{"id":7610,"date":"2020-11-03T09:38:06","date_gmt":"2020-11-03T14:38:06","guid":{"rendered":"https:\/\/www.itadsummit.com\/?page_id=7610"},"modified":"2020-11-03T09:38:06","modified_gmt":"2020-11-03T14:38:06","slug":"itad-blog-the-real-cost-of-a-data-breach-for-your-brand","status":"publish","type":"page","link":"https:\/\/www.itadsummit.com\/index.php\/itad-blog-the-real-cost-of-a-data-breach-for-your-brand\/","title":{"rendered":"ITAD Blog: The Real Cost of a Data Breach for Your Brand"},"content":{"rendered":"

\n\t\tITAD Blog\n\t<\/h1>\n

\n\t\tThe Real Cost of a Data Breach for Your Brand \n\t<\/h6>\n\t\t\t\t\t\t\t\t\t\t\"Data\"\n\t

ITAD Blog<\/h1>\n

THE REAL COST OF A DATA BREACH FOR YOUR BRAND<\/strong><\/h3>\n\t

While\u00a0technology\u00a0has expanded your\u00a0brand\u2019s reach, it has unfortunately created dangerous liabilities right along with it. Whereas once your data was once more or less safe within a filing cabinet, now all virtual records are at\u00a0risk\u00a0of falling into the wrong hands.<\/p>\n

A\u00a0data breach\u00a0can be a backbreaker for any brand. There\u2019s the immediate scramble to stop the bleeding, but well past the initial clean-up, the ripple effects can cripple a company for years.<\/p>\n

Being proactive against this threat is pivotal to any brand\u2019s survival in the 21st century. Recognizing the true cost of a data breach is but the first step to shore up your brand\u2019s vulnerabilities. Taking actions to ensure your defensive systems are well implemented will set your company apart and quite possibly save it when you find yourself under attack.<\/p>\n

Customer Trust Dwindles<\/h2>\n

Customer trust is the cornerstone of any brand\u2019s success, and a failure of\u00a0data security\u00a0impacts this all-important area immediately. Studies show that private data such as credit card and social security numbers are top targets and that\u00a048 percent of consumers\u00a0have cut ties with\u00a0brands\u00a0that have had a security breach.<\/p>\n

Anyone who has gone through\u00a0identity theft\u00a0can attest to how frustrating and time-consuming the recovery process can be. If the cause can be causally linked to a company\u2019s negligence, then harsh backlash will certainly follow.\u00a0It can take years\u00a0to properly build a loyal base of customers, and a data breach can dismantle this overnight.<\/p>\n

Sales and brand loyalty will surely be affected by a data breach, but the damage may extend far beyond these external aspects.<\/p>\n

Trade Secrets Are Out in the Open<\/h2>\n

Intellectual property is what gives you\u00a0an edge over competitors. It is one of few ways a smaller business can hope to contend with industry juggernauts who have more funding and experience. If these hard-earned secrets are spilled, there is not much that can be done to contain them again. The internet does not forget, and once made public, your secrets will remain so.<\/p>\n

Your supply chain sources, sensitive data, and all the details which make you stand out in the market can become diluted overnight. With the right team, you can find another angle in time and possibly recover. However, if the crux of your company\u2019s business model relies on a few key secrets, a single breach can do some serious damage.<\/p>\n

Suffice to say, a data breach can drive a promising day straight into the gutter and leave your business in pain for much longer. A data breach blows the doors off any sense of security for your customer base and is blood in the water to competitors. The best way to attend to both issues is to ensure your internal systems are prepared to meet the moment.<\/p>\n

Information is the Best Fortification<\/h2>\n

As any brand grows in scope, you become a more lucrative target, and there is no outright way to avoid this. It\u2019s inevitable a data breach attempt will be made on a long enough timescale. If you cannot dodge a blow, then your brand best learn to absorb it.<\/p>\n

Dale Walls, a founding partner of\u00a0Corsica Technologies\u00a0and past systems engineer for the United States Marine Corps, offered this recommendation in a recent email exchange: \u201cThere\u2019s no single solution which can stop data breaches; what you need is an overall roadmap and multiple redundancies as your defense. With the rise of remote work you have employees potentially using unsecured networks all over the world and, of course, there\u2019s always the more active threat of hackers as well. Your security system has to keep pace with these kinds of changes if you want to keep your data safe.\u201d<\/p>\n

Having information flowing and key metrics measured results in a well-balanced defense, which is harder to crack and quicker to respond. Know what your baseline statistics are for KPIs like intrusion attempts, access management, and the number of unidentified devices on internal networks. When you see suspicious activities that exceed these boundaries, you can clamp down immediately.<\/p>\n

Think of it as an immune system \u2014 it is impossible to anticipate every threat it may encounter over a lifetime. Having a higher overall level of health is within your control, however, and putting procedures in place for when the alarms sounds can make all the difference when time matters most. A healthy cyber defense system is one that speaks up when something abnormal occurs and has data readily on hand to tell you what happened.<\/p>\n

Information is part of the solution, but as with so much else with technology, it can be a double-edged sword. Once you have this kind of power at your disposal, knowing how much to dole out and to whom is the next step.<\/p>\n

Establish a Clear Hierarchy of Access<\/h2>\n

Internal trust within a team is key and restricting access to sensitive documents to essential parties naturally lowers your risk for a data breach. With fewer avenues of attack, the risk of exposure drops dramatically.<\/p>\n

The risk here is not so much about external predators,\u00a0but a lack of data access control. When lines are muddled, they are often crossed, and once data has slipped beyond the grips of your company, it is vulnerable to unaccounted risks. Whether or not it is intentional is not relevant when the disastrous results are the same.<\/p>\n

Does every part-time worker need access to big-picture company strategies and revenue projections? Probably not, and your data access should reflect this. Create\u00a0a data control system\u00a0in advance and refer to it when you come to these crossroads. This will ultimately save your company time and ensure that only those who need to know, know.<\/p>\n

Transparency is important\u00a0and now it might be easier to simply click share all. Before you do so, though, take a minute to consider who really needs access to data and how the data\u2019s exposure could potentially jeopardize your brand.<\/p>\n

Data has become a valuable currency, and just like the money it represents,\u00a0it requires its own version of an alarm system before would-be robbers reach the vault. By being aware of the risks and fortifying your brand\u2019s defenses well before they are tested, you can avoid or endure a data breach without it being the end of your brand.<\/p>\n

 <\/p>\n

Author: The Entrepreneur<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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