Three Key Reasons behind the Increasing Data Breach Costs

Cloud environments offer organizations with numerous security benefits by lowering security system issues and accelerating response times to incidents.

FREMONT, CA: There has been a significant increase in the data breach costs over the last six years. Companies that implemented advanced security program experiences lower average data breach costs. Those without such programs struggled with a higher price.

Here are three areas that affect data breach costs and steps to reduce them:

Cloud-based Expertise Pays Dividends

Organizations need to be informed of their cloud security. Cloud misconfiguration is one of the most common sources of data breaches caused by malicious attacks. Cloud environments offer organizations with numerous security benefits, and help lower security system issues, accelerating response times to incidents.

Migrating to the cloud is advantages for many organizations, however, they need to carry out cloud migration properly by using managed security services to reduce the average cost of data breaches.

Security Automation and Incident Response Work

Having an effective, efficient security control in place to protect against data breach can lower the cost of an attack. Security automation which includes SIEM tool that uses artificial intelligence, machine learning, analytics and automated orchestration, can have a major impact on the average cost of a data breach.

However, many organizations still have not fully deployed security automation.

Time is Important when it Comes to Data Breaches

More prolonged breaches mean higher costs, thus accelerating identification can lead to lower prices. Security automation can also lower data breach costs on average and boost the detection and containment of breaches. Loss from customer turnover, regulatory and legal fines can also lengthen the breach costs. Thus, organizations need to be prepared to pay for data breaches for years after the event.

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