Sometimes, the use of predictive analytics can be a secure method for mitigating data breaches in organizations. Read on to know more about it…
There has been an exponential rise in the lack of transparency in awareness of data breach at the organizational level, which could have a significant impact on individuals if it continues. A total of 281.5 million people were affected by a data breach last year, making it a busy year for cybercriminals. Cyberattacks are much more expensive than data breaches caused by bugs, human error, or negligence. The largest fine given by the Information Commissioner’s Office so far was £183 million, which was levied against British Airways for a data breach that affected over 400,000 customers. The rapid advancement of technology is projected to result in an increase in cyberattacks.
GDPR – Driving Force of Cybersecurity
Cybersecurity attacks pose a severe threat to all businesses and non-profit organizations. Phishing remains the most common breach, and their frequency hasn’t decreased. Organizations need to defend themselves, their customers, and their data from escalating cybersecurity threats. Data security threats evolve throughout time, but the fundamentals of cybersecurity stay mostly unchanged. Because data breaches can take many different forms, it’s important to stay vigilant.
In the context of regulation, the GDPR has successfully driven improvements in cyber risk management. Surprisingly, the GDPR hasn’t had the same impact on all businesses. To be more specific, the finance and insurance industries were more likely to have made positive changes to boost cybersecurity. Organizations that provide public services in industries such as arts, entertainment, retail, education, health, and public administration have been particularly affected by the GDPR. Furthermore, as a result of the GDPR, supply-chain firms were more likely to have made changes to improve their cybersecurity capacity and capability .
No Absolute Security
There are no indications that the pace of cybersecurity activities will slow anytime soon. Data security and compliance professionals, rely on legacy approaches which are not effective in protecting against modern-day threats. Take, for example, encryption. It may appear to be a secure haven, but once someone has access to the network, there is little that can be done to prevent further access. To operate a network it is not necessary to decrypt it. To be more precise, data breaches are caused by an attack on integrity rather than a lack of encryption. Malware and viruses, are fundamentally integrity attackers. If a organization adopts and deploys a zero-trust model, then it can go above and beyond to protect data.
As cybercrime is more sophisticated than ever before, we must move more quickly. Organizations should cease making excuses and focus on improving basic security. It’s not a smart idea for businesses to strive for 100 percent security because it will degrade the user experience. Furthermore, there is no all-encompassing product that provides the absolute security solution. Thinking outside the box is the best method to cope with the hackers. Simply said, organizations should be understand the mindsets and strategies of the malicious hackers. White hat hackers have been hired by companies like Microsoft and Meta. It doesn’t matter how capable the IT department is; it can’t accomplish everything on its own.
Predictive Analytics
Predictive analytics is gaining traction in every area, allowing businesses to optimize their operations. This branch of advanced analytics is concerned with predicting future performance using data, statistical algorithms, and machine learning. Predictive analytics is making waves in the world of preventing data breaches. Even businesses with a small security team can protect themselves from sophisticated threats. Predictive analytics reveals where threat actors have attempted to attack in the past, allowing them to predict where they will strike next. Knowing the origin of the attacks is the first step toward effective security.
Collecting data about malware, data breaches, phishing campaigns, and other methods is the traditional approach to combat cybercrime. These signatures are mined for useful information. By signatures, we mean a one-of-a-kind collection of data that can be used to identify a cybercriminal’s effort to exploit a vulnerability in an operating system or application. To detect abnormalities, the signatures can be matched to files, network traffic, and emails that flow in and out of the network. Everyone has unique usage patterns that technology can pick up on. When a cybercriminal poses a threat to the organization, predictive analytics can raise a red flag.
Leveraging predictive analytics entails mapping patterns in the IT system and recording the details so that you can investigate immediately if something goes wrong. More often than not, the variety and volume of data involved in data breaches is overwhelming. This is why an analytics solution is crucial. Predictive analytics helps to automate the workload. Nonetheless, having an expert assess the findings and patterns is critical.
No Magic Solution
Predictive analytics is a solution to prevent cyber security breaches, but it isn’t a magic bullet. Some argue that the best course of action is to reconsider how data is stored in the first place.
Even the most seasoned cyber professionals admit that preventing every data breach is impossible. This is because determined attackers are too clever. The good news is that lowering the risk is possible for organizations. It’s wise to assume that data breaches are unavoidable and prepare for them with cyber security. Using a checklist to prepare for the inevitable can help in the fight against the invisible enemy.