No business wants to fall victim to a data breach, but the reality is that all companies are at risk of becoming a hacker's target. It's a terrifying prospect, especially when you consider the consequences of a security breach. You risk damaging your reputation, financial losses if the criminals access your bank and serious financial penalties if the Information Commissioner issues a penalty.
Regaining control in the aftermath of a breach is extremely difficult, but the good news is that you aren't powerless. It is possible to salvage your reputation and get your business back on track with minimal impact providing you know what to do after an attack. This blog provides valuable information on recovering from a data breach, so keep reading.
The impact of a data breach on a business
A data breach occurs when an unauthorised person gets access to your confidential information. This can either be unintentional, when people within an organisation leak private information accidentally, or deliberate, when hackers directly steal corporate secrets in a cyberattack.
Customers whose data has been compromised can quickly learn about their legal rights and claim compensation. The experts from www.databreachclaims.org.uk/ explained, "In order to make a data breach claim, some form of wrongful conduct on the part of the data controller or data processor must have occurred. Your customer must also have suffered some kind of damage, known as material or non-material damage, such distress or worry or some financial impact as a result of the data breach".
Not only will a data breach have a financial impact on your business, it will also affect your reputation. A data breach leads to significant costs for small businesses. Given the catastrophic damages, it's vital to update your software regularly and comply with corporate security policies. A data breach can put your company out of business if you aren't careful.
Most common causes of a data breach
Data breaches are widespread - enterprises are just a click away from critical incidents, as malicious hackers use sophisticated tactics to get their hands on private data. A data breach can happen due to the following:
- phishing;
- social engineering scams;
- theft of physical devices;
- weak passwords;
- ransomware;
- third-party breaches.
What are the tell-tale signs that you've been breached?
To recover from a data breach, you must first know that it has happened. But how can you tell that you've suffered a data breach? Often, it's difficult to spot the signs. In fact, it can take months to realise that you've been hacked.
But some things may indicate a security issue, such as pop-up windows that can't be closed, slow computer response time, and clients reporting that they've received spam emails from you. If a virus is identified on your system, it's essential to investigate and determine whether your data has been compromised.
Steps to take following a data breach
If a data breach affects your business, you can recover from it but the process can be lengthy. Once things are under control, you can also learn from the incident and take preventive measures to ensure it doesn't happen again in the future.
Here's what you should do if you've suffered a data breach.
1. Seek help from IT professionals
After identifying a data breach, you should act as quickly as possible - just as you would if you had a medical emergency or a fire. This is crucial if you are to minimise damage. If no action is taken, hackers can keep downloading files, allowing the attacker to have control of the network.
You need to find an experienced IT partner as soon as possible (if you don't have one already), but this can be expensive and challenging in the middle of a data security crisis. However, if your IT team is inexperienced or insufficiently knowledgeable, they may not be able to diagnose the root cause of the problem.
2. Contain the breach
This is not the time to blame someone for the data breach. What matters at this point is to try and fix the problem as best as you can. Here are some steps you can take to contain the data breach:
- disconnect all the systems, networks and devices from the point of access to reduce the scope of the attack;
- collect evidence of the breach to help determine how the cybercriminal gained unauthorised access;
- limit access to critical systems to only those who require it;
- reset passwords and implement multi-factor authentication;
- seek support from IT experts.
3. Restore the data
All data breaches are different; some require immediate action, while in other cases, data restoration could happen over a few days, weeks and even months. Depending on the exact situation, data restoration could involve the following:
- restoring documents and data from a backup;
- changing passwords;
- turning off the system until the security updates are completed.
4. Notify relevant parties
Your company isn't the only one affected if you suffer a data breach. Customers, stakeholders and clients are, too. You must inform affected third parties that cybercriminals have stolen information. This allows them to change passwords and take other relevant steps (such as contacting their bank) before the hackers have the chance to exploit their information. Stakeholders should also be informed as quickly as possible, as this shows that you are doing your best to handle the situation effectively, which will ultimately help protect your reputation.
5. Commit to better data security
After a data breach, it's vital to review your internal policies to determine whether security gaps are to blame for the incident. If so, you must revise security measures so you can prevent further incidents in the future. It's critical you put in place an incident response plan that details the steps you must take in the event of another incident. If they aren't clear, you should rewrite them. Business continuity and disaster recovery plans should be reviewed regularly too.
Take action today to safeguard your business from cybercrime
Cybercrime is a growing threat, with 39% of UK ventures reporting an attack in 2022 alone. The cost of a data breach is significant, highlighting that businesses should take cybersecurity seriously and implement strong measures to protect their data. Too often, businesses believe that they are off hackers' radar, but anyone can become a victim. If you run a business, you're at risk. So, it's essential to prepare for the worst by developing a plan to minimise the risks and to help you get back up and running as soon as possible so you can restore your data and your reputation.
Copyright 2023. This article was made possible by supporter GETX Local Company.