An organisation’s ability to respond promptly to security incidents has a huge impact on the costs it incurs.
According to Ponemon Institute’s Cost of a Data Breach Report 2020, organisations that are able to detect and respond to an incident within 200 days save about $1 million (about £770,000) on average.
This fact – along with the alarming news that 1.5 million businesses in the UK suffered a data breach in 2019 – means that organisations must prioritise data breach identification.
The problem is that, with so much data being shared internally and among third parties, it can be almost impossible to keep track of when an incident has occurred.
Indeed, many organisations only learn that something has gone wrong when disaster strikes or if they’re contacted by a third party.
If they’re lucky, that person will be a well-intentioned cyber security researcher, who will let you know of the error when they discover it.
But if organisations are unlucky, the person who discovers the breach will someone in their supply chain telling them that their systems were breached.
Worse yet, it might be a cyber criminal contacting you directly to ask for a ransom payment for the information they’ve accessed.
However, by taking a proactive approach to incident detection, you have a much better chance of spotting a data breach before the costs escalate and your reputation is damaged.
That’s where BreachTrak™ comes in. This service, offered by our sister company DQM, provides breach monitoring support, enabling organisations to keep an eye on their data and discover unusual activity.
BreachTrak can help you monitor the Internet, email, phone and postal communications, and alert you whenever someone uses your data.
How does it work?
Once you create your BreachTrak account, you’ll be asked to identify the data to be tracked. This can be customer files, CRM records – i.e. any personal data that your organisation must keep secure.
You will then be supplied with trakker records that you can download and then insert into these datasets. We will then track the use of this data and provide updates on how it is being used
Data usage is recorded in your secure online portal, which you can access at any time, and alerts and rules can be customised to inform you whenever unusual activity is detected.
This gives you the opportunity to look at what has happened and determine if a data breach has occurred.
If that’s the case, you will know straight away how it happened and the extent of the damage. This gives you a huge head-start – and saves you time, money and effort – when it comes to rectifying the situation.
It will also be hugely beneficial in meeting your GDPR (General Data Protection Regulation) breach notification requirements.
The Regulation states that organisations must submit a detailed report of significant data breaches within 72 hours of discovery. With BreachTrak, the hard work of identifying the problem has already been done, ensuring that there will be no delays in your response.