February 16, 2016 – It seems as if no business is safe from falling victim to a data breach anymore. Target, Apple, Ashley Madison and a host of others have found themselves at the arms of hackers looking to steal, sell and compromise confidential information and data. And it isn’t just big companies either, in a recent study, it is reported that 55% of local businesses in the United States have experienced some form of security breach. Unfortunately, this is happening because businesses are not taking the proper security precautions to prevent unauthorized access to information.
So how do you take precautions in case a data breach occurs at your company? Consider these tips:
Preparation #1: Evaluate Your Insurance Coverage
Taking a look at your insurance policies may uncover a highly beneficial coverage commonly referred to as cyber liability. You will want to know and understand the level of coverage you currently have and what it will cover in the event of a breach. If you don’t have this coverage within your business insurance, call your carrier to add it.
Preparation #2: Create a Data Breach Response Plan
After an attack, the organization may need to respond to a massive amount of inquiries, questions and phone calls from customers and impacted users, you must have a documented plan in place to address this as quickly as possible following the breach. Additionally, you may have to address the media, so create a response plan that outlines who will be authorized to speak on behalf of the company as well as what type of response is appropriate.
Preparation #3: Develop a Restitution Plan
After an attack, many companies are now providing credit monitoring services to those who were impacted by the breach. Additionally, you may want to familiarize yourself with an outside firm with experience in helping companies rebuild after a security breach.
Preparation #4: Conduct Security Trainings
If possible, hold special training sessions designed to help your employees understand proper policies and procedures that are being put in place that help to safeguard the business. Teach the importance of proper password protection, cloud security processes, mobile policies and any other security-related items they should be honoring on a daily basis.
In today’s technical landscape, it is important for all business, both large and small, to acknowledge and prepare for the possibility of a data breach. Without the proper precautions in place, a business can suffer tremendous financial losses. Additionally, the overall credibility of your business may come into question. And although taking these precautions doesn’t safeguard you from an attack, they will help you to react quickly and appropriately if you experience one.