How to Protect Your Business Against a Data Breach

An eye-opening 90% of data breaches arise from human errors, ranging from mishaps like laptops or phones being left vulnerable to theft, unauthorized access by employers or vendors, statements mistakenly mailed to the wrong addresses, to WiFi accounts lacking encryption. 

The substantial prevalence of cyber attacks rooted in human oversight means there's a human touch to the solution. This leads us to take actionable steps to proactively reduce these risks and foster a more secure digital environment for everyone.

How can you prevent a data breach?

The best offense is truly a good defense! Businesses can reduce the risk of cyber attacks by taking these three proactive measures:

#1. One essential step is obtaining Payment Card Industry (PCI) certification, aligning with the PCI Data Security Standard. This ensures a robust framework for safeguarding credit card data and upholding information security.

#2. Emphasizing the human element, prioritize the use of secure passwords and the fortification of WiFi networks. Encrypt and strengthen passwords on mobile devices, acknowledging the role of individuals in maintaining a secure environment.

#3. Encourage a healthy skepticism towards emails. Be vigilant against generic greetings and threats related to financial accounts. Questioning such elements can serve as a human firewall against potential phishing attempts.

Staying informed about evolving techniques in data theft is crucial. From Bluetooth skimmers to RAM scrapers and various malware programs, cybercriminals continually devise new methods. During the COVID-19 era, phishing scams saw a significant uptick, underscoring the need for ongoing awareness and understanding of the adversary's tactics in the ongoing battle to protect customer data.

Businesses are victims of data breach?

Yes, businesses can be victims of data breaches. A data breach occurs when unauthorized individuals gain access to confidential information. The consequences of a data breach can be severe and far-reaching. Hackers can use compromised data for illegal activities including identity theft, financial fraud, spamming or even extortion.

For instance, in 2017, Equifax, one of the largest credit reporting agencies in the United States, was hit by a data breach that affected approximately 147 million consumers. In the same year, Marriott suffered a data breach that compromised the personal information of approximately 500 million guests who had reservations with the hotel giant’s Starwood brand.

So, if you are concerned about data breaches, there are steps you can take to help protect yourself and your business. These include:

 

Act promptly when faced with a data breach; delay can worsen the situation. Rather than attempting to resolve it independently, engage professionals immediately.

 

Reach out to your financial institution promptly to report the breach. They can guide you on securing accounts and mitigating financial risks.

 

Inform your insurance agent or carrier about the breach. They can provide assistance and advice on the potential coverage for the incurred losses.

 

Consult local authorities to report the breach and seek guidance on any legal implications. 

 

Inform Affected Customers; transparency is crucial. Even if not legally mandated, notify affected customers about the breach. 

 

Assess the nature of the exposed data and adapt your services accordingly. For example, if debit or credit card information is compromised, advise customers to monitor their accounts and contact their banks for necessary precautions.

 

Provide Guidance on Next Steps; offer guidance to affected individuals on the necessary steps they should take. For instance, if credit card information is compromised, recommend contacting the bank for a new card.

 

It is true that data breaches can cause significant harm to businesses and individuals alike. According to a survey conducted in 2019, 62% of customers were concerned about data breaches, with stolen payment information and account takeovers being the top concerns.

And it’s heartening to see that there is a growing awareness of the importance of data security, and there’s a collective effort across the globe to fight this dark, invisible evil together. By taking steps to protect our data, we can help prevent data breaches and minimize their impact when they do occur.

Stay safe and secure!