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We all know the saying that time is money. And in the case of how much data breaches cost businesses, this is especially true. The average cost of a data breach reached an all-time high in 2023 of USD 4.45 million1, with the manufacturing sector being one of the hardest hit. For small businesses, it’s still an average high of $105,000.00.
On average, companies take about 197 days to identify and 69 days to contain a breach, according to a 2023 IBM Data Breach Report. This lengthy amount of time costs businesses millions of dollars. Companies that contain a breach in less than 30 days save more than $1 million in comparison to those taking longer.
It is also important to be forthcoming in disclosing a data breach. Companies that don’t face major fines and put themselves at risk of lawsuits from consumers and independent agencies.
In addition to financial loss, customer and employee trust, as well as the company’s reputation, is damaged.
To add insult to injury, following a cyber breach, companies often need to invest in strengthening their cybersecurity infrastructure, implementing additional security measures, and training employees to prevent future incidents. These costs can be substantial and ongoing.
To mitigate these consequences, companies are encouraged to invest in robust cybersecurity measures, conduct regular risk assessments, and develop incident response plans to address and recover from potential breaches.
Preventing cybersecurity breaches requires a comprehensive and proactive approach. Here are key steps that organizations can take to enhance their cybersecurity and reduce the risk of breaches:
Develop and enforce comprehensive cybersecurity policies and procedures. And clearly communicate these policies to all employees and ensure they are aware of their roles and responsibilities. This includes regular training for employees on cybersecurity awareness.
Implement the principle of least privilege to restrict access to systems and data. Only provide employees with the minimum level of access necessary to perform their job functions. You should also encrypt sensitive data, both in transit and at rest, to protect it from unauthorized access in case of a breach.
Regularly update and patch all software, including operating systems, applications, and security software, to address known vulnerabilities. You should also install and maintain firewalls to monitor and control incoming and outgoing network traffic. Another procedure is to conduct regular security audits and vulnerability assessments to identify and address potential weaknesses in the organization’s infrastructure.
Robust antivirus and anti-malware solutions should also be installed on all devices to protect against malicious software.
Regularly back up critical data and ensure that the backup systems are secure. Also, secure wireless networks with strong encryption protocols and use unique and strong passwords for access. Regularly update Wi-Fi passwords and consider using a separate network for guests.
By implementing these measures and staying informed about the latest cybersecurity threats and best practices, organizations can significantly reduce their vulnerability to cyberattacks. Keep in mind that cybersecurity is an ongoing process, and regular updates and improvements are essential to adapt to evolving threats.
Caster Concepts Inc. has a Cybersecurity Maturity Model Certification (CMMC) Level 1 assessment based on the U.S. Department of Defense Industrial Base Cybersecurity Assessment Center (DIBCAC) requirements.
We use a Security by Design approach to cybersecurity based on prevention. This includes providing clients with encrypted channels of communication while protecting their data, designs, and intellectual property.
JUSTIN POWELL
Justin Powell, IT Manager of Caster Concepts, has shared some of the latest security updates that we have implemented as a company. These include:
1. Replaced all network infrastructure with the latest hardware
2. Implemented security cameras within our facility
3. Upgraded to a Next Gen Antivirus (NGAV)
4. Implemented Security Operations Center management
5. Virtualized several non-virtualized servers into an HCI (Hyper-Converged Infrastructure) cluster to improve backup efficiency and methodologies
6. Implemented a Security Event and Incident Management (SEIM) solution to detect, analyze, and respond to security threats before they harm business operations.
7. Provided cybersecurity training to all administrative-level staff. (Ninjio)
8. Implemented MFA on our VPN to add another layer of security, preventing potential hackers from gaining access to our network using compromised user credentials.
“In today’s environment, online security is essential to a company’s success,” said Caster Concepts CEO Bill Dobbins. “Implementing the highest standards of cybersecurity ensures the future of the company and the safety of our clients and their information.”
