Discovering that the security of your computer network has been compromised can be nothing short of terrifying and can cause strained relationships between business, their customers, and their vendors. From valuable internal intellectual property and trade secrets to sensitive financial data belonging to your customers and vendors, a security breach can expose your business to incredible levels of risk. This short post aims to give you actionable steps to take on two levels – breach control and preventative measures – when your network has been compromised.
Steps to Minimize Damage After a Breach
When your network has been compromised – or if you even suspect a breach has occurred – follow these steps immediately to minimize any damage that may have been caused.
- Identify the type of attack (for instance, spyware, malware, virus).
- Identify the source of the attack (how did the breach occur specifically – via email? While surfing the web?)
- Shut down or quarantine the damaged sector.
- Take fast measures to clean the damaged sector.
- Disclose the breach to relevant individuals and/or agencies.
- Perform a thorough risk assessment to shore up internal security against future breaches.
Preventative Measures to Protect Against a Breach
In addition to becoming very well acquainted with the steps to take following a suspected or confirmed breach of security, you will also want to implement proactive measures to protect your company, customers, vendors, and colleagues against future security incidents. Learning about different types of insurance that can protect you against liability for a breach should be part of your preventative strategy. Here are a number of options to consider when selecting the best insurance policy for your needs.
- First party exposures insurance (this policy type is specific to privacy and network security). This type of policy includes the sorts of notifications you would be required to make in the event of a breach, and protects your company from damages incurred from a breach.
- Third party exposures policy (this policy type is specific to privacy and network security). This type of policy protects you from the full weight of damages that may be sought by third parties who have also been injured due to a security breach at your company.
- Errors and omissions insurance. Errors and omissions insurance is a more general policy to protect your company from instances where the actions of one or more employees may cause injury to your firm or to a third party.
- Crime insurance. Crime insurance protects your company against employee theft, third party fraud or criminal action, computer crime and more.
By implementing a thorough, immediate risk assessment and management policy to guard against the possibility future security breaches and ensuring your company has the appropriate insurance coverage in event of a breach, you can guard against one of the number one reasons why businesses fail today.