While many think of the steps needed to avoid a data breach, it’s equally important to think about the steps your business would need to take in the wake of one.
In this blog, we’ll discuss what you should expect in the days and weeks following this cyber threat, as well as how your company can prepare a data breach response plan.
The Impact of a Data Breach on Businesses
As one of the most common cyber attack consequences companies are faced with, roughly 234 million victims suffered from a data breach in the first three quarters of 2023. Data breaches aren’t something that should be shrugged off; they can be detrimental to businesses, creating a reputational, financial, and security strain that could be felt for years to come if not handled properly.
As of 2023, 60% of organizations that suffered a data breach had to raise the prices of their products and services just to recoup. Additionally, recent history has shown that victims of data breaches underperform the NASDAQ by 8.6% after a year, reaching over 11% after two years.
Not to mention the invaluable data that major companies, such as Capita and MOVEit, have lost due to data breaches. Respectively, those companies experienced the personal details of 470,000 members and the personal data of almost 84 million individuals being compromised.
How Long Does Data Breach Recovery Take?
According to IBM, it takes, on average, 277 days to identify and contain a data breach. However, this can vary based on a number of factors, including:
- The size of impacted systems
- IT availability
- The specific cyber threat used to breach the data
- The initial data breach response and remediation actions taken
Regardless, the results are devastating. In fact, for every hour of downtime, companies will suffer $100,000, on average. With 83% of organizations having experienced at least one data breach, companies need the steps and information required to handle data breach recovery.
Data Breach Recovery Steps To Take
The moments following a data breach are crucial to ensure that damage to your impacted systems is stopped and remediated as quickly as possible before more damage can occur.
Once you’ve confirmed there has been a breach, you should do the following:
Isolate the Affected Accounts/Systems
According to the Federal Trade Commission (FTC), the first step you should take is to “secure your operations.” This means identifying the data breach and isolating any machines, accounts, or systems that have been affected by the breach. As an added precaution, you should also change access credentials on unaffected systems.
Identify and Fix Vulnerabilities
Next, you should identify the gaps in your systems that resulted in the data breach.
The best approach to identifying and fixing vulnerabilities is to proactively work with cybersecurity professionals who specialize in security testing.
Some services you should look for to help you fortify your security and help you recover from a data breach are:
- Vulnerability assessments
- Penetration testing
- Red Team operations
- Social engineering testing
Report the Data Breach
After you’ve isolated your systems and identified areas of weakness in your security framework, you should report the data breach to your local police department, the FBI, and the Internet Crime Complaint Center (IC3). Furthermore, according to the new rules and regulations by The Securities and Exchange Commission, “material” incidents must be reported as well. These include:
- Incidents that have a detrimental impact on a company's profits
- Incidents that put a business at risk of legal trouble or that violate security policies or procedures
- Incidents that impact a business's products, services, or reputation
The Importance of Staying Prepared for a Data Breach
It’s vital for your team to prepare in order to both avoid a data breach and act efficiently in the aftermath of one.
Utilizing penetration testing and security awareness resources can help you understand if your business is ready in the event of an attack. In our 5 ½ Steps to Avoiding Cyber Threats, you’ll have the latest cyber security best practices and techniques to help you keep your business as safe as possible from the ever-evolving landscape of cyber threats.
Get your copy of 5 ½ Steps to Avoiding Cyber Threats today.