A recent Statista report revealed the financial consequences of cybercrime in 2022 were higher than ever, with the average cost of data breaches in the U.S. totaling more than $9 million. With 2023 poised to be the year of reduced spending given an uncertain economy, protection against the rise of cyber incidents and data breaches will impact numerous industries and become more costly due to inflation. The human cost, however, is just as great, as businesses face increasing pressures to protect employees’ and customers’ personal information as well as their time and trust.
When a data breach occurs there’s little room and time for error: victims, as well as employees and stakeholders, expect a swift and appropriate incident response. Companies that handle mass amounts of personal data, especially in the legal sector where PII-containing case data is at stake, should look to new solutions rooted in artificial intelligence to complete similar tasks at faster speeds and reduced price points. This will also provide senior leadership much-needed peace of mind amid security-compromised induced stress.
In the event of a breach, preparedness, coupled with AI-driven data governance and management solutions, is the best safeguard for any company’s ability to thwart new and persisting threats. When forming a response plan, the following tips serve as a helpful guide.Proactively prepare for a breach
Cyber breach preparedness doesn’t end with notifying customers of an incident; follow-up tactics can be just as important. AI delivers the additional benefit of concurrently preparing for regulatory check-ins and preventing the need for duplicate work in the future. In the name of reestablishing trust and salvaging loyalty, affected companies should pursue frequent follow-ups with those affected and invest in AI capabilities that include note-taking on exposed data during reviews and automated tools to support customers in recovery mode.
Control post-data breach costs
With significant costs and resources required to detect and respond to data breaches, AI solutions can drive greater efficiencies and lessen the financial strain for businesses and customers. According to an IBM report, organizations already using AI and automation saved an average of $3 million during a data breach compared to those who haven’t implemented these technologies. The report also found that companies with even a partially deployed AI and automation program fared significantly better than those without — which is why controlling costs must start before an incident even arises.
