Although 2023 was by all measures a record-breaking year for cyberattacks, the new year has already surpassed all previous high-water marks, setting the tone for what will certainly be another unprecedented year of cyber incidents. In late January 2024, a cybersecurity researcher discovered a supermassive leak of over 26 billion records—a so-called “mother of all breaches” (MOAB) containing 12 terabytes of private user data from multiple online platforms, including LinkedIn, Twitter (now X), Weibo, Tencent, to name a few.

This latest data breach of epic proportions underscores the critical, pervasive need for robust data security measures. For all firms large and small, strong cybersecurity is an organizational imperative for successfully navigating today and tomorrow’s hostile cyber threat landscape. 

In this article, we’ll explore the top strategies that organizations can employ to reduce the risk of data breaches.

Top 12 Ways Organizations Can Prevent Data Breaches

The following are the top 12 methods that organizations can use to bolster their cybersecurity posture against cyberattacks and data breaches.

1. Implement Continuous Risk Assessment and Analysis

Effective risk management starts with a thorough understanding of existing and potential threat vectors and vulnerabilities. Organizations must identify and classify sensitive data, conduct regular risk assessments, and adapt security measures continuously to discover and address vulnerabilities before malicious actors can exploit them.

2. Develop Robust Security Policies and Procedures

Strong security measures should be codified in robust security policies and procedures. This enables organizations to adopt measurable, repeatable processes for safeguarding sensitive data and mission-critical IT assets, as well as institute regular updates to policies in alignment with industry standards. 

By implementing a robust cybersecurity framework, organizations can foster a security-conscious culture within their teams.

3. Enforce Strict Access Control and Authentication

Organizations should implement strict access control mechanisms to prevent unauthorized access to sensitive data. By adopting strong authentication processes and regularly reviewing and updating user access permissions, firms can reduce the risk of improperly configured permissions or hijacked accounts. 

Modern access control paradigms like zero trust have emerged to counter the sophisticated, persistent nature of cyber threats, forgoing traditional perimeter-based network security for a more robust, proactive approach to cybersecurity—one that presumes the existence of internal, malicious threats and imminent cyberattacks.

4. Implement Strong Data Encryption

Data encryption during storage and transmission (i.e., at rest and in transit) should be implemented as a basic data protection practice. According to experts, encryption is the number one measure firms can take to reduce the risk of data breaches.  

5. Create Strong Network Security Controls

Firms should implement robust network security controls to thwart malicious actors and prevent potential cyberattacks, as well as isolate and minimize attacks already in progress. These measures include network microsegmentation, the deployment of smart firewalls, intrusion detection and prevention systems (IDPS), as well as processes like regular network device software and system updates. 

Additionally, network monitoring solutions should be deployed to provide IT and network operations with end-to-end visibility—from the corporate network to cloud applications.

6. Bolster API Security

Application programming interfaces (APIs) are a commonplace fixture for data-driven organizations looking to connect to third-party services and partners. Unfortunately, poorly designed or misconfigured APIs can leave backend systems exposed to cyberattackers. 

For example, a recent hack involving compromised API keys resulted in the theft of $25 million from quantitative trading firm Kronos Research. Specialized API management solutions like Layer7 API Management by Broadcom can help to test and monitor APIs in real time, automatically and continuously—in both development and production environments.

7. Develop an Incident Response Plan

Time is of the essence when responding to a security incident, and a well-designed, fully realized incident response plan is instrumental in this regard. To respond swiftly to data breaches or security incidents, firms should develop a comprehensive incident response plan, establish a designated incident response team, and test and update the plan on an ongoing basis.

8. Perform Regular Audits and Monitoring

On average, organizations take 212 days to initially detect a breach and 75 days to contain it. Continuous monitoring and regular security audits can drastically shorten this extended mean time to detect (MTTD). Further, regular human-driven security audits combined with tools like security information and event management (SIEM) platforms allow security teams to maintain constant vigilance and comprehensive situational awareness in the face of hidden threats.

9. Enforce Vendor and Third-Party Security

Third-party risk has become a top concern for security teams across industries. Even leading cybersecurity firms are falling victim to data breaches triggered by third-party security failures. 

Although collaborating with third-party vendors is a necessity in today’s business environments, organizations must adopt more stringent vetting and monitoring of vendor security practices. This includes mandating security requirements in contracts, as well as regular assessment and auditing of third-party security controls, to name a few.

10. Implement Data Backup and Recovery Mechanisms

When it comes to cyberattacks, it’s not a matter of if but when. Subsequently, a robust data backup and recovery plan is indispensable for business continuity in the face of imminent security failures. Regular data backups, the implementation of a comprehensive data recovery plan, and the periodic testing of recovery processes can shorten the mean time to recovery (MTTR) when the inevitable security incident occurs.

11. Maintain Continuous Regulatory Compliance

By implementing one or more of the leading compliance frameworks (e.g., NIST, ISO 27001, SOC 2, HITRUST), organizations not only save themselves from costly fines and penalties, they also strengthen their existing security measures. When mandated, security compliance is more than a legal obligation but a fundamental driver of holistic data security.

12. Maintain Physical Security Measures

Last but not least, physical security should not be overlooked as a critical component of comprehensive data security. By restricting physical access to data centers, implementing physical surveillance systems, and securely disposing end-of-life (EOL) physical assets containing sensitive data, firms can more effectively safeguard their physical infrastructure and data-holding IT assets and devices.

Securing Your Organization: A Holistic Approach to Data Protection

In short, safeguarding your organization against data breaches requires a holistic, multifaceted approach that brings together the previously discussed measures in an ongoing, evolving effort. In a cyber risk landscape where cyber threats are also continuously evolving, such measures are no longer optional elements to enterprise risk management, but rather strategic imperatives for responsible and resilient business operations. 

To learn more, book a demo today to see the powerful security features of Layer7 API Management, or a  talk to an A&I team member.