Cybersecurity threats have been around almost as long as the internet itself, ever since Robert Morris made the first ever Denial of Service attack in 1989 – just six years after the internet was invented in 1983. That being said, the frequency and severity of cyber security attacks and breaches have been increasing over recent years. Hackers are getting more creative, too, so the cybersecurity industry is constantly having to evolve.
The Real Cost of a Data Breach
All cybersecurity breaches are dangerous, but data breaches are especially damaging. They can cause a negative impact on the victims’ finances in a number of ways. There’s the obvious cost of having to repair the networks, but then there’s also the risk of them inducing a variety of other expenses. Before you can fully understand the costs that a breach may present, you must have at least a vague understanding of the two main types of breaches.
Typical cost: $4.62 million
Ransomware breaches are quickly becoming one of the most damaging types of breaches out there. Ransomware is a type of covert software that a hacker installs on someone's computer to encrypt certain files and essentially hold them hostage until the owner pays the hacker a certain fee.
Typical cost: $4.24 million
There are many potential causes of data security breaches, meaning that it can be difficult to take preventative measures. Sometimes they can be caused by something as simple as accidental mishandling of vital, sensitive information.
How to Prevent Data Breaches
While there is no way to guarantee that you’ll be safe against data breaches, there are steps you can take to reduce the risks. One of the main causes of a data breach is simple human error. Therefore, the best way to defend against and prevent a data breach is to make sure people are aware of what not to do.
How can you Prevent Human Error?
As previously stated, there is no way to eliminate every single potential threat. That being said, here are a few things you can do to decrease the chances that a human error will result in cybersecurity breaches.
Firstly, make sure that all employees and leadership within your organization are always up-to-date and aware of the best security practices and procedures, as well as your company’s compliance regulations. An example of this is the Zero Trust security access model, which can save an average of $1.76 million in the event that a data breach does occur.
Secondly, look into a few methods of security automation. Every company is unique and will have equally unique security needs, so having the right tools and resources for your cybersecurity is a must. Trava is just one example of security software you could look into for security automation.
Examples of Security Breaches
To better help you understand the need for proper cybersecurity, let’s take a look at some of the most recent security breaches. Even if we just look at this year's security breaches, 2022 has several incidents to talk about.
Tiktok Alleged Hack
Date: September 3, 2022
The first example took place not long ago. Tiktok, a popular social media app, came into the news recently for an alarming reason. A hacker who dubbed themselves “AgainstTheWall '' declared that they had successfully hacked into Tiktok on a forum for data breaches. However, Tiktok quickly disputed these claims and three days later it came out that this “hacker” only managed to obtain information that was already available to the public. Fortunately, this hack turned out to be a farce.
Date: August 25, 2022
Group-IB, a fairly well-known cybersecurity company, revealed that they had been struggling with a months-long phishing campaign, which had compromised the security of over 130 companies that they were supposed to be protecting. The hackers were dubbed “Oktapus” due to the fact that they achieved their security breach by imitating the authentication service Okta.
Date: August 17, 2022
Apple, one of (if not the) most popular technology companies, recently released an update to their operating systems to fill in two holes in their security systems. One of these gaps in the security opened up the devices using said operating system to have harmful code and hacks executed on them.
There are many, many other instances to look at if you’re interested, but those are just a few of the most major ones.
How to Deal with Security Breaches
Since there’s no way to absolutely guarantee that your business won’t experience a cybersecurity breach, it’s important to know what to do in the event that you do become a victim. Here is a brief list of the steps you need to take, but you should do more research into the matter, too.
- Identify the Type of Breach
- Identify what it could potentially affect
- Call in the Professionals
Trava has the tools you need to stay on ahead of data breaches. Our powerful vulnerability scanner and risk assessment tools can pinpoint where your security is weakest and provide actionable reports to help you bolster your defenses. This can help you zero in on what type of employee training is most effective to limit the human error in your security. Trava is here to help, so schedule a demo today to get started.