How to combat the growing cost of data loss

How to combat the growing cost of data loss

Data loss can come from a variety of sources, from malicious attacks like ransomware to hardware failure and simple human error. Regardless of its cause, data loss can incur astronomical costs.

Depending on the magnitude of the data loss, the costs for organizations can range from a few thousand dollars to over $15 million. These losses may include lost time, lost productivity, and even lost customers.

In 2021, ransomware alone cost U.S. organizations $159.4 billion in downtime. This figure is substantially higher than the $1.3 billion that was actually paid in ransom – illustrating the true economic impact of these attacks.

Adding insult to the injury, paying a ransom increases the chance of a second attack by 80%.

With the right measures in place, organizations can protect against data loss and secure their important information. Here are some of the most effective ways:

  1. Adopt a zero-trust security model

A zero-trust security model assumes that all users and devices, both inside and outside an organization, are potentially malicious until they are authenticated and authorized.

  1. Invest in a cloud infrastructure with encryption

A cloud infrastructure with encryption ensures that data is unreadable by anyone without an encryption key, making it much harder for malicious actors to steal data.

  1. Regularly back up your data

Daily and weekly backups ensure that an organization’s important information can be recovered in case of a data loss incident.

  1. Educate your employees

This can include topics such as password security, safe internet usage, and recognizing spoofing and phishing attempts.

At Creativo, we have multiple solutions to combat data loss.

Contact us to find out how we can help protect your organization.