Is Your Organization Prepared to Manage the Threat of a Data Breach?

According to SupplyChainDigital and a recent report from IBM, data breaches have hit an all-time high, with suppliers being particularly vulnerable due to interconnectedness with third parties. Fifteen per cent of survey respondents who had a data breach were the result of a business partner supply chain attack. These breaches cost 11.8% more and take 12.8% longer to identify and rectify than other types of data breaches.  

Canadian companies rank 3rd globally with respect to the highest average cost of a data breach at approximately $5 million USD, although this is down slightly from the prior year.  

Included in the report are 4 recommendations to help reduce the cost of data breaches, including: 

  1. Incorporating security measures in every stage of your software development and implementation 

  1. Modernizing data protection 

  1. Using security AI and automation 

  1. Understanding your exposure and having an incident response plan in place  

Does your organization have an incident response plan to help reduce the time and financial impact of a potential data breach? Do you plan to create one?  

Share your thoughts on this topic with Lauralei at lheggie@hrai.ca. We may use your input to help us create a webinar or other educational opportunities about this trending topic.   

 

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