A data breach is the unauthorized disclosure of sensitive information, such as credit card numbers, social security numbers, or medical records. Data breaches are a serious issue for businesses and individuals alike. You can prevent data breaches by implementing a good security plan and regularly updating your software. You can prepare for cyberattacks by learning about the different types of attacks, their tactics, and how to protect yourself against them.
Here are some topics you should familiarize yourself with:
- Know the warning signs of a data breach.
- Learn how to have a breach response plan.
- Learn how to establish data encryption.
- Learn how implementing MFA can help improve security.
- Train employees with cybersecurity training on hacking trends or prevention.
- Be aware of your company’s cybersecurity policy.
- Understand the difference between cyber security vs. data privacy.
- Pay attention to unique risks based on industry and the type of exposures you have.
- Get cyber liability insurance coverage.
- Take steps to reduce the financial impact if a breach does occur, like increasing insurance coverage.
- Make sure everyone knows their role.
- Make sure your plan is in place and that you are prepared for a breach.
Protect the Evidence
When a breach does occur, there are some general guidelines on how to respond.
- Secure the area where the breach occurred.
- Identify the point of entry, duration of exposure, and type of data that has been compromised.
- Prepare an Incident Report and cybersecurity insurance.
- Protect the evidence by securing your computer system.
Establish an Incident Response Team
Then have an “A-Team” ready to handle it. Yes, this means training the team beforehand on cybersecurity and hacking trends and prevention methods.
What Happens After a Cybersecurity Breach?
The aftermath of the breach can vary depending on how prepared and secure the company was before it happened. If the company did not have proper security and the breach was easy to hack, then the company may have to take time off of business and rebuild its security.
Reputation
Cyber events, or instances where a company’s computer systems are compromised, can have a lasting impact on the business long after the event has taken place. One such repercussion is reputational harm, which is the continuing profit impact of a cyber event due to brand reputation damage. This harm is usually limited to a specific time period and can include an aversion to a brand following a publicized cyber event.
Customer Financial Data
When a company suffers a data breach, the compromised information often includes customers’ sensitive financial data. This can include credit and debit card numbers, bank account information, and Social Security Numbers. If this data is not properly protected (by adhering to PCI standards), the credit and debit card companies can fine the company. In addition, if customer financial data is lost or stolen, it must be recovered and replaced as soon as possible.
Productivity
A data breach can have a significant impact on you and your client’s business. For example, if confidential information is released or stolen, the client could experience a loss of revenue, a decline in stock prices, and damage to their reputation.
Stolen Funds
If your bank account or client’s bank system is hacked and the funds are stolen, the bank is not liable for the lost money. This is because the bank meets all security requirements set forth by the government and is not at fault for any attacks that occur on their system.
Prepare an Incident Report
An incident report is a written account of an event or series of events that have caused harm or damage to someone or something, and the steps taken to rectify the issue.
Identify the Affected Business Processes
In order to identify the affected business processes, the company must first determine what data was compromised. After that, the company will need to notify its customers and/or partners of the breach in accordance with state law. Finally, the company may need to file a claim with its insurance provider.
The Affected Business Processes are the processes that could be disrupted by a system failure. These processes may include, but are not limited to:
- Customer service and support
- Sales
- Operations
- Logistics
If you are working with a managed service provider (MSP) then make sure you have this discussion with your (v)CIO.
