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How to plan for a data breach in today's cybersecurity climate

Business leaders and key decision-makers must come to grips with a very uncomfortable truth: Network breaches are likely unavoidable. Yes, there are defenses that organizations can put up to lessen the probability of such an attack, and these steps should absolutely be taken whenever possible. However, given the vast number of threats lurking in cyberspace and security vulnerabilities that are discovered every day, there's just no way to fully lock down an organization's network. The threat has become so pressing that Infosecurity Magazine recently dubbed 2014 "The Year of the Data Breach."

The media outlet came to this conclusion in part as a reaction to a recent cybersecurity study. That report discovered that more than 10 million personal records, including account credentials, email addresses and phone numbers, were exposed to unauthorized users within the first seven months of the year. Of further concern is the fact that data thieves were able to access so much information through approximately 400 breaches. A single intrusion can result in the loss of a great deal of valuable and sensitive data.

Data breaches remain incredibly expensive
The cost of a data breach can be extraordinary, so it's important that businesses take steps to mitigate the damage. Organizations spanning just about every industry and vertical have dealt with the aftermath of a massive breach, leading to unplanned costs that cut into revenue streams. For instance, Schnuck Markets, a Midwest-based grocery store chain, recently settled several lawsuits filed by customers who were affected by a 2013 data breach. According to SC Magazine, the corporation will be required to compensate affected individuals for certain expenses and losses. It should be noted that Schnuck's insurance company has previously denied that the organization's policy covered breach-related legal costs.

Beyond the upfront and legal expenses related to a data breach, there are other losses that businesses need to consider. When an intruder is able to get his or her hands on sensitive content that is supposed to be secured, the victim's client base may have their confidence shaken. In many cases, organizations that expose customer information are not given a second chance by those affected by the breach. The Ponemon Institute released a study earlier this year which found that certain industries are more likely to experience a spike in churn following a network intrusion. Pharmaceutical companies, financial service providers and healthcare organizations rounded out the top three as the verticals that saw increased customer attrition rates. Meanwhile, the public sector saw the lowest levels of churn, likely due to the lack of any real competition for users to flock to.

Mitigating the effects of a breach
The key takeaway seems to be that companies in highly competitive industries that store sensitive customer information should take every possible step to prevent cybercriminals from getting their hands on that data. While it may be difficult to keep all intruders at bay, businesses leaders can lock down stored data and make it virtually impossible for thieves to actually read those files. Encryption has become a highly prized commodity among cybersecurity experts as it provides a much-needed last line of defense against would-be cybercriminals. What good is a stolen document if thieves can't even access the customer information stored within?

For today's active organizations, encryption must extend to all forms of data including when it is both at rest and in transit. SSL certificates enable businesses to safely send sensitive information across networks without worrying that an intruder will intercept data on the move. Electronic health records, financial transactions and many more sensitive transmissions can be secured in this manner. With the threat of an expensive data breach hanging over every industry, businesses of all types should have SSL certificates in place to protect important information.

Prevent a costly data breach with SSL encryption today.

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