Keep posted, keep informed.
Ransomware attacks and other data breaches are up more than 600 percent. For most businesses, the issue isn’t if a cyberattack is going to take place, but when it will take place. To best limit the damage from a cyberattack, businesses should consider several preventive steps to stop data breaches in their tracks and create a data breach recovery plan.
According to IBM and Ponemon, the cost of a single data breach comes in at an average of $150 per stolen record. The figure includes various post-breach activities such as investigations, data recovery and restoration, disclosure, regulatory compliance, damage to reputation, and business loss. Response to massive breaches involving millions of personal and professional records runs between $50 and $350 million.
This extreme loss potential highlights the need to remain protected and prevent data breaches while also creating a plan to respond and recover once a breach occurs.
Here’s how to recover from a breach to limit losses and regain public trust.
Stop the Breach
Once a cyberattack is detected, it’s essential to contain it as much as possible. The way a company handles a cyberattack depends on the nature of the attack and the systems involved. Systems used by the attacker need to be isolated to prevent further spread across the network. Separating the breached user accounts may also be helpful in addition to closing a particular area of business.
Once contained, it’s crucial to eliminate the threat to avoid further damage. The methods of ending a cyberattack depend on the type of cyberattack. Stopping further damage can be done by reformatting and restoring the affected departments and resources.
Assess the Situation
Once the cyberattack is stopped and eliminated, the next step for recovery is to investigate the cyberattack and review the damage it has caused to the company. Knowing how the cyberattack happened is needed to prevent future hackers from using the same tactics. It’s also important to look into the affected systems so that any malware possibly left by the hackers is detected and removed.
Notify the Public or Affected Parties
By assessing a data breach, companies can find out who was affected. After an investigation, the next step is to get in touch with the authorities and affected parties. There are deadlines for reporting cyber attacks, so it’s always recommended that businesses do this as soon as possible.
The notification may be sent out via email, telephone, or other means such as press releases and social media posts. In this communication, the company must indicate the date of the breach and what the recipient can do to protect themselves from other harm.
A security check is required to evaluate the company’s current security systems and prepare for future recovery plans. Many businesses think that their computer security is sufficient enough to ward off further breaches. However, regular security audits help to keep systems protected.
An audit after a data breach analyzes all systems so that a proposal can be provided to implement new strategies and patches. A DNS check helps protect the entire infrastructure and system administration since an old DNS server is easily compromised. By examining network and server systems, open ports, rDNS registers, and certificates, the audit will give businesses more control over data already exposed online.
Update the Recovery Plan for Future Cyberattacks
It’s also essential to prepare for the next attack by reviewing and updating current response strategies. After being hit with a breach, organizations face higher chances of being hit again, and harder. The security audit and internal investigation are valuable and help provide some direction for updating a response plan.
A new recovery plan may include new privacy policies, security training for all employees, policy compliance, and more. However, every company must put a focus on educating their employees about the essential parts of security because human error leads to security gaps and data breaches.
About Mavon Insurance
At Mavon Insurance, we pride ourselves on our unique approach to insurance. We focus on integrity, communication, professionalism, respect, and gratitude to help our clients succeed and place business in specialized markets. For more information about our products, or to become an agent, contact us today at (855) 248-1480.