The Harsh Reality About Data Breach Clean Up

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iceberg-poster There is much more involved in a data breach than just losing valuable information. Now, don’t get me wrong, a breach can cost millions solely due to the information stolen, but this is often times covered by insurance and is just the tip of the ice burg. The clean up is where it really begins. What to Expect During Clean Up 1. You may need to hire an outside company to investigate the data breach internally, it’s not good press to let the hacker get away cleanly and lose all your hard earned customers. 2. If your customers money is at stake offering a credit monitoring system will help ensure that your customer’s money is being professionally monitored and will catch anything that is out of the ordinary in their accounts. This can also stray people away from potential lawsuits as well. 3.  If personal information is leaked it is important to hire an identity theft protection service. This isn’t for the company’s sake but for the customer to give them a peace of mind that someone isn’t out there pretending to be them and causing further legal issues.  It is mainly a form of insurance for the company to avoid being sued and dragged into an identity theft case. 4.  Account information must be analyzed, altered, and secured quickly in order to maintain compliance. This may not seem like too much of a hassle unless your company is like the bevy of other companies that have been breached and compromised 300,000+ customers. 5. If the credit monitor and identity theft protection isn’t enough, you may need to lawyer up and deal with potential lawsuits that can get extremely costly depending on the breach.  So what should you be learning from all this? This was mainly to learn that the backlash of a data breach may be more costly than a breach itself and the risk should never be underestimated. With the current rise of data breaches companies need to focus on beefing up cyber security and making sure the customers personal information is not at risk for theft. Additionally, it may be important to have an in depth level of awareness about the tools your employees are using to share sensitive information and to ensure the adequate safeguards are in place.