Understanding Risks and Mitigation of Data Leakage: Protect Your Assets

Data is the new gold, and it needs to be kept safe just like gold. In this digital age, where data is easily shared and technology is always getting better, the risk of data leakage is very important for both businesses and people. Data leakage, which is when private information is shared without permission, can have serious effects, including losing money, hurting your image, and being sued.

• A new study says that the average cost of a data theft in 2023 was $4.35 million.
• A lot of data hacks happen because people make mistakes, like sharing private information by accident or clicking on phishing links.
• More and more often, hackers encrypt data and demand a fee to unlock it. This is called ransomware.

Knowing the different ways that data can be leaked is important for stopping and reducing the damage. These are some common ways that info gets out:

• Internal threats: Employees who have access to private data without permission can leak it, whether they mean to or not.
• Threats from outside sources: Hackers can use holes in systems and networks to get in without permission and steal data.
• Attacks on the supply chain: Third-party sellers and suppliers can be hacked, letting data slip out.
• Accidental disclosure: Data loss can happen when people make mistakes, like sharing private information by accident or clicking on phishing links.

Businesses and people can protect their valuable assets by taking steps to understand the different risks that come with data leaks. In the parts that follow, we'll talk about effective ways to protect data and lessen the damage that could happen in the event of a breach.

When private data gets into the hands of people who shouldn't have it, this is called a data leak. A data breach usually happens when bad people hack into a system. A data leak, on the other hand, usually happens when careless workers don't properly protect data. Even if it wasn't done on purpose, a data loss can turn into a data breach if the information gets into the wrong hands.

Aside from the original exposure, data leaks can have very bad effects, such as:

1. Financial Loss

Businesses can lose a lot of money when their data gets stolen. For example, T-Mobile expected to spend a lot of money after its second breach in 2023, when customer PINs, phone numbers, and full names were made public. Companies that have to follow rules like GDPR could also be fined up to 20 million euros or 4% of their world sales, whichever is greater.

2. Loss of Reputation

After a data leak, reputational damage is often the thing that lasts the longest. A 2019 Aon study found that the biggest risk for businesses after a cyberattack is losing their good name. The study talked about Capital One's data breach, which caused its share price to drop by 6% and showed that people no longer trust the brand.

There are many ways for data to leak, and not all of them are bad. That's why these things happen:

1. Bad controls on access

Too many people may be able to see sensitive papers if they are not managed properly, which raises the risk of leaks. To stop this from happening, make sure there are strict controls on access, and for a least privilege method, you could use a zero-trust model.

2. Attacks that use social engineering

Hackers often pretend to be managers, IT staff, or even the CEO to get workers to give them private information. Employees can spot and avoid these threats with the help of regular training and simulated practice runs.

3. Weak Passwords

Too few or bad passwords are to blame for about 80% of data breaches. To stop this from happening, tell people to use password managers like 1Password, which store passwords safely and get rid of the need for weak identities.

4. Scams

If workers go to unsafe websites or click on links that look fishy, they could download harmful software. Malware is a way for hackers to get to your info. Malware is dangerous, and employees should be taught how to stay away from it.

5. Threats from inside

Threats don't always come from outside. Employees who are unhappy and have access to private information may leak it on purpose. Insider threats can be lessened by tightening access rules and keeping an eye out for odd behavior, like sharing documents with people outside the company.

6. User Error

About 95% of data breaches are caused by mistakes made by people. Phishing attacks are a good example of this. Technical protections like firewalls are important, but training workers to spot threats is even more important to stop data leaks.

7. Faulty setups

Tools that aren't set up correctly can leave data open to attack. As an example, if Notion pages are accidentally posted on the web, rivals or the public may be able to see private information.

8. Attacks on the body

Even though the world is moving toward the cloud, physical protection is still important. When gadgets or USBs are stolen, data can be lost or stolen. Employees should be told to keep their gadgets safe and not leave them in public places where they can't be seen.

9. Shadow IT

When workers use apps that haven't been approved by the security team, they can leave data open to attack. The lack of proper protections in these apps makes it more likely that data will be lost on devices that aren't safe.

10. Putting together old data

When workers leave, they might take important files with them that bad people could use. This risk can be lowered by regularly getting rid of old, useless data and locking out old files.

To stop data leaks, you need to be vigilant. Here are some methods that work:

1. Put in place controls for access

Set up strict access rules to make sure that only people who are allowed to can see private data. This includes using user authentication, giving people access based on their roles, and keeping an eye on data inventories and user actions all the time.

2. Use a DSPM tool

Data Security Posture Management (DSPM) tools protect data in a comprehensive way by addressing many possible places of entry. DSPM tools help protect data from threats from inside the company. They do this by using data minimization methods to make the company less vulnerable to attacks and stop data breaches. To keep up with new threats, you need to review and update your data protection posture on a regular basis.

3. Keep off threats from inside your company

95% of cybersecurity events, whether they are accidental or intentional, are caused by mistakes made by people. Employees who are unhappy may leak data, or staff may store sensitive data in places that aren't safe by accident. You can find and stop insider threats before they get worse by educating your workers and keeping an eye on your environment all the time.

4. Make it harder for attackers to get to you

Data security software can help you lower the amount of data you store so that it is easier to hack. In addition, this can help you follow rules like GDPR. The effects of a data breach will be lessened if it happens because private information will be hidden automatically.

5. Map Out Where Sensitive Data Is

Finding sensitive data is an important part of having a strong security stance. You can effectively protect private data if you know where it is stored and who has access to it. You can't protect something you don't know is there.

To protect your assets and keep your business running, you need to understand the risks of data leaks and how to prevent them. Reducing vulnerabilities requires strong data protection tools. These include detection of risks and mitigation of data leakage. Leaks can happen due to both external threats and employee carelessness. Therefore, it's crucial to implement comprehensive strategies to stop leaks. Businesses can avoid costly breaches and maintain compliance by effectively addressing these risks. With help from security experts like SafeAeon, businesses can strengthen their defenses. This helps ensure that private data remains safe from unauthorized access.

1. How does encryption help lower the chance of data loss?

Encryption makes sure that data can't be read by people who aren't supposed to, even if it gets stolen or leaked. When private data is in transit or at rest, strong encryption algorithms keep it safe.

2. Can employees' carelessness cause data to be leaked?

Yes, careless employees are often to blame for data leaks. Hackers can get access to private information if you share it by accident, use a device that isn't secure, or fall for a phishing scam.

3. How does data leaking affect following the rules?

Data leaks can make it impossible to follow rules like GDPR, HIPAA, and PCI-DSS. People who don't follow the rules could face big fines, legal problems, and damage to their identities.

4. How do data loss prevention (DLP) tools help keep data from getting out?

DLP tools keep an eye out for, find, and stop possible data breaches by finding private data and stopping it from leaving the organization's network without permission.