Do You Have a Plan After a Company Data Breach?
Our business associates at Regions Bank have put together a great article on creating a Data Breach Response Plan. Q1 2019 to Q1 2020 reported a 273% increase in data breach exposing 8.4 billion records, from insurance providers to credit bureaus, 2021 is expected to report higher threats. In the last couple of weeks there has been a lot of noise surrounding cyber security, which brings to light what the projections or expectations for this upcoming year are. IBM identified that it takes companies an average of 280 days to identify and contain a breach/cyber security occurrence.
What is a Data Breach Response Plan?
In short, it is a roadmap for your company to follow should a breach occur. Similar to an Emergency Response Plan but for your data and IT platform. Top points from Regions’ article:
- Build a Response Team; from Executive level through HR down to customer support and external vendors
- Include and detail specifics for the following in your plan:
- Identify breach; triggering events
- Contain the breach
- Notify Data Breach Team and initiate plan
- Investigate
- Notify internal and external relations of breach; as required by law
- Safeguard data
- Conclusion and review meeting; team meets to analyze breach and make adjustments to the existing plan
My personal add on this is to research and obtain a cyber security insurance policy, mitigate your cyber risk. Cyber insurance protects against damages caused by electronic threats to your computer systems or data. Cyber threats can lead to the theft, damage or misuse of sensitive information or other vital technologies and can result in downtime and recovery costs that often include specialized repairs and legal fees
Forbes’ article “The Best Cybersecurity Predictions for 2021 Roundup” gives us some insight as to what we can expect. Here are some of the highlights, click on the article link above for the full article.
- 2020 reported cyberattacks on healthcare facilities in the U.S. affecting 17.3 million people in 436 breaches tracked by the U.S. Department of Health and Human Services (HHS) Breach portal.
- Amid an expectation of decline to revenues in 2021, 51% of executives plan to increase cybersecurity budgets
Govtech.com has also chimed in on where we need to protect ourselves for 2021 and what is expected to be at greatest risk; high points listed below, click link above for full article (interesting and informative read):
- Increase attacks expected on home computers and networks; scary seeing as though many of us are still working remotely
- Dark web expected to allow criminals access to purchase more sensitive corporate information
- App stores through mobile devices and smartphones are expected to be attacked
- Cloud base push for storage will likely create gaps in security
- Application Programming Interfaces (API) threat models are high targets for enterprise breaches
Here at Libertate Insurance, data is a viable part of what allows us to do what we do for our clients. We hold data security at a high level of importance to our brand. We also know that the best reaction is a planned reaction. Putting a plan in place to protect your organization and your clients is important. We offer programs for cyber security that can further protect you, should you fall victim to the latest trends in the world of scams. Please contact us to review program details and understand the benefits of obtaining a cyber security policy.
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The PEO Compass is a friendly convergence of professionals and friends in the PEO industry sharing insights, ideas and intelligence to make us all better.
All writers specialize in Professional Employer Organization (PEO) business services such as Workers Compensation, Mergers & Acquisitions, Data Management, Employment Practices Liability (EPLI), Cyber Liability Insurance, Health Insurance, Occupational Accident Insurance, Business Insurance, Client Company, Casualty Insurance, Disability Insurance and more.
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