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Cybersecurity: How your business can reduce the cost of a data breach

In an ideal world, there would be no such thing as a data breach. Try as they might, cybercriminals would be thwarted by your business’ up-to-date cybersecurity strategies, your cybersecurity awareness training and your plugging of all possible cybersecurity holes.

Of course, unfortunately, cyberattacks and data breaches still occur. This isn’t to say that employing the best possible cybersecurity measures isn’t a great idea. It is. But planning should go beyond prevention to mitigation, should the unthinkable occur.

Effects of a cyber-attack and data breach

The effects of a successful cyber-attack can be catastrophic, particularly for SMBs unprepared for this event. The consequences of a breach can be not only financial, affecting your bottom line (as well as causing downtime, loss of productivity and decreased morale), but also impact your business reputation, reducing trust in your company name. A successful data breach can also leave your business open to legal liabilities.

How to prevent and mitigate cyber attacks

Prevention is, of course, preferable to mitigation. Making cybersecurity an ongoing process is the best way to not only reduce the likelihood of an attack, but may also reduce the damage should an attack occur:

  • Ensure you have a comprehensive cybersecurity plan
  • Keep software updated with the latest security patches
  • Use best-in-class antivirus software
  • Secure devices from hackers with firewalls, complex passwords and multi-factor authentication
  • Educate your employees about the risk of cyberattacks with training and ongoing support

How to reduce the impact of a data breach

The best way to reduce the impact of a data breach is to be 100% ready to contain it. This means not only having a comprehensive incident response (IR) plan, but also practicing it. Having a practised IR plan reduces the cost of a data breach. You and your employees will have a set of instructions should any cybersecurity incident occur, and containment will be a well-rehearsed step-by-step process. (Not a chicken-with-its-head-cut-off chaos!)

Using the right security tools can also reduce the impact of a cybersecurity incident. Tools such as advanced threat protection (ATP) deploy security AI and automate the response to any threats detected (quarantining potentially malicious files, for instance). Using a hybrid cloud approach may also lessen the impact of a breach, offering agility and flexibility should you need to pivot your business following an attack. 

Small businesses must be ready for cyberattacks – contact Geelong’s cybersecurity experts for help

For many small business owners, the threat of a cyberattack may seem remote. Thinking you’re not a target, however, is a huge mistake. Cybercriminals will often attack the weakest targets. And often, the weakest targets are small businesses whose cybersecurity measures are not up to scratch.

Now is the time to review your defences, boost your security and create mitigation plans. For assistance with a multifaceted solution that involves infrastructure assessment, awareness training, cybersecurity measures and IR plan implementation, give Geelong Technology Group a call.

We service Geelong, the Bellarine Peninsula, the Surf Coast, Golden Plains, Colac, Warrnambool and beyond, so get in contact today!

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