Data breaches are a big risk to businesses. From the loss of revenue to the theft of patents and the damage to business reputation, no business manager would want to experience these cyber nightmares. Be that as it may, data breaches are rampant today. Both small and large businesses are at risk, so strengthening cyber security is critical. So what should you do after a data breach?
Identify the Source
Your IT team should move quickly to identify the type of breach and its origin. The response measures to data breach incidences depend on the scale and sophistication of the attackers. An internal investigation of your IT infrastructure will also shed light on the extent of damage and the critical business functions affected. In the process, your business will also unearth the least known security vulnerabilities and plan the necessary improvements.
Talk to Your Attorneys
All major breaches eventually have to be reported not only to law enforcement but to affected stakeholders, including customers. You need legal counsel, therefore, to chart a response action that is compliant with legal requirements. Lawyers may advise a speedy internal investigation and evidence collection and notifying law enforcement and customers.
Notify Law Enforcement
After a significant cyber security incident, you are legally obligated to notify law enforcement. You can contact agencies like the FBI, the U.S. Secret Service (USSS), the District Attorney, the U.S. Immigration and Customs Enforcement (ICE), or local law enforcement. Your response team, including the lawyers, should know when they are supposed to report data breach incidents, the type of evidence needed, and ways to collect it.
Notify Those Affected
Some states have mandatory statutes for notifying customers after a data breach. Seek to understand the legal requirements in your country. For publicly traded companies, compliance with SEC reporting statutes is required.
Notifying the affected stakeholders and customers isn’t just about legal compliance. It helps you get ahead of the story and control the narrative; otherwise, you might be in for a major PR nightmare. Affected parties may be notified by email, phone, letter, or in person.
Talk to Your Insurance Company
The general liability policy in your company may be able to cover some data privacy claims resulting from the breach. Businesses are, however, increasingly adopting data breach insurance covers that comprehensively cover all forms of cyber security risks and claims. After the incident, your insurance company needs to be notified to start their investigation and compensation process.
Reexamine and Document
Learn from the breach. Find out the weaknesses in your security measures that led to the breach and document them. Assess how these mishaps could have been avoided, and identify ways of responding faster to minimize damage in the future.
A comprehensive cyber security plan is vital to reduce the damage after an incident. An excellent program can also absolve you of liability for the attack. At Total Technology Solutions, we have the cutting-edge expertise and tools to protect your business from cyber threats. Contact us now! Let’s help you create an ironclad defense and incidence response strategy.