The Rise of Cybersecurity: Is a Future Without Breaches Possible?

The Rising Cost of Data Breaches and the Paradigm Shift in Security

The Cost of Data Breaches

According to IBM’s latest “Cost of a Data Breach Report,” the average cost of a data breach has risen to nearly $4.5 million per incident globally. While the theft of data is the most obvious consequence of a breach, the impact extends far beyond that. Lost profits and damage to corporate reputation can cause significant and long-lasting harm to businesses. The consequences of a breach can erode customer trust, lead to declining stock prices for public companies, and force businesses to raise prices to compensate for lost profits. The effect of a data breach can be felt long after the initial incident, affecting all areas of a business.

Imagining a Future of Harmless Breaches

However, what if breaches no longer had such a massive impact? Imagine a future where a breach is harmless, not because they don’t occur, but because the data remains safe and uncompromised. In this scenario, a company is infiltrated, attackers gain access to the network or even an employee’s device, but the data remains protected. As a result, the reputational fallout is minimal, and organizations can confidently assure customers that their data was safeguarded despite the breach. This ideal future is entirely possible, but it requires a paradigm shift in the way organizations approach cybersecurity.

A Paradigm Shift in Security

The Ineffectiveness of Traditional Security Strategies

For many years, the dominant approach to security has been centered around building defenses around the network perimeter, aiming to keep bad actors out. However, this approach has proven to be insufficient as cybercriminals find ways to bypass these defenses. Additionally, the growth of endpoints and more distributed workforces led to an alternative strategy of securing devices. However, device-based security has its limitations, particularly when it comes to third parties with access to enterprise assets. The traditional focus on networks and devices alone is no longer effective.

Building Security Around Data

Instead, it is time to shift the focus to building security around the data itself. This model involves embedding granular security controls around digital assets to ensure their intended use. These controls travel with the data wherever it goes, inside or outside the enterprise, regardless of how it is shared or stored. This approach allows organizations to retain visibility and control of their sensitive assets, even when collaborating with third parties. By securing the data rather than the network or endpoints, organizations not only protect their critical assets but also proactively mitigate the impact of any future breach.

Five Steps to Reduce the Impact of Breaches

Here are five steps security professionals can take to reorient their cybersecurity strategy and reduce the impact of breaches:

1. Communicate the Need for Change

Before transitioning to a data-oriented model, it is crucial to gain buy-in from the executive team. Security professionals should communicate to executive leaders why this paradigm shift is necessary. By referencing recent well-known breaches and highlighting their financial and reputational consequences, security professionals can demonstrate the urgency for change. They should emphasize the broader benefits, such as better compliance, to resonate with non-technical stakeholders.

2. Know and Classify Your Data

After receiving executive buy-in, organizations should identify their most valuable data and classify it accordingly. Understanding the purpose, format, location, and users of the data is essential for effective classification. This step enables organizations to prioritize their security efforts and allocate resources accordingly.

3. Develop Continuous Data Protection Policies

Organizations must develop policies that continuously protect their data. By considering the lifecycle of data, including who uses it and how it is used, organizations can address different levels of risk associated with different types of data. Collaborating with real users of the data ensures the creation of usable and effective processes.

4. Automate Data Protection

Automation is a crucial element of data security, as it helps prevent human error or oversights. Organizations should consider automated practices such as classifying data from certain users or teams or monitoring for specific information mentions, such as financial statements. Automation reduces the likelihood of accidental data exposure or mishandling.

5. Solicit Feedback and Prioritize Usability

Rigid security policies can impede productivity and lead to frustration among employees, increasing the likelihood of circumvention. Including employees outside of the security team in feedback initiatives helps identify areas where flexibility is needed and facilitates adjustments to workflow processes. Prioritizing usability ensures that security measures do not hinder essential business activities.

Conclusion

A single data breach can have catastrophic consequences for a company, affecting its financial standing and reputation. However, a paradigm shift in security approaches offers the possibility of rendering breaches inconsequential. By focusing on securing data rather than networks or endpoints, organizations can better protect their critical assets and mitigate the impact of future breaches. To achieve this, security professionals must ensure executive buy-in, classify data effectively, develop continuous protection policies, automate where possible, and prioritize usability in their security strategies. Through these steps, organizations can move towards a future where data breaches are no longer synonymous with financial and reputational ruin.