Data breaches are a real thing. When there is personal data at stake, the prospect of a leak can be catastrophic. Imagine losing sensitive info that wasn’t yours to lose. Customers would hit the roof and never come back again. And, that’s without the mandatory lawsuits which always follow. Whether big or small, it’s the same for businesses across the industry.
So, how you react is crucial as it may save the company face as well as a lot of money. Do it poorly and your reputation will take a hit, and trust levels will go the same way. To make sure this doesn’t happen, you should take a look at the following.
Contact IT ASAP
Regardless of whether the breach is in action or has finished, the first step is to contact the professionals. They should be informed as soon as possible because it is there job to fight back. Whether they do it during or after the fact is irrelevant. After all, there will need to be a forensic look at what went wrong and why. Plus, new safeguards should be put in place to stop it from happening again. IT is often outsourced these days, so pick up the phone and inform them of the problem.
Speak to the Insurance Company
There is going to be fallout and the firm may not have the cash flow. The good news is there is a reason you bought commercial business insurance in the first place. Hopefully, the deal will cover the cost so that you don’t have to pay out of your own pocket. If you do, the expenses may bankrupt the firm and the leak could destroy everything you have built. Speak to them sooner rather than later because there will be plenty of questions to answer and you don’t want to look as if you’re withholding info.
Notify the Customers and Clients
One of the biggest mistakes is to try and cover it up from the public. What they don’t know won’t hurt them in the long-term. Of course, it damages the business when news of the leak leaks in the press. Then, you are up a proverbial creek and there are no paddles to help. Yes, it’s not nice to admit you made a mistake, and there will be a backlash, but it’s the better of two evils. Otherwise, the potential lawsuits will be for millions instead of thousands.
Never forget to apologize or else the brand will take a huge hit. People want to hear a modest press release even if they have no intention of accepting the apology. Still, it’s the least the company can do in their eyes. In this case, a true statement of intent is one which provides answers and solutions. Tell them things they can do to secure their data while the problem is fixed. For example, offer advice on passwords and how to rotate them on a regular basis.
Sadly breaches happen and all you can do is learn from your mistakes. But, are you doing enough to limit the damage?