access control

Hello All,

I remembered the quote “Prevention is better than cure” in the context of our week’s discussion. It is more effective and less expensive to prevent security breach than to fix one after. But it completely depends on the company’s point of view, weather to invest more in the information security or not. Let’s discuss more in detail with some real time examples.

            The target breach that happened in 2013 exposes approximately 70 million customer records and created a loss of $252 million dollars. After the insurance coverage the loss to the target got reduced is $162 million which got even reduced later to $105 after the tax deductions. The overall loss to target was just 0.1% of the 2014 sales. From this we can observe that the companies like target won’t pay more attention on the information security because of very less loss when compared to the profit.

            The next scenario is our today discussion title “It is more effective and less expensive to prevent security breach than to fix one after”. Some of the examples which follows this method are banks and financial organizations. Because if there is a data breach in financial organizations, it creates huge loss when compared to the previous example. Some of the cyber security measures that many companies are taking now a days are as follows

1. Using Encryption

2. Using Intrusion detection and prevention systems

3. Running and IT security policy audits

4. Creating an Incident response plan

5. Having a data backup

6. Taking data breach insurance

7. Having response team.

 

References

Data breaches may cost less than the security to prevent them. (2015, April 9). Retrieved from https://www.techrepublic.com/article/data-breaches-may-cost-less-than-the-security-to-prevent-them/

Dosal, E. (n.d.). Why Preparation is Key for Quickly Recovering from a Security Breach. Retrieved from https://www.compuquip.com/blog/why-preparation-is-key-for-quickly-recovering-from-a-security-breach