Spotting & Reporting a Data Breach

Posted By: Team Moody, August 5, 2021

Securing your company’s critical data is a must, and companies should be able to know whether a breach has happened or not. Identifying a data breach is essential for reporting and determining the next vital steps.

A data breach is typically a result of a cyberattack. It lets criminals have access to both financial and personal data. Spyware misconfigured access controls, and phishing is the usual type of cyberattack. In most data breaches, the criminals usually want to steal personal data such as usernames, passwords, email addresses, and banking information. Therefore, it is essential to incorporate actions beforehand, such as acquiring MD Cyber Liability Insurance. Take note that the data stolen are typically used to breach accounts, make fraudulent transactions, and steal the identity of people.

Identifying a Data Breach

It is essential to have a proactive approach to prevent data breaches. Different warning signs can help you determine whether a data breach has already occurred. The following are the red flags that need further investigation:

Sudden user account lockouts, group membership changes, or password changes
An abnormally high system, disk, or network activity
Repeated system or application crashes
Presence of unexpected system processes or software
Strange user activity
Alerts from malware software
Unusual browsing behavior with pop-ups or browser configuration changes
Unusual activity on unrecognized network ports
Reports from contacts receiving unique messages from your email account
An attacker’s message usually via ransomware

No matter how big or small your business may be, data breaches can result in serious financial problems or consequences. Thus, it is critical to detect and solve a data breach sooner than later. In addition, having vital systems and preparing ahead can help fight, prevent, or contain these breaches.

You should implement strong digital security and check their potential vulnerability to fight against malicious insiders or criminals who want to steal your important data. It would be critical to perform regular maintenance or checks to monitor the warnings signs mentioned above. Some companies outsource their data breach matters to experts or businesses who specialize in this specific field.

Reporting a Data Breach

To report a data breach, the location of your business and customers would serve as highly essential. For example, in the United States, the law requires notifying people who experienced a data breach. In the majority of states, credit bureaus would need to be informed about the specific breach. Some states even require informing state officials or state attorneys general. States have varying laws between them.

In the United Kingdom, data breaches are required to be reported to the Information Commissioner’s Office within a 72-hour period. It is also a must to inform any person who got their data compromised due to the breach.

In Canada, data breach reporting was only made a legal requirement by the year 2018. When comparing to GDPR laws, Canada’s data breach reporting laws are way too lax. The companies are also more entrusted to report.

Data breaches are threats that should be taken seriously, no matter what country it may happen in or how big or small it may be. It is crucial to think about the law’s punishments and what this may bring towards your company’s status among your clients.

Preventing Data Breaches

The most effective way to prevent data breaches is to have a proactive approach. Below are essential tips that you should carefully consider right from the start.

Let the Experts Handle It

Some people specifically specialize in this type of field. Cybersecurity may not be an easy topic to grasp for everybody, but for sure, there are experts that you can trust to handle this. Ideally, the one you should trust this task to should understand your own business and how data works all around it. Small business owners may regard this as expensive, but if you want to protect your business from a data breach, this has got to be the best way.

Always be Updated

Criminals will continually develop skills and study security protocols. Having a good defense against updated attack methods could help you in preventing data breaches. Make sure to check your applications and programs, as updates usually contain security patches that work on updated attacks.

Get the Right Tools

Acquire the most trusted data breach detection tools. These can assist you in identifying breaches faster and also help you determine your vulnerable spots. Technology has been developing rapidly, and your business should be at par with it.

Monitor Your Organization Closely

Potential data breaches require close attention. Application logs, security system activities, and other important factors could be essential with close monitoring.

Train Your Employees

It is crucial to train the people within your organization to determine attacks and check potential vulnerabilities within your system. This should be a regular exercise for everyone handling the important information within the company. Being negligent affects the cybersecurity of your business. Having staff who are knowledgeable can assist you in preventing data breaches appropriately.

Conclusion

Data breach numbers have been increasing each year. This means that more criminals have been successful in stealing important information from many companies. If you do not want to be part of this statistic, it would be essential to establish your company’s plan against data breaches. Preventing one from happening requires enough preparation and knowledge. The information above already offers you a huge advantage. However, if you won’t take action, then you are still highly vulnerable to these attacks. Severe financial and personal consequences can be a result of data breaches. Do not wait until that happens to you. Always be aware of updates or trends against cybersecurity, and your staff should always be in the know as well. Make this a team effort. A threat of data breach can be prevented by a good defense and a knowledgeable approach. Spotting and reporting a data breach could lead to many benefits and prevent disastrous consequences. Make sure that your business takes this as an essential aspect of your operations. Never disregard data breaches at all times.

About Moody Insurance Worldwide

Moody Insurance Worldwide, a division of Moody & Associates that was founded in 1914, is a leading provider of risk management programs and insurance coverage to individuals and businesses across the East Coast. We write all sizes of businesses, with technical expertise in many key industry areas, and provide personal insurance programs for estates and high net worth individuals. Our licensed, experienced commercial account managers can work with you to determine the coverage that you need at a competitive rate. Contact us today at (855) 868-0170 to learn more about what we can do for you.