5 tips to help you recover from a cyber breach
2 minute read
As a small business owner, you might not think about cyber attacks on a regular basis. However, they’re more common than you may think. According to a 2022 survey by the Canadian Federation of Independent Business (CFIB), 45% of small businesses experienced a random cyberattack in the past year, and 27% experienced a targeted attack.
A cyber breach is when an unauthorized individual or organization gains the ability to view, access, or retrieve data from another individual or organization. Cyber breaches typically involve stealing data to share with others, or stealing data and holding it for ransom.
Many small businesses believe that hackers are only interested in large corporations. IBC’s 2023 Cyber Security Survey found that more than 60% of small businesses think their business is too small to be targeted by cyber criminals. Unfortunately, this belief leaves many businesses vulnerable, with 69% of small businesses not considering cyber security a priority. The truth is small businesses have become prime targets as they typically have weaker security safeguards in place.
What can I do in the event of a cyber breach?
In the unfortunate scenario that your small business falls victim to a hack, there are specific steps that you can take to recover from the breach and minimize your losses.
1. Do not unplug
We understand that your immediate reaction to a cyber breach might be to unplug devices and shut everything down. But shutting down a machine can delete valuable information on how the hack originated and the extent of the damage.
2. Call in a pro
Bringing in someone who specializes in cyber attacks is a crucial next step after identifying a hack. They’ll be able to determine important details including the scope of the damage that’s been done, and identify how the breach occurred. Once all the important information has been pulled by a specialist, they can help contain the situation and prevent any further damage from occurring.
3. Communicate quickly
It’s not only best practice to communicate quickly if you’re hit by a cyber breach, it’s the law! Organizations are obligated to record and report any breaches of their security safeguards. Also, you must notify individuals affected by the breach if there is any chance it could cause them harm, such as identity theft or financial loss.
4. Fix the gaps in your security
After a cyber breach, conducting a thorough investigation is crucial as it will shine light on any vulnerabilities in your security system. Identifying these weaknesses allows you to address and fix any holes, helping to prevent future hacks. Investing in firewall and intrusion prevention systems can give you another layer of security against the threat of cyber attacks. These technologies actively monitor and block unauthorized access, ensuring your sensitive data remains secure.
5. Revisit your coverage
Many small businesses fall prey to a number of myths associated with cyber risks, which can cloud your judgment and leave you vulnerable. Speak to your insurance provider about revisiting your policy to ensure you’re covered for the damages that a cyber breach can cause.
Protect your business with cyber risk insurance
In today’s digital landscape, knowing how to recover from a cyber breach is crucial, but having protective measures in place is equally important. Cyber risk insurance is designed to help protect your business from certain losses associated with cyber or privacy breaches. To learn more about how TruShield can help safeguard your business, visit our cyber insurance page today!
This blog is provided for information only and is not a substitute for professional advice. We make no representations or warranties regarding the accuracy or completeness of the information and will not be responsible for any loss arising out of reliance on the information. Terms, conditions and exclusions apply to coverage. See policy for details.
