Data breaches remain a significant concern in today’s digital landscape, affecting companies of various sizes and sectors, according to a new report.
Recent statistics from 2023 highlight a substantial increase in such incidents, with over 1,200 data breaches reported by the Information Commissioner’s Office (ICO). This figure marks a 25 per cent rise compared to the previous year.
One particularly alarming trend is the prevalence of ransomware attacks.
In 2023, 75 per cent of organisations experienced at least one ransomware attack. Phishing attacks are similarly pervasive, with 84 per cent of UK businesses encountering at least one phishing attempt within the same period. Despite the growing threat, many companies still need to be prepared.
The Cyber Security Breaches Survey revealed that only 31 per cent of businesses conducted a cyber security risk assessment last year. This finding is significant given that the average cost of a data breach is approximately £3.4 million.
The issue underscores the importance of stronger cyber security measures and learning from past incidents. Several key lessons can be drawn from data breaches, aiding organisations in fortifying their defences against future threats.
Firstly, businesses need to acknowledge the critical importance of data protection. “Data is one of their most valuable assets,” the report said.
The financial repercussions of a data breach are considerable, including monetary fines and reputational damage. Companies must make protecting sensitive information a top priority.
Secondly, maintaining basic cyber security hygiene is vital. Regular software updates and patches, strong password policies, and antivirus solutions are essential to stave off potential breaches. The report said many incidents occur due to overlooked vulnerabilities that could have been addressed through routine maintenance and vigilance.
Insider threats also require significant attention. These threats can emerge from employees through either malicious intent or mere negligence. As a result, strict access controls and continuous user activity monitoring are necessary. Organisations should stress the importance of data security through employee education and regular background checks.
The speed and effectiveness of the response are crucial in the event of a breach. Delays can exacerbate the damage, making it essential for businesses to have a clear incident response plan. This plan should include immediate steps to contain the breach, assess the impact, and communicate with affected parties, the report said.
The ICO called on companies to have an indispensable, robust disaster recovery plan. Such a plan ensures that a business can swiftly restore operations and reduce downtime following a breach.
This preparedness involves regular backups of critical data, a transparent chain of command, and predefined roles during an incident. Simulating breaches through testing the recovery plan can also enhance readiness.
The ICO said organisations should implement strong access controls to bolster cyber security practices and prevent data breaches. Ensuring that only authorised personnel access sensitive information can significantly reduce the risk of unauthorised access. Multi-factor authentication (MFA) adds an extra layer of security.
Encryption is also essential — encrypting data both at rest and in transit ensures that even if such data is intercepted, it remains unreadable without the decryption key. This makes it more challenging for unauthorised users to access sensitive information.
The ICO calls for companies to adopt better network segmentation, which involves dividing the network into smaller isolated segments, which can limit the spread of a breach. This method makes it easier to monitor network traffic and detect anomalies swiftly. It also contains any attacks within a specific segment, preventing them from impacting the entire network.
