Learn the Most Crucial Steps to Take in the Event of a Cyber Breach

Increasingly, businesses are focusing on cyber security risk management due to the risks associated with a potential data breach. And while much of the focus is on preventative measures, any comprehensive plan must include how the organization will respond in the event of a cyber attack.

Businesses with both a comprehensive response plan and the right cyber liability coverage are better able to limit their exposure and mitigate the effects of a breach.

These key precautions can make the difference between surviving a cyber attack, or sinking as a result of one!

Be Proactive, Not Reactive

Companies that survive cyber security breaches have measures in place ahead of time as part of a comprehensive cyber security risk management strategy.

An automated breach response process can quickly mitigate the effects of a cyber attack, potentially saving a company millions of dollars.

A comprehensive cyber liability insurance policy addressing the industry-specific exposures a company faces is also a critical element of risk management.

Although some companies mistakenly believe cyber insurance doesn’t cover much, cyber policies have never been more comprehensive and wide-ranging. A company can obtain a quality cyber insurance policy that limits their exposure in the event of a breach and mitigates the fallout from a cyber attack.

Put Notification Measures in Place

In the event of a cyber attack, companies typically have up to 72 hours to alert the appropriate parties about the breach. Businesses that implement notification measures ahead of time are better able to meet the legal notification requirements.According to the Federal Trade Commission (FTC), in the event of a breach, companies may need to notify:

• Customers
• Businesses
• Local law enforcement
• The FBI
• The U.S. Secret Service
• The U.S. Postal Inspection Service
• The media

The FTC also advises companies to familiarize themselves with state laws and regulations related to their industry. Most states have enacted legislation requiring notification when personal information is compromised.

If a breach involves electronic health information, the case may fall under HIPPA’s Breach Notification Rule, which requires additional reporting.

The Four A’s: Steps to Take in the Event of Breach

In the event of a cyber attack, it’s important to remain calm and follow a predetermined procedure.

Any comprehensive response plan should include these steps:

• Adjust affected systems or machines to minimize data loss.
  Take them offline to prevent further loss, but don’t turn them off before a forensics team evaluates the situation. Change passwords and lock credentials, as hackers often compromise them in order to carry out a cyber attack.
• Assess the damage done.
  A data forensics team can analyze what happened and determine what information was stolen. It can also determine how the breach happened and stop additional data loss.
• Alert affected customers and the appropriate authorities.
  Once you’ve determined what information was compromised, you can move forward by alerting all the necessary parties. These parties may include credit reporting agencies, regulatory agencies, and the media.
• Adapt policies to prevent similar attacks in the future.
  Identify areas needing improvement. Most breaches occur because of a gap in training, lack of appropriate security measures, or outdated software cyber criminals exploited. Employ new measures to reduce the likelihood of another attack, including improved authentication methods and stronger encryption.

Everything You Need to Protect Your Clients

With breaches occurring every day, your clients need a comprehensive response plan and cyber liability insurance policy to reduce the negative toll a cyber attack takes.

To find out more about cyber coverage options available for your clients, speak with a ProWriters expert today.