When hackers penetrate your public and private networks, it can lead to devastating consequences. A data breach can not only destroy a company’s electronic data, it can also bankrupt a business. Any company in any sector can be hacked. So what should business do if they are the latest victim of a breach? Having a proactive cybersecurity strategy is a company’s best defense. Following these three essential R’s is a defense strategy that should be stored in every company’s first aid kit:
Identifying the source of the incident is paramount to minimizing the resulting damage. Internal controls play a significant role in identifying a hacker’s point of entry. Monitoring logs and access to networks is especially critical because this is where signs of a breach will likely turn up. Large file transfers that do not regularly occur could be a sign of a security incident, as could the slowing down of a usually large bandwidth network.
A company’s incident response plan to unauthorized access should be able to cut off the access point, slow down the intruder, preserve the environment that has been compromised and speed up recovery. This can be accomplished through proactive monitoring, user training and a layered security approach. Forensic analysis will likely be required to determine the full range of files compromised. If a company does not have the means to do a full forensic analysis internally, it should enlist the help of an outside provider experienced with cybersecurity risk mitigation.
The regulatory environment surrounding the compromised data may require the implementation of long-term corrections. First priority goes to fixing the problems that led to the breach. Companies that tie breaches back to their third party vendor should work with that company to understand what they are doing to prevent a similar event from occurring in the future. They should also discuss what the vendor can do to better secure data transferred between the two entities.
Because data has become so critical today, many business owners are adding this specialty insurance along with their basic property, liability, fire and theft coverages. Data breach insurance not only pays for the costs to respond, but provides risk management services for customers. At BB Insurance Marketing, we provide Cyber Liability insurance solutions for any industry with access to insurance providers with specific products to combat data breaches or hacking. Contact us to learn more about our Florida insurance solutions and cyber liability coverage or fill out our quick quote form and get a free quote today!