How AI can evolve and up-level your firm's cyber defense strategy

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.

Respond with urgency

A survey of more than 2,000 respondents found 72 percent of US consumers would be less likely to buy again from a brand that they felt had not been responsible with their data. Immediate notification helps ease this drastic outcome as customers are likely to appreciate the accelerated response time and be more forgiving in the long run. Using AI applications for data collection and identification can enable companies to complete review and notification processes much faster as opposed to more traditional and expensive methods. As digital transformation takes hold of the business world, it’s clear that businesses, especially law firms, are under immense pressure to strengthen cyber protocols and how they store sensitive data and electronic information.

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.

Develop complete and accurate notification plans in less time

With security breach notification laws looming, affected companies are pressured to implement new response systems. However, it takes an average of nine months to identify and contain a breach using traditional methods, according to IBM. An automated approach shortens this period, enabling companies to break the news swiftly and accurately.

A data breach response strategy supported by AI-powered technology saves time and money while keeping customers from an emotion every company and brand strives to avoid: resentment. A team equipped with the tools, services and policies to handle a breach will pay off when anxious customers are expecting immediate answers surrounding sensitive information.

Reduce the risk of privacy compliance violations

Cybersecurity regulations, from the General Data Protection Regulation (GDPR) to the California Consumer Privacy Act (CCPA), are intended to protect sensitive information and stop data breaches from occurring in the first place. Even under these laws, compliance violations continue to run rampant. In the GDPR’s first year (2019), there were 144,000 complaints filed with various enforcement agencies and 89,000 data breaches recorded. While privacy and data security considerations are distinct, the solution is the same in this case: automated infrastructure and application security checks reduce the risk of compliance violations and provide a defense mechanism against common threats.

Are you ready to implement AI into your data security plan?

The benefits of adopting an AI strategy for your organization outweigh the initial costs and have the potential to save millions of dollars and countless hours in the future. If your company is devoid of automated cybersecurity tools, now is the time to adopt them. Your customers will thank you for your preparedness, whether they are affected by a large data breach or a minor hack.

Building an AI strategy is a dynamic process. Even if you belong to an organization with automated tools already in place, staying up to date on the latest trends and threats can further inform your company’s action plan and suggest opportunities to strengthen your tech stack. In an atmosphere of rising cybercrime, it’s up to each business to decide how much they are willing to invest to ensure their customers are fully protected. In the end, those who bolster AI and automation now will be thankful that they did.

Photo Credit: Vladru/Shutterstock

Anush Emelianova is Product Marketing Manager at DISCO, where she looks to further the cause of legal technology and AI adoption and helps the company develop key product strategy and roadmap initiatives. Prior to joining DISCO, Emelianova was a former data privacy attorney, and spent 10 years practicing litigation and counseling clients on data breach response and privacy compliance.