Even with the best security measures, data breaches are still possible for small businesses. Following a data breach, your company must take the necessary steps to address the issue.
The cost of a data breach has increased significantly over the past couple of years. According to the Ponemon Institute, the average cost of a breach has risen from around $3.7 million to around $4 million. Having the right strategy and procedures can help minimize the damage caused by a data breach.
When it comes to dealing with a data breach, many small business owners don’t know what to do. Here are a few steps to follow to minimize the impact of a breach.
Understand the Extent (and Cause) of the Breach
The first step to addressing a data breach is identifying the problem’s source. Having the proper tools and resources to monitor and analyze the hackers’ activity can help prevent a repeat of the incident. One of the most critical factors you should consider is having an IPS or IDS that can log security events. This will allow you to track the activities of the hackers and provide you with a comprehensive view of the stolen data.
Having the necessary information will allow you to take the steps required to minimize the impact of a data breach. Unfortunately, if you don’t have an IPS/IDS on your network, collecting will be very time-consuming and labor-intensive.
Secure the Breach
A dedicated team of IT personnel should be assigned to handle emergencies such as data breaches. This group can help you immediately address the issue and prevent unauthorized access. Having an IPS solution can help you prevent unauthorized access to your network. However, it’s essential to keep in mind that having a team in place is also vital to minimize the impact of a breach.
Make and Test a Fix
One of the most critical steps you should take following a data breach is to conduct penetration testing on your company’s virtual machines and servers. After implementing a short-term solution to prevent further unauthorized access, it’s essential that you thoroughly test the new security measure to make sure that it works.
Inform Authorities and Affected Customers
Once a fix has been implemented, contact the authorities and inform the affected customers. You should also reach out to the federal agencies that regulate your industry to get their instructions on how to comply with the regulations following a data breach.
Being proactive can help your customers identify potential threats and prevent them from taking actions that could affect their identity. This can include changing their bank account numbers or canceling their credit cards.