How can Enterprises Leverage AI to Keep Data Secure and Reduce Data Breach Costs
In 2023, India witnessed a significant increase in the average cost of data breaches, reaching an alarming ₹17.9 crores. In 2024, entities heightened their cyber defenses, learning from the challenges of the prior year. Read more.
Data breach – a word everyone has read or heard about in the news. The internet is full of reports on how the average data breach costF in India has increased. The sheer number is growing every year and at a steady speed. It is a wakeup call for all businesses.
Let’s deep dive into how you can leverage AI to keep your data safe and reduce costs. Fasten your seat belts! This blog is going to be interesting, relatable, and insightful.
Increased data breach costs: A statistic highlight
The average cost of a data breach in India reached ₹17.9 crore in 2023- IBM Report.
In 2023, the increasing complexity of data protection had led to a significant rise in the average cost of a data breach in India, reaching ₹17.9 crore. This represented a 40% increase from ₹12.9 crore in 2018. Additionally, by 2025, data breaches costs in India are expected to rise by 25%.
It’s high time companies incorporated a robust data backup and recovery solution.
Reasons for the increase in data breaches
Phishing
Most companies have fallen prey to phishing attacks in India.
Phishing is an activity where cyber criminals send authentic-looking emails or messages to unsuspecting employees. The purpose of these emails is to get confidential business data, money, or favors. This type of attack can be extremely difficult to detect.
So, as an organization, you must train your employees to detect such emails. Enable a robust data security solution like BluVault that can help track any unusual activity. Being alert is one of the ways to save your cost of data breach.
Insider threats
Insider threat is one of the main reasons behind increasing data breaches. This form of cyber threat is continuously growing. Organizations need to be alert and take all measures to prevent these.
Enable a zero-trust security protocol across the organization. Enable robust security gateways to ensure confidential data isn’t falling into the wrong hands.
Leveraging AI to save time and costs in the event of a data breach
Automated threat detection:
- AI tools monitor networks in real-time, spotting anomalies.
- Early threat detection using big data processing.
Enhanced incident response:
- AI triggers incident response protocols instantly.
- These reports can be very helpful for the IT teams to quickly identify the source of the breach and rectify the issue.
Accelerated forensics analysis:
- Several AI tools can quickly analyze large datasets during data breach investigations, saving time and effort.
Contextual threat intelligence:
- Aggregate data from multiple sources to find the most optimum solution.
- Contextual threat intelligence helps you take proactive measures to address emerging attacks.
Predictive analytics:
- AI tools learn from historical data to predict future threats and vulnerabilities, enabling proactive security measures.
Smarter access controls:
- AI establishes user behavior patterns to trigger suspicious activities. Any suspicious activity will be automatically reported. You may also enable temporary access blocks in such cases.
You can save time in your cyber security processes by integrating AI. This will empower organizations to be alert and proactive for data security.
More strategies to handle increasing data breach costs
We can’t debate on the fact that data breaches have become a harsh reality for businesses. These incidents not only jeopardize sensitive data but also inflict severe financial damage. To protect their reputation, customer trust, and financial stability, companies must implement robust strategies.
Let’s explore some effective strategies to mitigate these financial risks:
Strengthen cybersecurity measures:
- Invest in advanced data backup and recovery solutions.
- Regularly update software for detecting any vulnerabilities.
- Enforce strong password policies.
- Conduct thorough security assessments and audits.
Employee training and awareness:
- Train employees in cybersecurity best practices.
- Foster a security-conscious culture within the organization.
- Educate about social engineering and phishing scams.
Incident response planning:
- Develop a comprehensive incident response plan.
- Define team’s roles and responsibilities for data breach incidents.
- Collaborate with external experts for enhanced response.
Data encryption and access controls:
- Encrypt sensitive data in transit and at rest.
- Implement strict access controls.
Continuous monitoring and analysis:
- Deploy real-time monitoring for detecting unusual activities.
- Conduct regular security assessments for weaknesses.
How Parablu’s solutions reduce data breaches and associated costs
Let me introduce an extraordinary solution that will not only keep your data safe but also help you cut down on costs significantly. Meet Parablu’s BluVault – a game changing solution in the realm of data protection.
- Military-grade encryption:
BluVault uses advanced encrypted backup and recovery for your data protection. Your data is secure during transit and at rest. Only authorized personnel can access and restore critical information.
- Save up to 70% on TCO over a 3-year period:
The foremost advantage of choosing BluVault is its cost-effectiveness. Over a span of three years, you can experience a 70% reduction in total cost of ownership (TCO). You don’t need to buy more storage as BluVault uses your existing OneDrive/Google Drive accounts for storing data. This incredible cost-saving feature empowers organizations to allocate resources more efficiently. Also, they can invest in areas that drive growth and innovation.
- Rapid data recovery:
Time is important in disaster recovery scenarios. BluVault sets an industry benchmark with its data recovery speed. You can get access to data 10X faster. This means that you can get your systems up and running with minimal downtime after any data breach. Thus, saving valuable employee hours and reducing operational costs.
- Unlimited backup frequencies:
Flexibility is a key factor when it comes to managing backups effectively. Unlike some rigid solutions in the market, BluVault lets you schedule backups as often as you like. It offers unlimited backup frequencies. This means you can fine-tune your backup strategy. Now you can meet your organization’s specific needs without any constraints.
- Staying compliant with data security regulations:
In today’s environment, data security regulations and compliance are critical aspects of data management. Failure to comply with data protection regulations can result in hefty fines. With Parablu’s BluVault, you can relax as it simplifies compliance adherence.
Features of BluVault
BluVault is an advanced solution that offers a comprehensive set of features for data protection.
- Smart Incremental Backups
BluVault’s smart backups perform an initial full backup of your data and then efficiently back up only changed files, saving storage and network resources. It even detects and backs up only modified data within files during subsequent incremental backups—streamlined and effective data protection.
- Central Management Dashboard
Streamline control with BluVault’s intuitive web interface. Set policies effortlessly to manage backup behavior across all systems from a single console. Instantly update backup settings for all policy-linked systems for a seamless experience.
- Simple, Self-Service Interface
BluVault offers flexible backup options, empowering users to select what to back up, assess file protection levels, and perform self-initiated restores through an intuitive interface. Administrators can fully adjust self-service features to match their organization’s preferences.
- Industrial-Strength Encryption
BluVault guarantees robust data security by encrypting all stored and transmitted data. It uses AES-256 encryption for data at rest and TLS 1.2 for data in transit, ensuring top-notch protection.
- Powered by BluKrypt™
BluVault, powered by Parablu’s BluKrypt technology, securely stores and protects your data. It digitally shreds, encrypts, and versions all backed-up data, making it incredibly difficult for attackers to access or steal.
- Air Gapped Backups
BluVault’s cloud backups are protected from ransomware because you can only access them using authenticated API calls. Even if ransomware compromises your credentials, it can’t reach the backup due to this authentication barrier. This built-in virtual air-gap protection keeps your data safe.
- Delegated Administration
Do you have multiple geographies? Multiple departments? And acquired companies?
With BluVault, you can effortlessly delegate administrative tasks to specific Administrators, tailoring their authority to fit your needs.
Conclusion
As statistics define, the increase in data breaches leads to an increase in the cost associated. So, to control this, organizations need to prioritize cyber security. Make your employees aware of security details and protocols to be followed. Invest in office 365 backup and recovery solutions, install multi-layered data protection, and comply with regulations.
With Parablu by your side, you can rest assured that your data is safe. Our solutions are always there for you so be prepared for the worst.
Stay prepared with Parablu!
