There are many things to consider before and after a cyberattack, and the steps a business can take to mitigate the damages. Cyber-attacks can damage a business’s financial, reputational, and legal status. Also, they can cause considerable losses due to the theft of business information, financial information, money, operations disruption, and contract loss.
The Cyber Attack Threat
While preventing cyber-attacks is virtually impossible, there are many ways to safeguard against them and mitigate losses. Moreover, a business must prepare themselves to deal with a cyberattack in any form.
Cyber-Attack vs. Data Breach
Cyber-attacks involve the deliberate theft of personal data stored on a device or network. Additionally, malicious motives behind the action may include damaging the reputation of a person or an entity, selling valuable data, or blackmailing.
Preparing for a Cyber Attack
A business needs to prepare for a cyberattack and be ready to counter every move. Furthermore, here are ways businesses can prepare for a cyber attack.
Hire an Information Security Officer
Chief information security officers play a crucial role in ensuring that companies attack security concerns strategically. Next, they help identify the company’s security structure and develop policies and procedures for protecting essential assets.
Develop a Business Plan
Cyber-attacks are growing, and no organization is immune to them. Given the broad impact of cyber-attacks on businesses, organizations need to incorporate security into their continuity plans. In addition to that, there are tools to prop up cybersecurity measures.
Tools to Enhance Cybersecurity
- Threat detection.Organizations should devote more resources to investigating and learning about attempted breaches of their networks.
- Network traffic inspection.Network traffic inspection is vital for anticipating cyber-attacks. Likewise, a network engineer should be assigned to perform daily traffic analysis.
- Network segmentation.Organizations should segment business units at the network level, isolating problem areas with VLAN technology. It allows the organization to hone in on affected areas when cyber-attacks occur. Additionally, it will enable investigation without compromising the entire network.
- Penetration testing.Regular penetration testing ensures a high level of security. It is also helpful to conduct social penetration testing of employees’ communications practices and educate them on safer methods.
Enhance Auditing and Monitoring
Businesses should conduct ongoing assessments to identify potential risks and vulnerabilities present in information systems. Moreover, the training assignments can help identity any issues that may arise.
Focus On Employees
One way to mitigate risks is to provide security training to employees. Businesses must train workers on various security processes and systems. Then, the workers will have a better idea on how to spot security issues and will be more alert to attacks.
Ensure Protection with Cyber Liability Insurance
Cyber liability insurance protects company assets during data breaches by covering the costs associated with the following:
- Forensic analysis
- Notification to affected parties
- Credit monitoring
- Crisis management and PR
- Business interruption
- Regulatory investigation, fines, and penalties
- Legal defense and liability resulting from third-party lawsuits
Cyber liability insurance may also cover ransomware attacks and social engineering attempts. Uniquely, it can determine where the attack hit and when it originated.
After a Cyberattack
If someone does succeed in accessing your organization’s data, here are some steps that could limit or prevent future breaches:
Survey the Damage
The designated security team should be able to determine the breacher’s identity and discover vulnerabilities used in the branch. Additionally, they should be able to improve the organization’s information security.
Limit Further Damage
After assessment and investigation, the focus should be on preventing further damage. Next, the security team could close traffic in unaffected regions and encrypt uncompromised information. Closing traffic might limit the damage and give the business time to react. Also, they could isolate all or parts of the compromised network.
Record the Details
Proper documentation is crucial for preventing further breaches. Likewise, the security team should record the compromised networks and systems. Recording the compromised networks gives the team an idea of how to identify the attack and locate the source. Also, they should track the number of breached accounts and the magnitude of these data breaches. Lastly, they must determine the type of attack.
Contact Law Enforcement
Businesses are legally required to report data breaches to law enforcement agencies. Organizations that handle such cases are:
- The Federal Bureau of Investigation (FBI)
- The U.S. Secret Service (USSS)
- The U.S. Immigration and Customs Enforcement (ICE)
- The District Attorney
- State and Local law enforcement
Notify All Stakeholders
Investigators should alert all stakeholders about data breaches, including C-level executives and the board of directors. Then, they may share information via letters, official correspondence, calls, or face-to-face meetings.
Learn from the Incident
Improving organizational processes and setting up improved security checks provide valuable opportunities to learn from breaches. Subsequently, it gives a business a better idea of implementing better security training and improving security processes.
About Rodrian Insurance
Make insurance a part of your cyber security strategy. Rodrian Insurance gives solutions that match businesses’ security needs. Every insurance policy we provide stems from carefully assessing the client’s needs and financial capability. If you want another layer of security for your business, contact Rodrian Insurance now at (262) 781-4750 or email us at info@rodrian.com.
