A data breach is the loss of confidential customer, employee or company information to unauthorized individuals. It’s a serious concern that has the potential to cause significant damage to any company’s reputation and financial health.
While no business is immune to the threat of a data breach, there are measures that can be taken to reduce the risk and impact of one. Encrypting sensitive data, conducting regular security audits and ensuring employees are well trained on best practices can all be effective breach prevention strategies.
Once sensitive information is compromised, criminals can exploit it for a variety of malicious activities, including identity theft and other forms of fraud. In fact, it’s estimated that many people whose names and Social Security numbers were exposed in the 2017 Equifax data breach will suffer from fraud for years to come. Criminals can use stolen names and Social Security numbers to open new accounts, obtain credit cards or even file taxes in the victim’s name.
The most important step a business can take to limit the damage from a data breach is to respond quickly and responsibly once it becomes aware of a problem. It’s a good idea to hire independent third-party forensic investigators to conduct a thorough investigation, as they can capture and analyze the breached systems, determine how the breach occurred and provide remediation guidance. They can also assist with compliance with GDPR and other privacy and security laws, as well as help to minimize the impact on affected individuals.