Data breaches have become a major cause of headaches for IT and business owners. With cyberattacks growing increasingly sophisticated, it is a well-known fact that businesses need to prioritize their cybersecurity efforts in order to prevent data breaches and even potential ransomware attacks.
A noteworthy example of a data breach occurred in February 2023, when Atlassian, an Australian software company, fell victim to a targeted attack. The hacking group known as “SiegedSec” managed to infiltrate Atlassian’s systems and gain access to sensitive information, including employee data and floor plans for offices in both San Francisco and Sydney.
Similarly, in September 2023, Optus, Australia’s second-largest telecoms company, faced a significant data breach. Reports revealed that approximately 2.1 million customers had their government identification numbers compromised, while all 9.8 million customers had personal information such as email addresses, dates of birth, and phone numbers exposed.
Adding to the list of the latest data breach incidents, in March 2023, Australian consumer lender Latitude Financial disclosed a staggering breach that resulted in the theft of 14 million customer records.
These high-profile incidents serve as cautionary tales and highlight the critical importance of preventative measures for businesses of all sizes. With data breaches posing a significant threat to companies and their customers, implementing robust security protocols and remaining vigilant in the face of evolving cyber threats is paramount.
These notable incidents should serve as a warning to all businesses about the importance of implementing strong cybersecurity measures. Data breaches pose a significant threat that can harm both companies and their customers. In fact, according to IBM’s Cost of Data Report 2022, the average cost of a data breach is USD $4.35 million. This figure represents a 2.6% increase compared to their report in 2021.
Given these concerning incidents, there have been numerous solutions and suggestions circulating on the internet regarding the prevention of data breaches. However, let’s be realistic: can data breaches truly be prevented?
Most security experts concur that there is no single solution that can guarantee absolute protection against cyber attacks and data breaches, especially considering the ever-evolving nature of threats.
In reality, prevention revolves around minimizing exposure and risk through the implementation of multi-layered security practices.
To gain a better understanding of data breaches and what business owners can do to mitigate the risks, let’s delve into what data breach is, and explore several common causes.
What is a Data Breach?
IBM defines a data breach as an event in which an individual’s name, medical records, financial records, debit card information, or a combination of these records are potentially put at risk. These records, whether in electronic or paper format, can be compromised, opening doors to malicious activities that can harm both the company and its customers.
The most common targets for a data breach are:
- Company records, which are often targeted to be sold on the dark web or held for ransom.
- Financial information, which can be exploited for fraudulent purchases within the business.
- Customer data, which holds value on the dark web for creating false identities and carrying out fraudulent transactions in customers’ names.
The cause of data breaches
We’ll make it as simple as possible. Human error.
Human error stands as a significant contributor to data breaches, and a prime example is the act of unknowingly clicking on a phishing email, which can result in a substantial breach within a company’s system and database. Weak or lost passwords also play a role in this category of human error, further exposing vulnerabilities that hackers can exploit.
Application Vulnerabilities & Malware
Hackers are always on the lookout for software applications that are poorly written or network systems that are poorly designed or implemented. These vulnerabilities create opportunities for hackers to exploit and gain direct access to sensitive data.
In March 2023, a security advisory was issued by Unified Communications vendor 3CX, informing their customers that their desktop app had been compromised. According to the advisory, the compromise was attributed to a third-party software library that had been incorporated into their app. This incident serves as a reminder of the crucial need to thoroughly evaluate and secure all parts of software applications. By doing so, businesses can effectively prevent unauthorized access and potential data breaches.
Social Engineering
If you have received suspicious emails that appear to be from a legitimate organization, these are likely to be examples of social engineering. Social engineering involves external attackers attempting to deceive users into revealing sensitive information or taking actions that compromise security policies. It is a commonly employed tactic in cyber attacks, as users are often the weakest link in an organization’s cybersecurity defenses.
Insider Threats
Insider threats are a risk for all types of businesses and organizations, just like cyber attacks. These threats can come from employees, contractors, or business partners who have authorized access to networks, systems, or data. The problem is that insiders can bypass security measures using their legitimate access, making it difficult for organizations to detect or stop them.
How can businesses prevent data breaches?
Prevention is better than remediation.
Although there’s no 100% assurance that data breaches can be prevented, having a comprehensive, multi-layered cybersecurity strategy is a company’s best bet to minimize the chances of any breaches occurring.
Cybersecurity awareness training
Cybersecurity awareness training is a crucial aspect to address human error, which is one of the leading causes of data breaches. It’s important to recognize that employees can either be the weak link in your cybersecurity program or the first line of defense. Even with additional security measures in place, they can be easily deceived and unknowingly give away their credentials through a phishing scam. Therefore, investing in cybersecurity awareness training for employees is essential to enhance their knowledge and vigilance, empowering them to identify and mitigate potential threats effectively.
Invest in Email Security
Alongside cybersecurity training, having reliable email security measures is a must-have nowadays. A single click in an inbox can open the door to multiple intrusions, seriously harming businesses. Furthermore, email security can protect businesses against other cyber threats, such as malware and ransomware infections, and ensure regulatory compliance.
Implement Access Controls
One crucial step in preventing data breaches is to set up strong access controls within your organization’s system. Access controls act as a protective shield, determining who can access sensitive data and what they can do with it. By implementing robust access controls, you can significantly reduce the chances of unauthorized individuals getting their hands on valuable information, thus protecting your organization’s data assets.
Zero Trust Network Activity
In addition to implementing access controls, adopting a Zero Trust approach to network activity can further enhance your organization’s defense against data breaches. The traditional perimeter-based security model, where trust is placed solely on users within the network, is no longer sufficient in today’s sophisticated threat landscape. A Zero Trust model operates on the principle of “never trust, always verify.” It assumes that every user, device, and network component could be compromised and requires continuous verification of identity and authorization. By implementing a Zero Trust framework, you can create multiple layers of authentication and access controls, ensuring that only authenticated and authorized individuals can access specific resources. This approach minimizes the potential impact of a breach by limiting lateral movement within the network and providing granular control over user privileges.
Protect your endpoint devices
In the ever-evolving landscape of data breaches, securing your endpoint devices is paramount to safeguarding sensitive information. Endpoint devices, such as laptops, smartphones, and tablets, are often the primary entry point for cyberattacks. To prevent data breaches, it is crucial to implement robust security measures specifically designed for these devices. Start by ensuring that all endpoint devices have up-to-date antivirus and anti-malware software installed. Regularly applying security patches and updates further strengthens their resilience against emerging threats. Additionally, enforcing strong password policies and enabling multi-factor authentication on all endpoint devices can significantly mitigate the risk of unauthorized access. Furthermore, data encryption and remote device-wiping capabilities provide an additional layer of protection in case a device falls into the wrong hands.
Implementing the cybersecurity tips and best practices we mentioned is crucial for organizations seeking to prevent data breaches. However, it is essential to recognize that human activity remains a significant factor in data breaches. Even with robust technological measures in place, a single human error or lack of awareness can compromise an organization’s security. Therefore, fostering a culture of cyberawareness and providing regular training to employees is vital to every business. By combining strong cybersecurity measures with a knowledgeable and vigilant workforce, organizations can significantly minimize the risk of data breaches and protect their valuable information assets. Remember, prevention is always better than dealing with the consequences of a data breach, and a proactive approach to cybersecurity is the key to success.
