Organizations face growing risk of data breaches

(MENAFN) In the digital era, organizations face the growing risk of data breaches, which can result from both external attacks and internal actions. Effective handling of such breaches is crucial, and organizations must conduct thorough incident reviews to minimize future risks. Data is a vital asset for organizations, driving innovation, enabling personalized customer experiences, and informing decision-making. As organizations increasingly rely on data, the risk of breaches rises, affecting businesses of all types and sizes. Many organizations underestimate the complexity of responding to data breaches, as it requires managing multiple tasks and meeting various obligations to correct the situation.

The financial impact of a data breach can be severe, leading to significant losses and eroding customer and partner trust. Handling a breach can take weeks or even months, requiring extensive resources and incurring high costs. If sensitive data such as engineering designs or internal documents is lost, it can result in material losses and decreased competitiveness. In cases where third-party data is involved, organizations face the added challenge of answering questions about the extent of the breach, which can be difficult to assess in the early stages. Trust with customers, partners, and employees is often shattered in the wake of a breach, potentially damaging an organization's reputation and business relationships. To mitigate these risks, organizations must implement robust preventive measures and ensure they are prepared to handle breaches effectively. Data breaches often go undetected for extended periods, whether caused by external hackers or internal threats.

External attacks typically exploit system vulnerabilities or use social engineering tactics like phishing to gain access to user credentials. Once inside the network, attackers can move undetected to access sensitive systems. Internal threats, however, pose a more significant challenge as current or former employees are familiar with system weaknesses, making it easier for them to exploit them. Ransomware attacks are among the most common cyber threats, where an organization's data is held hostage, and a ransom is demanded for its release. In some cases, attackers may also threaten to leak the data if the ransom is not paid.

Steps to manage a data breach include:
1.Identify and Contain the Breach: Quickly locate the affected systems and entry points, and involve IT experts to analyze and stop the spread of the attack.
2.Analyze Stolen Data: Investigate thoroughly to assess the scope of the breach and the compromised data.
3.Notify Affected Authorities and Parties: According to Jordan's National Cybersecurity Framework, regulators must be immediately notified, and a detailed report of the breach and affected data must be submitted.
4.Communicate with Stakeholders: Maintain transparent communication with affected individuals and partners to demonstrate accountability and rebuild trust.
5.Use Technology for Data Analysis: Utilize AI and machine learning tools to quickly analyze large datasets and identify sensitive information.
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To address data breaches effectively, organizations must adopt proactive measures, such as enhancing security systems, establishing incident response protocols, and continuously training staff. Quick decision-making, supported by technology, is crucial to minimizing damage. A balanced approach that incorporates both technical and regulatory measures can help organizations better manage risks and safeguard their data.

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