With cyber attacks on the rise companies are looking for ways to protect their data. Relying on cloud-based services, remote web access, email, and messaging apps, like Slack, has opened companies up to multiple threats. In fact, 2017 saw a big rise in data breaches with 1.9 billion data records compromised in just the first six months alone, according to CNBC. That’s a 164% increase compared to the year before.
Not all breaches can be prevented, but preparing for cyber attacks, like investing in cyber risk insurance, can help implement a safeguard environment. Whether a company has insurance or not, having knowledge of how to respond to a cyber attack should be second nature.
Assemble a Team
Pulling several people from many different areas of the company to form an incident response team is a great first step. Everyone from intellectual property experts to HR representatives to data protection experts can help to create a foundation of action and education. A major goal of having a team like this is to minimize brand impact and recover stolen information.
Company legal associates should also be on board as there are a number of legal implications when a cyber attack occurs. Seeking legal advice internally and even externally will help to streamline your response including going over what losses are covered under a current insurance policy or new cyber risk insurance policy.
Secure Your Systems
After a breach occurs, a big technical step to get back on track is to secure the IT systems that were attacked. Leaving this step unchecked will only create an open door for more attacks to happen while trying to figure out what to do with the original attack. By suspending or isolating the section that was breached progress may be disrupted or delayed for the entire company, but this will help plug the hole, preventing following attacks.
Conduct An Investigation
As facts and data come out of a breach, a company will get the full scope of what exactly was affected and plan a course of action. HR representatives may be called in to help with this plan of the breach came from inside the company’s walls, and the investigation team will have to take into account certain labor laws.
The incident response team will have to make sure that every step is documented as they may be required as part of a regulatory notification to submit information.
Companies should have a solid and well-informed backup plan when a cyber attack occurs. Backing up all sensitive data to forego immediate following threats is just as important as understanding the original threat. Doing your very best to protect the data and information you have on hand should be the most important response.
About Walker & Associates
If you’re in the market for a new insurance partner, do your homework to ensure a lucrative venture and positive relationship. Contact us online at Walker & Associates Insurance or by phone at (800) 213-7126 for your insurance needs. We can explain your coverage options and how much coverage will cost.