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As the cost of data breaches soars to an all-time high, what should your company do to guard its precious crown jewels?

No business can survive without data and tons of business data are churned daily. Of all data, intellectual property is at the heart of all business activities and the “Crown Jewels” of the organization. Therefore, to prevent information of an organization from being used for fraudulent activities, hacking, phishing, and identity theft it is important to protect the data.

Data breaches and cyberattacks can have devastating effects on the functioning and survival of the business. IBM’s latest report shows that the cost of a data breach soared to an all-time high of USD 4.35 million, a 2.6% increase from last year.

Key findings of the report

  • The cost of a data breach averaged 4.35 million in 2022
  • 83% of the organization studied had experienced more than one data breach
  • 63% of organizations studied stated that they increased the price of their services or products because of a data breach
  • Breaches at organizations with fully deployed security AI and Automation cost less than breaches at organizations with no security
  • 11% of breaches in the study were ransomware attacks
  • The use of stolen or compromised credentials remains the most common cause of a data breach
  • Just 45% of organizations said they deploy a Zero Trust Architecture. The other 59% that don’t deploy Zero Trust incurs greater breach costs
  • 19% of breaches were caused by supply chain attacks which were breaches caused due to a business partner’s negligence
  • Human errors, meaning breaches caused unintentionally through negligent actions of employees or contractors, were responsible for 21% of breaches

What are the implications of a data breach?

When you closely examine the implications of a data breach, there are many areas where your business can be affected by such a loss or stolen data.

1. Loss of trust and customers

One of the crucial implications of data breaches is the loss of customers. A reputation loss is the most severe damage that happens to an organization. Once the news of a breach hits the headline, customers leave because they lose their trust in the organization. Lost confidence, distraught press reports, identity thefts, and potential customer’s view toward your organization can leave negative impressions on your organization.

2. Financial loss

Businesses that suffer data breaches may have to grapple with costs incurred from containing the breach, compensating affected customers, decreased share value, and increased security costs. There are also financial losses to consider due to downtime caused by cyberattacks.

3. Operational disruptions

Every time there is a data breach, right from the beginning till the closure of investigation and recovery affects your business process. Data breaches can also cause complete loss of crucial data. Depending on the severity of the breach, business processes could be stopped until a solution is found. All these lead to not only loss of revenue but also loss of customers.

4. Legal complications

Stringent cybersecurity laws now ensure that customers are adequately protected. Whenever there is a data breach it often results in expensive lawsuits. Millions of dollars are paid as settlements and in the entire lawsuit process.

What steps do you need to protect your crown jewels?

Taking proper preventive measures is the best way to ensure that your business isn’t a victim to cyberattacks. New technologies like Data-Centric security and Enterprise Digital Rights Management solutions with Zero Trust principle, Secure Collaboration, and Security Automation are keys for protecting data in this fast past environment.

How SECUDE’s Solution protects critical files throughout its lifecycle

SECUDE’s products extend Microsoft Purview Information Protection (MPIP) for CAD and SAP environments, for example, when files are downloaded, exported, checked out for editing, or shared with suppliers. In both products, the security profile of the hosting application or data repository is transferred to that protected data or file leveraging MPIP.

In the HALOCORE or HALOCAD server, the process metadata from SAP or Product Lifecycle Management (PLM) is mapped to MPIP labels for all exports, downloads, and during file check-out. These are implemented with add-ons or plugins.

To leverage MPIP for SAP, HALOCORE maps SAP’s security controls using attributes and usage controls (for example, usernames, T-codes, etc.) to the MPIP sensitivity labels. These labels automatically trigger a protection policy upon download, export, and M2M/API data streaming.

Based on the user’s SAP security and access profile of the data, HALOCORE’s classification engine – sitting in the customer’s on-premise or cloud IT infrastructure – determines the actions that be applied for the file, for example, read-only access. This is done automatically without any action from the user.

Classification and protection are automatically assigned to SAP data exports for controlling SAP data exports. HALOCORE is an add-on and integrated with SAP S/4HANA for on-premise, private cloud, or a hybrid deployment.

HALOCAD extends MPIP labeling and protection to CAD and Product Lifecycle Management (PLM) applications covering vendors like Autodesk, Dassault Systemes, Siemens, Bentley, and PTC. HALOCAD automatically protects check-outs or exports from the PLM systems. It applies the appropriate MPIP label based on the lifecycle without requiring user action.

The assigned classification is a visible informational marking in the CAD application’s ribbon menu. Pre-established policies determine which users have access to protected documents, which require authentication with Microsoft credentials. Restricted privileges can be applied to files and users so that files may be read-only, edited by select users, and more.

Both products are available in the Microsoft marketplace and can be deployed on-prem, in the cloud, or in any hybrid model the customer uses. The products can be deployed on most server OS including Windows and Linux variants or orchestrated and deployed as containers with Docker.

The products run exclusively in the customer’s IT environment, with no software operated in SECUDE’s environment. HALOCORE is device and platform agnostic.

Conclusion

As the costs of a data breach spirals, your business could stand to lose millions. But more than that, you could lose your precious customers. A good EDRM solution that automatically provides secure collaboration will help protect your critical data.

If you have already invested in the Microsoft EDRM solution, know how you can enhance your CAD and SAP data protection with SECUDE’s HALOCAD and HALOCORE solutions.

To learn more about SECUDE’s products get in touch with us by sending an email to

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