Cyberattacks like security breaches can hurt the business in many ways. On average, it could cost a company nearly £5,000. Meanwhile, at least 50% would have to close within the next six months, cash flow and reputation probably damaged beyond repair.
However, with cases rising, the risks that it could happen to you are high. What will you do? Here are the ideal steps:
1. Get as Much Information as You Can about the Breach
Usually, cyberattacks are stealthy. You’ll never know there’s a problem until you see signs of a security breach:
- You cannot access specific data or platforms anymore.
- Your organization might receive a ransom demand from the criminals.
- You lost a significant amount of information or money.
- Your team starts receiving weird emails or login prompts.
Security breaches can happen for many reasons ranging from malware to an inside job or human error. Either way, as soon as you identify an incident, get at least the essential details:
- When did it happen?
- What data are affected?
- How did it likely occur?
- Where is the data now? Have they been used for illegal purposes, such as being sold in the black market or accessing client information?
- Who’s working on investigating the data breach?
2. Inform Your Customers Immediately
Once you have the initial data, inform customers immediately. Now, some businesses feel frightened to do it because of what’s at stake.
Know that it’s a normal reaction for your clients, especially those directly affected, to be angry or upset. They might even decide to pull out their accounts. But they will appreciate the honesty and sincerity.
Furthermore, like you, they want to know their risk exposure so that they can protect themselves. For instance, they might need to change their passwords or reject calls from suspicious or unknown numbers.
Note: Keep your customers on the loop every time you make progress in the security breach investigation.
3. Work with a Solicitor
Besides an IT expert, your company might also need to work with a corporate fraud law firm. The following will explain why:
- Nearly 80% of security breaches are inside jobs. These can be deliberate, such as when employees steal information or accidental. A good example is when a worker clicks on a suspicious link that eventually downloads a virus or malware. A solicitor with experience in corporate fraud can help you determine the next steps.
- Some customers might sue the business. Again, this is a normal reaction. But one successful lawsuit can trigger a class-action case, and that’s going to cost you a lot of money.
4. Ensure It Doesn’t Happen Again
You don’t need to wait until you have completed the investigation before you take the necessary steps to reduce or prevent another exposure. Some cybercriminals can target the same company, and any news of a breach makes you prey for others.
- Educate your employees.
- Change passwords immediately.
- Review or audit your security measures.
- Invest in a sound IT security system and team.
- Create sound policies on bringing your own device (BYOD) and data access outside the workplace.
Indeed, you don’t want to be part of the growing statistics of cybercrime victims. But knowing what to do in case it happens helps you mitigate the attack’s impact on your business.