A company’s data is its soul, one that keeps every business unique and alive. Unfortunately, data breaches are becoming more frequent in today’s digitally-oriented world and with it comes a slew of cyberattacks that can put your business out of order.
No matter what technique was used from a hacker’s bag of tricks, a data breach is one of the deadliest security threats companies deal with today since it can lead to a tidal wave of negative effects. From millions of dollars worth of financial loss, reputational damage, operational downtime to the loss of sensitive information, data breaches are not a problem you can put in the backseat.
Receiving a notification regarding a recent data breach can be alarming. But time is of the essence, so we’re here to guide you through the steps you can take to contain the losses as much as possible.
Step 1: Establish Communication with Your Team ASAP
Once a data breach occurs, then everything else in your company is at risk of falling into malicious hands. It’s important to beat them to it by preventing multiple data breaches, which you can start by deploying forensic experts to analyse the incident and uncover the root cause.
Depending on your business structure, you may need to involve other departments such as information security, legal, and more. Salvaging what you can ease the burden on your wallet once the remediation process is complete, but prioritise designating tasks to your teams to help isolate the infection in your system.
Step 2: Move Forward Offline
Letting your system run increases your risk, and while it’s crucial to let your team analyse the breach, you’ll have to do it all offline to mitigate risks of further data loss. You also need to cut off the hackers from busting your other assets by changing the access credentials and remove any information online that may have led to the breach.
You can also secure assets by finding out what type of information has been targeted, whether it’s related to a web-services provider data breach or something more damaging like a credit reporting agency breach. Knowing this gives you time to freeze accounts and prevent cyber attackers from using them further.
Step 3: Notify Relevant Parties and Seek Legal Assistance
Once you understand your vulnerabilities, you can move forward with notifying the affected parties and notifying legal authorities. Different state laws require businesses to reveal information when data has been compromised, especially when it involves the customers’ security like credit card details, bank account numbers, and more.
The Bottom Line: The Importance of Acting Fast to Minimize the Damages in the Aftermath of a Data Breach
There’s no way to cushion the blow of a data breach to your company, but knowing the steps to take when addressing the problem can keep the damages from escalating beyond control. Protecting your organisation’s network should be an essential part of your security measures, especially in an internet-driven time when cyberattacks are rampant.
Get External Data Protection and Compliance Support
Threats to your cybersecurity can be costly, and a data breach is one of many attacks that can shake the foundation of your business in more ways than one. We’re a Swiss-based consulting firm specialising in Data Protection, Information Security, and Compliance Consulting, which means we can safeguard your data and offer other data security services that can streamline your cybersecurity operations. Learn more about both our consultancy service and our 'experts-as-a-service', as well as Data Protection Management Solution package and how we can help safeguard your business.