Author, Sam Brown, Account Executive, Rancho Mesa Insurance Services, Inc.
On Friday, July 14th Rancho Mesa hosted a popular workshop titled “Cyber Liability Explained: Hacking Trends for 2023” with presenter Beau Bechelli of Evolve MGA. His 60-minute presentation educated the audience on the cost of cyber attacks, the most common types of attacks, and practical ways to help reduce the threat of a breach.
This article will cover recommended steps an organization should take immediately following a data breach.
Call Insurance Agent
Immediately call the business’ insurance agent or the cyber insurance policy’s claim reporting line to report details of the incident.
Secure Operations
According to the FTC.gov’s Data Breach Response Guide, an organization should first take steps to quickly secure its operations. This may require:
New locks and access codes to physical areas
Taking all affected equipment offline immediately
Remove improperly posted information from the organization’s website
Search for the organization’s exposed information on the web
FTC.gov also recommends interviewing individuals who discovered the breach and advises against destroying evidence.
Address Vulnerabilities
The organization should next address the system’s vulnerabilities compromised in the breach. Contact any service providers involved to assess the personal information to which the provider had access and determine if it’s necessary to change access privileges.
Work with the forensics team to understand if the breach is contained and determine the status of the network’s backup data. This process should also produce the number and types of records compromised. Begin corrective measures as soon as possible.
Notify Appropriate Parties
The guide instructs businesses to notify law enforcement, other affected businesses, and affected individuals. Work with the insurance company’s assigned legal counsel to ensure compliance with all state and federal notification requirements.
Please refer to the Federal Trade Commission’s Data Breach Response Guide for more detailed steps.
For those who are interested in learning more about how cyber-crimes affect real businesses, watch “Cyber Liability Explained: Hacking Trends for 2023.”
Contact me to discuss the merits of cyber liability insurance or a possible data breach at (619) 937-0175 or sbrown@ranchomesa.com.