5 Steps to Take After Business Data Gets Compromised Online

Few words can cause a business owner to get instant chills more than learning that their company has been the victim of a data breach. So mu...

Few words can cause a business owner to get instant chills more than learning that their company has been the victim of a data breach. So much of our sensitive data is stored digitally, data breaches are a real risk for all businesses – even if you have top-notch security measures in place.

No company is 100% impenetrable.

Hackers work tirelessly to steal personal data from business servers with the sole purpose of extorting owners and directors. All industries are at risk, but some more so than others, such as government departments, healthcare organizations, and automotive giants.

Do not be fooled - it is not only big businesses that are at risk – small businesses can also be the victim of a data breach.

Top 5 Steps to Take After Business Data Gets Compromised Online

Below are five steps that all companies should take if their business data gets compromised online:

1. Don’t Panic

While movies have made data breaches much more dramatic than real life – this is a serious attack. 

Do not go so far down the rabbit hole of panic that you cannot see daylight anymore. While it is natural to feel anxious, do not let your panic take over. 

Stay calm: this happens more often than you think, and several company leaders have been in the same position and made it out relatively unscathed.

2. Fraud Alert

By initiating a fraud alert for your e-commerce business, you can notify any lenders processing credit applications for your company that there may be fraudulent applications made in your business’s name.

That will let them know to verify the applicant before moving ahead with any current or future credit applications. 

These alerts are applied at credit bureaus and stay on your business’s credit report for one year.

3. Change Passwords

One of the first steps to take in the event of a business data breach is to change all passwords for the affected accounts. Password rules should be looked out and updated if they are too easy to crack.

Passwords should be at least twelve characters long and use a variety of letters, cases, symbols, and numbers.

To learn more about how to deal with business data breaches, visit this website.

4. Notify Affected Parties

Create a clear plan to notify all affected audiences – from employees to business partners, stakeholders, and customers or clients. Be honest about what happened and never make misleading statements about the breach.

By being transparent, all affected parties can take the necessary steps to protect themselves and secure their privacy. Good communication upfront can go a long way to reduce people's concerns and frustrations – which may even save your business in the long run.

5. Multi-Factor Authentication

If the breached account allows for multi-factor authentication - do so immediately.

Multi-factor authentication, sometimes called two-factor authentication, adds an extra layer of security beyond just a password. Examples of this authentication can include replying to a message, scanning your fingerprint, or verifying your identity through a standalone application.

To End:

Data leaks and breaches happen more often than anyone realizes.

As much as these may be becoming more commonplace these days, they are still a real threat, and you could lose your business if you do not take the appropriate steps in time.