cybersecurity risk management

Cybersecurity Risk Management and Data Loss Prevention Tips

Companies now need a good cybersecurity risk management plan. For one thing, data breaches are on the rise today.

But, how can companies do manage these cybersecurity risks? In this article, we will cover the best tips on data loss prevention.

Read on to learn more.

The Need for Cybersecurity Risk Management

On average, it takes organizations 191 days to identify data breaches. And during that long time, they can suffer many losses.

If companies can’t protect their data, they can lose their sensitive data. Cybercriminals can also get hold of that information.

But, they can prevent that from happening if they can learn how to manage cybersecurity. One way of doing so is to have Data Loss Prevention (DLP) strategy.

But, what is DLP?

What Is Data Loss Prevention (DLP) in Cybersecurity Risk Management?

Data Loss Prevention detects potential data breaches. It works by monitoring, detecting, and blocking sensitive data while

  • in use
  • in motion
  • at rest.

It is also the same with Data Leakage Prevention, but DLP is more used in solutions nowadays.

One of the main functions of a DLP strategy is to prevent exposing sensitive data to unauthorized parties. These can be anything that your company wouldn’t want to expose to other people.

For example, entries on a spreadsheet containing employee names and Social Security numbers. Or, a document describing the secret formula for a brand of a juice drink.

Today, many organizations are at risk for cyberattacks like data breaches. Because of the COVID-19-themed threats, it’s important to stay alert.

Unfortunately, data breaches are expensive. And now that businesses and companies are barely holding on because of the crisis, they can’t afford to suffer from breaches.

For one, the average cost of a data breach to companies worldwide is $3.86 million. And it will increase as the threat landscape widens.

Data Loss Prevention Tips to Manage Cybersecurity Risk

Here are some of the best practices to prevent data breaches and manage risk:

Identify your company’s assets

Know thy business. Recognize your company’s crown jewels. This could be a source code or formula.

By knowing what data is critical to your organization, you can also learn what you can do to protect it. Now, security teams can use the top-down approach.

Research Multiple Vendors

You don’t have to manage cybersecurity risk alone. Know that you can ask for help from many security vendors. But, you need to know which vendor matches your needs.

So, find out the best for your company. Then, gauge their satisfaction with the support you can get.

Conclusion

The success in your cybersecurity risk management depends on how well you planned and applied it. In this article, we discussed that companies should give guidance to employees.

It is also important to know and understand the organization’s business model. Of course, identifying what you need to protect can also help. As mentioned, it’s the first step to knowing how you can secure your data.

By understanding the basic principles of cybersecurity risk management and data loss prevention, you can be successful in having good cybersecurity.

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