Abreast unabated cloud adoption, the cost of security incidents and data breaches are on the surge. Most organizations that have embraced digital transformation are well aware of the data security breaches. However, according to exemplary security breaches of leading tech-savvy organizations, no security measures are completely infallible to incidents. While organizations continue to gather employee and customer data, chief audit executives are highly concerned about governing and protecting it.
Recently, Gartner conducted surveys of client organizations, from across its network worldwide, for identifying the most vulnerable risks facing audit committees, boards, and executives. Approximately 80% executives believe that organizations will lack competitive advantage unless they utilize their data effectively. Also, over half the organizations worldwide lack a dedicated budget and a formal governance structure for their data.
What Measures Must Organizations Take to Lower Remediation Costs?
An incident response strategy commonly involves 6 key phases, namely, readiness, detection, containment, elimination, recovery, and insights. In context of reducing the remediation cost of data breaches, the ability of organizations to detect, contain, and spread awareness of the breach in real-time must be their key focus area. Once the awareness has been spread, organizations can forge ahead to ensure the elimination of identified breaches and get their systems up and running.
It is imperative that organizations use technologies that offer complete visibility into the compromised data and relevant events that occurred before incidents. This helps the organizations speed up the detection phase. Organizations must begin with having a concise data inventory, information and secured access to its location, and a methodical presentation of their data. This inventory can be used by organizations in case of impact on a certain server, to make informed assessments of the compromised data.
A robust data classification allows organizations to streamline the process of allocating access to all critical assets. It is imperative that along with a data classification solution, organizations ensure to possess a comprehensive log of events that concern their sensitive data. While organizations adopt such solutions, there involves an upfront cost at the beginning. This helps organizations disclose all details of security incidents to the regulatory authorities in an efficient manner, thereby saving a significant amount of time and money compared to the initial investment.
It’s important for organizations worldwide to take proactive approaches to data breaches. This will help them accelerate response times, mitigating as much damage as possible. Organizations can track suspicious activity in real time, to quickly identify and prevent possible threats, by implementing solutions like Cloudlytics.
To Sum Up
The chief executive officers are also keen on risks circling digital transformation and increasing organizational complexity. It is critical to have a robust risk management platform for organizations to identify, mitigate, and respond to possible disruptions. Unless organizations do not work continuously on reinforcing their risk management, they will keep facing hindrances in recovering and rebounding from inevitable disruptions in business.