Suppose a customer submits a claim under their insurance policy, which your company subsequently approves and forwards the relevant details to a subsidiary. Following this, you receive an inquiry from the customer concerning a call they received from an individual claiming to represent your subsidiary.
The customer voices concerns over the absence of any security verification questions during the call, which raises suspicions. Further investigation reveals that there is no documentation of such a call being made by the subsidiary in the customer’s records. This situation prompts the question of whether a data breach has occurred.
Before addressing the possibility of a data breach, it’s critical to be well-versed in the legal framework and the indicators of a breach. Such knowledge is essential to prevent the oversight or failure to report a potential breach in the future.
Secure Your Systems
Start by reinforcing your systems to eliminate any future unauthorized access. Reset all your passwords and rescind access rights from any breached accounts. Updating or patching the compromised software is necessary if the breach stemmed from a software flaw. Additionally, contemplate on restricting the accessibility to confidential data and incorporating multi-factor authentication for an additional security tier.
Legal Counsel
With the rising prevalence of data breaches, state and federal legislation to mitigate these incidents has likewise increased. Currently, almost all states possess their unique privacy and data breach regulations, compelling you to perform specific actions, submit requisite documents to the appropriate agencies, and alert particular entities about a breach occurrence.
These regulations also establish compliance timelines, often no more than 30 days, within which adherence is required to avoid penalties and fines. Engaging a lawyer like Cohen Schneider Law P.C. can help you navigate through state-specific rules, assess potential legal implications, and advise on corrective actions.
Notify Law Enforcement
Engaging law enforcement officials early can be beneficial in managing the fallout from a breach, as they can provide crucial assistance with your investigation. The appropriate law enforcement agency to contact can differ based on your location and the legal obligations of your business. Consult your legal advisor to determine the right entity to reach out to.
Collaborate with law enforcement that has expertise in cybercrime. Should your local police force not have the necessary resources or knowledge for such cases, it might be necessary to involve a more specialized agency equipped to handle these situations.
Getting Your Business Back To Normal
Bouncing back from a data breach requires patience and effort, and it is expected that those impacted by the breach might hesitate to transact with your business again due to concerns over future security vulnerabilities. Quickly reestablishing normal business functions after addressing and containing the breach is essential for starting the process of rebuilding your company’s credibility. Considering the adoption of cybersecurity measures or cyber insurance could also be beneficial.
Cybersecurity services aim to avert breaches through preventative tools like firewalls and antivirus software, whereas cyber insurance helps in reducing financial damages. With the right amount of dedication and resources, your business has the opportunity to recover and pursue growth once more.
Endnote
We live in a time when the strength of cyber attacks escalates nearly every week. Hackers with malicious intent are advancing in their intrusion methods to obliterate data housed on devices throughout corporate networks and online platforms. Regrettably, cyber-crime has become an inevitable aspect of our interconnected world.
