Almost daily, news broadcasts are reporting breaking stories about yet another data breach. In 2018, data breaches affected many of the United States’ largest companies, including Marriott Hotels, MyFitnessPal, Quora, Google Plus, Orbitz, T-Mobile, and even Facebook. Unfortunately, the mile-long list doesn’t end there. With increasing frequency and rising risk in today’s digital world, data breaches loom behind every corner. And, whether big or small, the companies affected are not left unscathed.
The impact of a data breach is minimally horrific, if not detrimental, to any company involved. Once confidential information is breached, companies are under a regulatory burden to notify anyone who’s information was compromised. However, when a breach becomes public knowledge, the consequences to a company are almost unavoidable. In one crushing blow, the reputation of a company is at stake.
In today’s world of social media, it is no secret that news spreads like wildfire. Through news reports, Facebook shares, Instagram stories, and more, word travels fast. In a matter of seconds, the whole world is “in the know.” Thus, the consequences of a data breach run far and wide. From credit card numbers to identify theft, the opportunity for cyber attacks are vast.
Among a long list of imminent ramifications, the most impactful one is the loss of customer trust. Undoubtedly, losing the trust of beloved customers can decrease a company’s value immensely and very quickly. Once a customer no longer trusts your company to protect their valuable and confidential information, you can bet you’ve lost their business. With the loss of customers, the company’s reputation will most likely take a hit, leading to a decline in brand value. This downward spiral is difficult to quell.
These are just a handful of the consequences that no company can afford. For all these reasons and more, it’s essential to protect yourself and your business.
Undeniably, the risk of data breach is high and it is vital to have a response plan in place. Being proactive can save you from a data breach catastrophe. A response plan will work to reduce the risk of data breach, protect the information of your priceless customers, and reduce the amount of harm when a breach is attempted.
First, ensure you have the protection of cyber security. Cyber security companies like Norton, provide your business with data protection from cyber attackers and hackers. Investing in the appropriate security measures may save you endless strife, time, and money.
Once an attack has been confirmed, it is important to implement a data breach response plan. Quickly identify the objective of the attackers and the severity of the breach. Alert the security response team of the attack immediately.
After a successful breach has been made, notifying all compromised parties and customers is non-negotiable. In order to prevent further harm, it is important for the affected individuals to become aware of the situation and take further action on their behalf, if necessary. Work closely with your security team to restore a secure network as soon as possible. Complying with the Human Resources team to handle any negative publicity of a data breach incident is advised.
It is no surprise that the risk of data breach in today’s digital world is costly. However, there are steps you can take to provide your company and customers with the highest level of protection from data breaches and cyber attacks. Don’t wait until it is too late! It is important to be proactive in maintaining the integrity and reputation of your company.