Cybercriminals operate around the clock, and in many cases their efforts are successful. You only need to look at the rising number of data security breaches to understand how true this is. At present, the cybercrime economy is worth an astonishing $1.9-trillion, and it is organizations such as yours who are footing the bill.
One way to prevent your business from lining a cybercriminal’s pocket is to invest in a solid data security plan. If you’re still not convinced, it’s time to learn more about how a data security plan can save you time and money.
Timely responses to threats
On average, it takes 50 days for a security breach to be discovered. Depending on the nature of the breach, each day that goes by could cost you a significant amount of money. And, there’s a chance it’ll waste a lot of your time too. The longer a breach remains unaddressed, the more work you’ll have to do to secure your systems and pacify key stakeholders.
Using ongoing threat intelligence is one way to speed up the discovery of breaches. Ideally, no breaches will happen at all. Well, threat intelligence proves useful there too. It analyzes patterns of risk to strengthen your security and make it harder for cybercriminals to be successful.
A better understanding of your data
Information security plans (ISPs) include an ongoing assessment of your data. They look at the categories of data you’re collecting and how it’s used. This can include everything from insider information to employee and customer data.
The financial ramifications associated with ongoing data loss can vary according to each category. With your ISP, you can plan for losses according to different categories and form a disaster response accordingly. With a well-researched disaster recovery plan, balancing the financial repercussions of data breaches becomes easier and the accuracy you gain could help your business remain solvent.
Avoiding significant fines
Data breaches result in financial losses in various ways. One of those ways is the fines you attract if you’re not compliant. Staying compliant with your industry’s guidelines protects data and guards your company in the event of a loss. Without a solid data security plan, you may lack the research that’s needed to maintain compliance.
A great data security plan will always consider industry compliance. Although this prevents all financial losses in the event of a breach, it can prevent a fine that could ruin your organization. Additionally, it will protect your reputation, which can make a big difference when securing ongoing business.
Preventing costly downtime
When someone acts to eliminate your data, the time you spend recovering can become fatal. If your security plan doesn’t include timely backups, you’ll find yourself reproducing a significant amount of work. Consider whether losing even 24 hours of data is likely to harm your company. That means losing 24 hours’ worth of revenue and progress.
With excellent data backup plans, you can avoid costly downtime. As a result, any losses you experience will cost your company less.
Using a solid data security plan, you can reduce downtime, prevent loss of productivity, and save money. Now, all you need to do is create a plan that achieves all that.