Data breach survival tactics
It’s a frightening fact that corporate and government data breaches are becoming more prevalent.
When it does happen, a business can suffer significant financial loss as well as a loss of reputation. Take a look at these sobering statistics:
- 85% of Data Breaches Occur at Small Businesses
- 77% of Small Businesses Do Not Have a Formal, Written Internet Security Policy for Employees
- 40% Do Not Have a Contingency Plan Should a Loss of Data Occur
- Average Cost of a Data Breach is $300,000 – $188 per Record
- 60% of Small Businesses Will Shut Down After a Data Breach
Sources: Cyber Data Breach – Is Your Business Ready?, New Agency Partners, FBI IC3 Internet Crime Report 2013
If your company ever falls victim to a data breach, there are specific steps that you can take to help mitigate financial loss and loss to your company’s reputation. Based on a consumer survey done by the Ponemon Institute, the Ponemon Data Breach Costs Report, a company should consider the following steps as a part of its recovery plan. They are:
1. Consider Legal and Ethical Obligations
2. Plan Your Public/Consumer Response
3. Search for Vulnerabilities Uncovered by the Data Breach and Plug the Security Holes
4. Let customers know about the steps your company is taking to secure their personal and financial information to protect their identities and avoid future breaches.
For more information on these steps and other business scams, go to 4 Steps That Could Save Your Business after a Data Breach and It’s Not Just People. Businesses Get Scammed Too.
To report a scam, go to BBB Scam Tracker.