level.

Hackers love it when they can breach the login of an admin user for an account. This gives them more privileges, like changing settings. Giving lower-level privileges, such as “view only,” to most family members improves security.

Enable Camera Security Features

There will be various security features that are available with your system. Manufacturers often do not enable all security settings by default. The user must turn all or some of them on.

If you’re unsure of what settings should be on or off, we’ll be happy to help. Some home security systems have generous sharing options. This can be an invitation for hackers. You want to restrict these as much as possible.

Make Sure Your Mobile Device is Secure

Most people access their security cam through their smartphone. Make sure that you secure yours and keep it updated with the latest operating system. Hackers can gain access to a security system through a device with weak safeguards.

Add things like:

• Mobile anti-malware
• DNS filtering
• Screen lock
• Automated updating

Looking for Help Protecting Your Cloud Security System?

Give us a call and schedule a visit. We’ll be happy to help you ensure your security system is set up with best practices.

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This Article has been Republished with Permission from The Technology Press.