Keeping It Under Control: 5 Ways to Minimize the Risk of a Data Breach

December 16, 2018December 19, 2018 Geekopedia 0 Comment Breach, Contract, Cost, Data breach, Federal, Loss, Risk, Security, Vendors

In a study sponsored by Experian Data Breach Resolution, the Ponemon institute is asking you whether your company is ready for a big data breach or not.

The study reveals the meaning of big data breach and this is what they define it as; “the loss or theft of more than 1,000 sensitive or confidential records, are losing customers and business partners, as well as the negative public opinion and media coverage that result.”

But the question is, how do companies or organizations make sure there is no such risk of data breach within their companies? Below are 5 ways to minimize the risk of a data breach:

1) Third-party Contracts and Vetting

Many companies will try to be cautious before they give sensitive data to their suppliers or any business partner. Experian reveals, “Fifty-four percent of respondents vet the privacy and data protection practices of vendors before sharing data with them.”

In addition to that, it is said that 65 percent apply the model or standard terms when dealing with their suppliers. This is a brilliant idea when it comes to securing your data so that you don’t be a victim of data breach.

2) Breach Preparedness Plan

There is always the possibility of risk when breach occurs. “A breach preparedness plan, which 61 percent of the study respondents have, helps companies act quickly to activate all the resources and take the necessary steps to respond to an incident”, the Experian reveals.

The sad news though is that when you have no plan in place, you can never avoid the negative impact when the breach occurs. And the truth is that if you have no plan in place, you will have to take a long time to respond to any data breach within your company. It will be too late, which may cause your company serious losses.

3) Dedicated Breach Response Team

In the study by Ponemon, 67 percent of the respondents were reported to have a dedicated team that deals with breach of data. 55 percent though were found to comprise a cross-functional team, which comprise of people across many departments.

Sadly, only 4 percent of the departments have a Chief Security Officer that takes care of data breaches. Chief Security Officers have been found to reduce data breaches by 35 percent – according to Cost of a data breach study.

4) Outside Vendors Engaged

State and federal agencies require companies and organizations to handle data breach in a timely manner. You can hire professionals or experts to help you handle data breaches in a timely manner. They will make the process easy and help you know how to deal with the loophole leading to the breach. You can also seek the help of Ivrnet.

5) Understanding State and Federal Requirements

It is always important to abide by what the state and federal agencies expect of you. “Sixty-four percent of study respondents have a process in place to determine and/or monitor requirements for state and federal disclosures.”

Wrap Up

The importance of preventing data breach within your organization is simple. It just helps you maintain the secrets of your company or organization that could help a competitor overcome you. So, these 5 hacks will help you if you implement them.