Despite hearing about data breaches often while listening to the news, it is easy to believe that a small business will not be targeted. After all, wouldn’t there be more information to gather from big names like Amazon, Wells Fargo or Google? Though it may seem as though small businesses would be the last targets, they are often the easiest targets due to having insecure websites, fewer resources to quickly patch security issues, and the inability to fight back and recover after an attack. With this in mind, it is important that business owners have a recovery plan in mind. This plan can help save the reputation of your business while also reducing overall financial responsibility and saving you money in the long run. Here at Conrey Insurance Brokers, we’ve created a comprehensive guide to creating a response plan, which can be downloaded here. Here is a quick look so that you know what to expect when creating your plan and how to further protect yourself from vulnerabilities.
The 5 Phases
There are 5 phases that you will need to go through to develop a sufficient response to a breach. In the first phase, you will plan and prepare, making sure that others in your organization are aware of your response plan, tightening security, and forming a team to directly respond to the breach. In phase two, you will detect and report, being sure to look out for signs of a breach. Phase three will be the first phase dealing with the aftermath of an actual attack; it requires you to assess and decide both the severity of the breach and how to report it. You will then respond in phase four, neutralizing any threats and containing the incident. Finally, during phase five you will reflect on what could be improved in the future.
Responsibility – What You Are Obligated to Do After a Breach
Depending on what industry you are a part of, there may be laws regarding how businesses must handle security breaches. These laws outline when consumers must be told if they have been affected by a breach as well as to what extent. If your website accepts card payments, there are regulations outlined by the payment card industry called the Data Security Standards. Whether you process one credit card or many through your platform, it is important that you comply with these standards.
Insurance Options – How Can Cyber Liability Coverage Help Me?
For those who run the risk of data breaches, cyber liability insurance may be able to help mitigate some of the damages (both monetary and legal) that arise following a cyber-attack. For more information on what is covered, we invite you to review our blog article from September which covers everything you’ll need to know about Cyber Liability Insurance here.
For a more in-depth review of these crucial aspects of cybersecurity and preparedness, download our free, comprehensive guide to navigating cybersecurity breaches, prevention, and recovery. You can download it here.
Here at Conrey Insurance Brokers, we stay ahead of the curve in order to help you mitigate the risks that pose a threat to your business; that’s The Conrey Difference. To review your business liability insurance, to check your liability coverage, or if you are interested in purchasing additional coverage, feel free to contact us. We will be happy to recommend an insurance solution that is designed to properly protect your business.
Call us at 1-877-450-1872 or contact us here, and experience the Conrey Difference for yourself.