The importance of data loss prevention (DLP) for businesses has never been clearer. With cybersecurity threats lurking around every corner, it’s crucial for companies to arm themselves with the best strategies to keep their data safe.

This blog is your guide through the latest statistics, trends, and challenges, offering insights into effective DLP best practices and considerations for the hybrid work environment.

Costs and Challenges in Data Loss Prevention: The Latest Statistics

• In 2023, organisations faced an average data breach cost of £3.5 million, marking a 15% rise over the past three years and highlighting the escalating economic impact on businesses.
• Data breaches associated with remote work incurred an additional £137,142 on average, emphasising the security challenges in today’s changing work environment.
• Before experiencing a phishing attack, 80% of affected organisations lacked a multi-factor authentication (MFA) system, a critical component of a robust DLP strategy, revealing a significant security gap.
• The financial sector – a sector where data loss prevention is paramount – experienced the most severe impact from data breaches in 2023, with a single incident affecting nearly 1,000 institutions.
• Nearly half of the 40 million healthcare records compromised in the first half of 2023 were due to cyberattacks targeting third-party affiliates of healthcare providers.
• 85% of cybersecurity professionals attribute the surge in cyberattacks to malicious individuals exploiting generative AI technology, a new frontier for DLP strategies to address, given its potential for creating sophisticated security threats.

These recent findings emphasise the growing complexity and economic implications of data breaches, highlighting the critical need for organisations to enhance their data loss prevention measures. As cyber threats evolve, it’s imperative to fortify DLP strategies by adopting measures such as multi-factor authentication, educating on AI risks, training against social engineering, and managing third-party vulnerabilities – to name a few.

Key Considerations for DLP and Hybrid Work in 2024

• Endpoint Security – Given that more than 70% of data loss incidents originate from employee endpoints, organisations should focus on securing and monitoring endpoints, especially in a hybrid work model where employees switch between locations, networks, and apps.
• New-Starter Risks – With the risk of new employees exfiltrating sensitive data, it’s important to review existing security tools to ensure they are supporting your data loss prevention approach. It’s critical to implement measures that limit the entry of data on devices used by new employees. It’s also important to conduct regular scans with content-aware discovery tools to detect sensitive information that may be stored on these devices.
• macOS Growth – As the share of macOS in corporate organisations is expected to surpass 25% in 2024, organisations must invest in data loss prevention solutions built specifically for macOS. This is to ensure feature parity between policies and support for new OS releases.

Data Loss Prevention Best Practices for Your Business

In light of the increasing costs and challenges associated with data breaches, it’s crucial for businesses to adopt robust data loss prevention strategies that address every angle. The following best practices are all about safeguarding your sensitive information and ensuring business continuity in an increasingly digital and hybrid work environment.

Comprehensive Data Classification and Discovery

Begin with a thorough data classification and discovery process to identify sensitive and critical information across your organisation. This step is fundamental in understanding the scope of data that needs protection and in implementing targeted DLP policies. Utilise advanced tools that can automatically classify data based on predefined criteria, reducing the risk of human error, and ensuring consistent data handling practices.

Implement Advanced Endpoint Protection

Given the pivotal role of endpoints in data security, especially in a hybrid work setting, deploying advanced endpoint protection solutions is crucial. These solutions should not only prevent unauthorised access but also monitor data movement and usage, providing real-time alerts on suspicious activities. Ensure that your endpoint protection covers all devices, including those operating on macOS, given the growing demand in the corporate environment.

Strengthen Access Control Measures

Access control is a critical component of data loss prevention. Implement strict access control policies that adhere to the principle of least privilege, ensuring employees have access only to the data necessary for their roles. This approach minimises the risk of internal data leaks and reduces the potential damage from external attacks. Regularly review and update these access permissions to reflect changes in job roles or responsibilities.

Embrace Encryption Technologies

Encrypt sensitive data both at rest and in transit to ensure that even in the event of a breach, the information remains inaccessible to unauthorised parties. Encryption acts as a last line of defence, safeguarding data integrity and confidentiality. Choose robust encryption standards and regularly update encryption keys to enhance security and support your data loss prevention strategy.

Foster a Culture of Security Awareness

95% of breaches are caused by employee mistakes, meaning human error remains a significant threat to data security. As part of your approach to DLP, it’s recommended to regularly conduct security awareness training to educate your employees about the latest cyber threats, phishing tactics, and safe data handling practices. Empower them to recognise and respond appropriately to potential security risks, turning your workforce into an effective first line of defence against data breaches.

Deploy Advanced DLP Solutions

Invest in advanced data loss prevention solutions that offer comprehensive coverage across network, endpoint, and cloud environments. These solutions should provide capabilities for real-time monitoring, detailed reporting, and automatic enforcement of data protection policies. Look for features like content inspection, contextual analysis, and anomaly detection to identify and block potential data leaks before they occur.

Regularly Update and Test Your Incident Response Plan

An effective incident response plan is essential for minimising the impact of a data breach. Regularly review, update, and test your plan to ensure it addresses the latest threats and incorporates best practices for incident management. This preparation enables a swift and coordinated response to security incidents, reducing downtime and mitigating reputational damage.

Monitor Third-Party Risk

In today’s interconnected business ecosystem, third-party vendors often have access to sensitive data. Implement stringent security assessments and continuous monitoring for all third parties to manage the risk they pose. Ensure that their security practices align with your organisation’s standards to prevent data breaches originating from external sources.

Data Loss Prevention for Your Business

Tackling data loss prevention might seem daunting at first, but with the right approach, it’s entirely manageable. By incorporating the strategies we’ve discussed, from thorough data classification to robust endpoint protection and fostering a culture of security awareness, you can safeguard your valuable information assets, maintain customer trust, and uphold your reputation in an increasingly digital world.

Need support with implementing DLP best practices in your business? The 848 Group has a dedicated security team with the knowledge, skills, and experience to strengthen your security posture.

Get in touch to book your free consultation, tell us your challenges and goals and we’ll help create a strategy that meets your unique business needs.