Data Breach Tips

Data breaches are becoming more and more common, even at small companies. However, even small data breaches can lead to a serious financial fallout for a small business. Keep these tips in mind to help manage your company after a data breach.

  • Assess the risk – knowing the risks that your company faces at the fallout of a breach can help you better prepare. Consider the cost of a lawsuit that arises after the breach, as well as any government sanctions at all levels. Work closely with your insurance agent to find the right insurance policies that will provide the right amount of coverage for all the risks that your company faces after a cyber attack.
  • Avoid common mistakes – there are major mistakes that most companies make after a breach that will lead to even bigger issues. These mistakes can include not notifying your insurance carriers in a timely manner, automatically characterizing all incidents and a breach, and denying the real damage that was done during the breach.
  • Work efficiently with your breach team – you should already have a team in place that can help you take care of a breach before it is too late. Your team should include security, human resources, legal, public relations, and risk management professionals. Having a team already set up will save you time and resources when they are needed.
  • Practice – since practice makes perfect, hold pretend breach drills to see how your team and company will react. Knowing if there are any flaws in your reaction can help you to restructure the way that you react to make sure that you are being as efficient as possible.

Having the right business insurance policies in place can help to make sure that your company is protected from any unfortunate situation. Contact North Central Insurance in Elk River, Minnesota for all of your business insurance coverage needs.