It’s a moment no business owner wants to face, but a data breach is a reality you can’t afford to ignore.
If large chunks of data are missing from your systems; your network is bogged down; you’re seeing an abnormal number of password resets and updates; or if your team is being flooded with phishing emails, you may have a breach. Sound familiar?
When sensitive data is compromised, the fallout can be devastating to your company’s finances and reputation. First things first: don’t panic. There are short and long-term steps you can take to recover from a cyberattack and mitigate the damage. Here’s what you need to know.
In the event of a data breach, alert your team so everyone knows what’s happening and how to react. Depending on what you find, you may need to notify customers and vendors. Their personal and financial information may be compromised and exposed.
Make sure your software is updatedto the most recent versions. This may sound like a basic step, but it’s often overlooked and underestimated. If your updates are automated, it’s worth checking to make sure your software hasn’t stopped getting regular updates due to age or other factors.
Take any affected hardware or software systems offline until they can be reset and you can install an additional layer of protection.
Identify how the attack got through and patch up any holes in your security. According to FireEye Mandiant’s 2023 CyberSecurity Forecast, “Threat actors have shifted from gaining control of an endpoint to gaining access to a user’s credentials and account. A user's identity within an organization has becomemore critical than access to the user’s endpoint.”
With this in mind, making two-factor authentication the norm can add another layer of protection to your organization where it’s most likely to be targeted. If you choose this approach, be sure to update your organization’s documented policies and set up a process for company-wide implementation.
You will need to identify the damage and the cause so you can start planning how to shore up your defenses against future threats. Enlisting professional help outside your organization can help identify blind spots your team might be missing.
If users outside your organization were affected by the breach, notifying them promptly is the best way to preserve your reputation and mitigate damage. Let them know what you are doing to fix the situation and protect their data.
Delays and negligence in handling a data breach incident can lead to victims filing lawsuits
against your company that may cost you millions of dollars.
With a robust cybersecurity plan — which we’ll talk more about next month — you can avoid serious vulnerabilities and prepare for a quicker recovery in the event of a breach.
Cybercrime is increasing exponentially, and as technological advances make it easier than ever to access sensitive information, no one can afford to put data security on the back burner. According to Cybersecurity Ventures, “Cybercrime is predicted to cost the world $8 trillion USD in 2023.” Their report predicts that the cost of this damage will “grow by 15 percent per year over the next three years, reaching $10.5 trillion USD annually by 2025, up from $3 trillion USD in 2015.”