Having a data breach can be catastrophic for your company. In today's post, learn the most effective ways to manage data breaches!
Did you know there have been 52 million data breaches in the second quarter of 2022 alone? That's a lot considering the introduction of new privacy laws and regulations. It is a clear signal that data breaches will continue to exist regardless of how advanced and reinforced our security laws have become. And so, companies should learn to take this issue seriously.
A data breach not only causes important data loss but also damages the reputation and financial status of the company. Plus, there's a risk of data being sold to rival businesses. Since a data breach can occur within any organization, we've dedicated this post to exploring how to manage it effectively. From the use of privacy compliance software to the incident response team – let's discuss everything in detail!
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Take Immediate Action
The worst thing that can happen following a data breach is more data breaches. So, one should take immediate action to contain the breach as soon as it’s identified. Here are some useful steps:
- Dispatch the incident response team right away. An incident response team refers to a group of IT experts who analyze an organizational emergency and take appropriate measures to handle it.
- Instantly secure the area where the breach occurred. For example, if the data breach happened in one department, secure it physically by locking and changing the access codes.
- Keep close surveillance on the entry and exit points.
- Change the passwords and credentials of all authorized users.
- Get all the equipment and machines offline. This will help prevent additional loss. However, do not switch anything off, as this can wipe away the clues for forensic investigators.
Analyze the Situation
Your incident response team will be the most useful unit during a data breach. It will assess the situation and identify the extent of the damage. In addition, it will be able to track the data breach and essential document findings for the forensic team. Meanwhile, your job will be to contact the forensic experts of your company. If you don’t have one yet, consider independent investigators who specialize in handling data breaches.
The forensic team will collect evidence, investigate what happened, and help draft out a good solution. You can further assist them by interviewing people who initially discovered or reported the breach. Document all kinds of data that may be helpful in identifying the cause of the data breach.
Report & Consult
As soon as the forensic team gets to work, determine what are the legal requirements for data breaches in your location. Find out which organizations and stakeholders should be informed. In some cases, you'll have to pay fines if you don’t inform the authorities within a set deadline. It’s useful to consult legal counsel in these times. Since they are already aware of the legal laws, they can guide you on what steps to take next. Also, contact the police department and report the data theft.
Sensitive information loss can prove to be dangerous for the whole country. So, reporting them will help reinforce the security systems and prevent large-scale damage. If they don’t handle such incidents, get in touch with other relevant departments like the FBI.
Issue a Public Statement
Data breaches affect the company’s reputation a lot. People would lose their trust in the security and quality of the business. And so, they’ll select other competitors who promise to provide better services.
To limit this damage, issue a public statement about the data breach as soon as possible. You definitely don’t want the people to hear it from information leaks and other sites. This will further lessen the confidence people have in your brand. However, when issuing the public statement, make sure you’re only informing the stakeholders about the details that will help protect themselves. There should not be anything misleading or shady. Think about what questions people might have and answer them strategically.
Remove Any Unwanted Information
Once the situation seems a little less chaotic, start the removal of any inappropriate information that has been posted on the web. This process may take considerable time since you’ll have to scan not only your website but others too.
Precisely, you’ll look for any saved copies of company data on the internet. If there’s nothing on your official website, browse other sites and ask them to remove it. Additionally, contact the relevant search engines and inform them about the data breach too.
This will ensure any incorrect or sensitive company data does not remain archived on the sites.
Upgrade the System
Lastly, ensure no data breaches occur in the future by improving the existing system. There are many ways to do it, like using the best privacy compliance software. These programs help store confidential data in accordance with privacy laws.
Another way is to encrypt the system with codes and passwords that are only known to a few authorized users. Find out who has had access to sensitive data previously and restrict it. Also, try hiring a data specialist team who can monitor the system, identify attacks, and combat them before it’s too late.