Handle Security Breaches Tips

In the last 12 months, the number of cybersecurity attacks has grown significantly. The potential ramifications of a cybersecurity breach to a business can be devastating, such as loss of customer confidence, damage to company reputation, theft of assets and extensive administrative costs in dealing with all affected stakeholders. However, there are a number of actions a business can take to reduce the likelihood of a cybersecurity breach and deal with the consequences where the company suffers an attack, writes Barry Connolly of Flynn O’Driscoll.

Risk assessment. Similar to any other risks that a business may face, when seeking to prevent cybersecurity breaches, the first step should include quantifying the risk. In the cybersecurity context, this will include identifying certain elements of a business’s system that are particularly exposed. This will range from the vulnerability of the company’s online web presence to the possibility of physical access (on-site) to a networked platform. Risk assessments should be carried out on a regular basis so that new threats can be identified and the business remains aware of current trends in cyber threats.

 

Software Security Measures. Having identified areas of risk, tailored security measures should be put in place to address these concerns. The company’s IT environment should include effective firewalls and antivirus software to deal with threats. It should also ensure that software used in the business is kept up-to-date with the latest security patches and updates.

On-Site Security Measures. The most effective software solutions will often be rendered useless where a breach of cybersecurity occurs through a breach of the company’s system from within. Sensitive computer systems should include effective access control restrictions, server rooms should be secured at all times and disposal of IT equipment should be handled securely by competent staff.

 

Service Providers. A cybersecurity breach in a third party, providing services to a business can be just as damaging as a breach in the business itself. Unfortunately, the business is likely to have even less control in this scenario; therefore, it is essential that all relevant contracts clearly delineate responsibility between the parties. On the occurrence of a cybersecurity breach, when time is critical, protracted negotiations on liability should always be avoided. Contracts with software providers should also be reviewed to ensure that maintenance services and bug patches apply to earlier versions of the software that may still be in use, and that any software updates are made available to the company on release.

Testing. One of the best ways to reduce the risk of a cybersecurity breach is to undergo testing, such as system penetration testing. Companies can avail of a range of tools from cybersecurity providers that will simulate an attempted system intrusion or a widespread DDoS (Distributed Denial of Service) attack.

 

Company Policies and Training. Putting in place effective policies to handle cybersecurity breaches is essential in mitigating the risk of a breach. This may include a specific cybersecurity policy, as part of a comprehensive IT policy. However, even the best policies are useless if staff are unaware of the content of policies or how they should operate in practice. Educating staff on potential threats and how to report them up the chain can be vital in the early detection and response to a cybersecurity breach.

 

Cyber Insurance. As the number of cybersecurity breaches has risen exponentially over recent years, a number of insurance products are now being made available to deal with the damage. Whilst the cybersecurity market is still relatively small, larger organisations are now beginning to take out such policies to mitigate risk. Cyber insurance policies often include a range of additional extras, such as access to technical experts that can assist a business in responding to a breach.