How Serious is Cybersecurity?
Cybercriminals have earned quite the reputation over the past couple of years, leading companies around the globe to maintain the highest levels of around the clock security. With a playing field that is continually shifting, from new malware to all types of suspicious network traffic patterns, how to best prepare for a security breach has become an essential component for all businesses to consider. The good news is that cybersecurity defense is possible. In truth, most companies under prepare for security breach scenarios and often don’t have the necessary toolkits available to them for a proper incident response strategy.
So how should you prepare your company for a security incident?
Let’s take a look.
How to Prepare Your Company
According to a 2016 SANS Institute survey, 55% of all businesses have experienced some form a cyber attack and a staggering 50% of companies have also reported some form of data breach. Whether a breach leads to system unavailability, loss of confidential or critical information, or damage to a brand’s reputation, the cost of a data security breach can vary for every company.
The last thing you want as a business owner is to be taken by surprise with a security incident and preparation for an incident forces you, and your company, to think of all likely scenarios that you may encounter. Having a fully integrated access control system is a fantastic cautionary step to defending your company’s assets and keeping everyone’s personal information private. In addition to this, ensure that your access control systems are well maintained.
Very often, the best step you can take is to consider all of your network vulnerabilities. Determining all possible risks within your IT environment is one of the most critical aspects of security management and response.
After you have collected and verified all necessary documentation within your organization, creating an incident response team to communicate with all points of contact in the case of a security breach is highly recommended. These teams not only know what to expect and what to do in the case of an incident, but they can also help run exercises within your company so that everyone can get some practice in the case of a breach.
What to do if Your Company has a Data Breach
It is very likely that your company will experience some security breach in the future if you have not already. Total prevention in the current technological era is nearly impossible, but that doesn’t mean you don’t have readily available practices to rely on in the case of future problems.
If your company does happen to fall under the attack of a security breach, you should:
- Contact your business’ insurance agent or financial institution to discuss options for cyber liability coverage or damage control. While this may sound odd, many institutions now offer this sort of thing in their policies, and you may already be protected, but you will want to be made aware of any time-sensitive reporting requirements in your coverage after the breach.
- You want to notify all customers and employees if their data was exposed during the breach. Navigating your customers and employees through the aftermath of a security breach is of the utmost importance, and the sooner you do it, the better. Most companies offer credit monitoring services, but you may also want to contact a separate company to help guide victims of the incident through any and all resolution processes.
- After informing customers and employees, start contacting cybersecurity companies and find out what you need to do to prevent future data breaches. Protecting personal information and intellectual property is as important as physical protection in a commercial environment.
As we mentioned before, a breach could very well happen to your company at some point. However, having a plan in place for your business, your employees, and your customers in the event of a security breach can help ease the stress of any potential penalties, fines, regulatory interactions, and possible litigation caused by the breach.
While you may lose some credibility with the public, demonstrating empathy and transparency after a security incident can help regain trust from partners and clients, as well as past, present, and future consumers.