7 Ways Small Businesses Can Recover From A Data Breach

A data breach results from a cybersecurity attack that gives cybercriminals unauthorized access to private or company information, networks, and systems. No one is invulnerable to cybersecurity attacks, from individuals to entire governments. As a result, the world is becoming cognizant of the threat of cyberattacks. Also, as people become more aware of this threat, they have become suspicious about sharing personal information, and rightfully so.  

With cyber-criminals getting ever so sophisticated with their attacks, nobody is safe. Vigilance is a must. Needless to say, a security breach can cause a lot of damage that may affect the business’ bottom line. The following points outline the steps a small business can recover from a security breach:

1. Prepare for Data Breaches

The best way to handle a data breach is to prepare for one. An actionable process should be drafted just in case a data breach occurs. It’s better to have an action plan beforehand because it saves time when a breach occurs.

Also, part of this preparation involves creating a data breach response plan. This plan details how the company will deal with a data breach from beginning to end when it happens. 

Furthermore, small companies can protect themselves by investing in cybersecurity insurance. Insurance provides additional support or cushion insofar as recovering from a breach is concerned, as it can be costly.

• Confirm Breach

Before engaging your action plans and response teams, ascertain whether the breach is legitimate. Carry out a thorough system audit to establish the components that were affected. In addition, you should check and verify the company’s backup data stores and other sensitive information that could have been compromised.

The process of confirmation is vital because false positives can occur. Therefore, you have to confirm the legitimacy of the breach at hand lest you react to a false alarm. Responding to a false alarm could cost you money that could have been saved. 

Furthermore, data breaches will disproportionately affect small businesses. A breach could adversely impact its bottom line. According to a report published by IBM, the average cost of a cybersecurity attack in 2021 is USD$4.24 million. Such high costs can be detrimental to a business. Thus, it’s essential to confirm a breach before committing finances to resolve an unconfirmed breach.

• Engage A Data Breach Response Team

Once the breach is confirmed, mobilize a task team of data forensics experts to deal with the situation at hand. You can outsource these services if there isn’t a task team already in place at your company. Only make sure that you mobilize a team that knows how to deal with cybersecurity attacks. 

Also, in such instances, it’s advisable to consult with a legal advisor regarding the legalities involved. The consultation should be done to have a clear understanding of the legal implications of a security breach. Work with legal consultants who are experts in private security and data protection. 

• Stop the Breach 

Upon identification, your team should ascertain the source of the breach and stop it as soon as possible. The source of a breach can be identified through the system audit. You can temporarily freeze all systems by shutting them down to limit the attacker’s access to them. Also, to prevent any further data loss or damage, ensure to update all your credentials and passwords. 

• Assess Vulnerabilities 

System vulnerabilities refer to its weak points. The response team should compile a report of the findings upon system analysis. This information will help identify the elements in your system that need to be updated. One thing’s for sure: You wouldn’t want the same attack to occur. So, you need to patch up the system to prevent this from repeating. 

This stage is essential because you need to have a clear understanding of what went wrong to develop a workable solution. 

Cybercriminals are crafty, and it’s best that you know where you went wrong. You can also establish other potentially weak areas in the system and fix them to safeguard against future cyberattacks.  

Also, interview people who spotted the breach. They could provide useful information to support your findings upon investigation.

• Notify Affected Parties

All affected parties must be notified as soon as possible. It’s the business’s responsibility to inform them early to buy them time to change their credentials and update their bank accounts. It helps to have a communication plan in place. Furthermore, a business mustn’t delay in conveying such vital information, especially when your database contains your clients’ personal details. Be forthright. 

Although this may adversely affect a business’s reputation, it’s still the right thing to do. A company stands a better chance of retaining customers if it communicates with speed and transparency. Moreover, the business must be able to answer questions and provide direction to all affected parties regarding the breach. 

• Report To Authorities

Businesses should inform law enforcement about the breach promptly. Cybercrime is serious and must be reported to the authorities to begin a formal investigation. After all, a security breach constitutes criminal activity. It’s a planned, deliberate attack.  Businesses ought to report the matter immediately.

Conclusion

Small businesses can secure themselves by investing in cybersecurity insurance in the event of a data breach. Also, small businesses should prepare for cybersecurity threats as best as they can. Detailed action plans and recovery plans must be put in place. Keeping computers, security systems, and networks up to date is important. 

Furthermore, make sure to inform all affected parties and law enforcement about the breach as soon as possible.