The Internet is dominated by social media sites, and Ofcom reported in 2015 that 72% of adult Internet users had some form of social media profile.
People are using social media to tell the world who they are and who they work for, posing a risk of a data breach for businesses. IBM have stated in their 2014 Cyber Security Intelligence Index report that cyber criminals are targeting employees on social media sites in a bid to exploit the businesses that they work for.
Amidst all of this, what can you do to try and prevent your business being attacked?
Be sure to have a breach preparedness plan in place in case of a cyber attack. This plan can help keep customer relationships intact and reduce business reputation damage. CSID can guide you through the necessary steps to mitigate the effects of a data breach and provide comprehensive identity theft protection products for those that have been affected. We customize solutions to your level of risk, the type of data exposed, the severity of the breach and your budget.
As the saying goes, ‘prevention is better than a cure’. The same can be said about cyber attacks. Educate your employees and highlight the importance of digital security. Have policies and guidelines in place to allow employees to make secure decisions.
Do your employees have a VPN they can use if working in a public area? Are there guidelines in place if your employees use their own devices for work purposes? Are employees allowed access to social media whilst on work premises? Ensure you can answer these questions.
Teaching employees about the latest phishing scams, best password practices and social media risks can help them better identify suspicious activity both personally and within your business.
Cyber insurance coverage is just one piece of the puzzle when it comes to data breach mitigation, but a robust policy can help weather the storm in the event a data breach occurs.
According to leading global insurance companies, such as Beazley and PwC, the demand for cyber insurance coverage is expected to increase 300% by 2020. Most commonly, a cyber insurance policy can help businesses temper the costs of the following breach mitigation activities:
- Reputation management post-breach – eg. work with a PR agency
- Legal costs, fines and compensation claims
- Website reconstruction and intellectual property rights infringements
- Network security liability such as damages for the loss of data on third-party systems
- Service interruptions and related consequences
- Notification of affected parties