Am I at risk for a security breach?
Everyone is at risk for a cybersecurity breach, no matter how much protection you have or how advanced your cybersecurity measures are. Every company from small businesses, to start-ups, to multi-million-dollar companies, runs the risk of security breaches. That is why it is so important to invest in proper cybersecurity protection.
What will my clients think if they find out they were part of a data breach?
Sure, your clients will likely be very upset that their information was attained during a data breach – and rightfully so – they trusted you with some very sensitive information. However, making the conscious decision to hide this breach from your customers will ensure that they never work with you again. Is that really what you want? Think about how important honesty and transparency is.
A good example of this is Uber. In November 2017, Uber, the popular ride-sharing app, revealed that two hackers had stolen data pertaining to 57 million Uber users, including names, phone numbers, and email addresses. The hackers demanded a $100,000 ransom in order to delete the information they had, which Uber agreed to pay. Uber then went on to attempt to cover this up for more than a year, only revealing the details of the breach after coming under fire for reports of a toxic workplace environment.
What should I do if I suspect a data breach in my company?
If you suspect data within your company is being breached, you must handle it immediately and appropriately. You need to determine what data is at risk, and then assess the potential damage. After that, you should speak with the proper IT and legal professionals to get the breach under control.
Once the breach is under control, and you’ve gotten the appropriate legal counsel, you can determine how you will relay this to the public. You will probably have to notify the people directly affected by the breach, and you may need to report the breach to the proper authorities. Failure to report a data breach can result in fines up to $500,000, depending on which states are involved.
It is also worth noting that the charges you receive depends on where your clients are located. If you have clients in all 50 states, you could be charged for breaches in all of them, resulting in fines exceeding millions of dollars.
Won’t my insurance cover me if I lie about a security breach?
- In most cases, no. Your cyber insurance will not cover the intentional cover-up of a data breach.
- Not only will they refuse to cover you, they will probably never work with you again. If you manage to move forward from covering up a data breach, you will have a very difficult time finding insurance.
- You will most likely be seen as untrustworthy and a liability.
I am scared that a security breach will destroy my company. Isn’t it easier to hide it?
- No, it most definitely is not easier to attempt to hide a security breach. You will be caught, even if you think you won’t.
- Hiding a breach could result in the loss of clients and millions of dollars. That will definitely destroy your company.
- A data breach may seem like the end of the world, but it is much worse to lie to your clients and face criminal charges.
Covering up a security breach may seem like the most convenient option for your company, but it simply is not. You run the risk of facing criminal charges and owing millions of dollars in fines, as well as losing many loyal clients. If you suspect a data breach, please reach out to the proper professionals to handle the situation appropriately and legally.
For more information on cybersecurity and how you can protect yourself, your customers, and your business, reach out to our Enterprise Team today. We are qualified and more than happy to assist you in all your cybersecurity needs!