By Trey Fischer
Aug 28, 2017
With the rising number of incidents of online security breaches, it is important for businesses to have a plan in place to address a security breach, should one occur. Here are some things to consider to when creating a security breach plan for your business.
Data backups - You should have a reliable backup of your data stored offsite. You should try and restore your data on a quarterly basis to validate you can recover it, in the case that your data becomes encrypted by one of the numerous crypto locker family of malware.
Communication - If your business has customers that may be impacted by a breach, you may want to write up a template regarding the specifics of what happened, how they may have been impacted and what actions are being taken to resolve the issue. It’s best to have a framework in place before an incident so you are not scrambling during the event.
Breach Insurance - Over the last 5 to 10 years, more and more insurance carriers have begun offering security breach insurance. This insurance is there to help shield your business from most of the cost incurred, related to a breach. Depending on the type of business involved, breaches can be very expensive. As per a study commissioned by IBM, it is now estimated that the average security breach costs $3.62 million dollars.
Security Auditor - Depending on the type of data that was breached and how it was breached, you may need to hire an outside third party to help identify and remediate the issue. It is ideal to make contact with with firms that are experts in dealing with security breaches, and to establish a relationship with them prior to an event occurring.
In summary, it is always best to be prepared for worst case scenarios. Of course, I hope that you will never have to execute a security breach plan for your business. However, in the case that a security breach does occur, having a plan in place ensures that you are prepared to respond in the best possible way.