Businesses must prepare as best as possible to minimise the likelihood of a breach, and just as importantly, minimise the damage of a breach when it occurs.
A well-prepared Data Breach Notification (DBN) plan will go a long way to minimising the impact of a breach.
Impact of poorly prepared responses to breaches
During 2017 in Australia, 43% of cyber-attacks targeted small businesses. Out of those, 22% have closed. The common thread for many of the closures was inadequate handling of the breach resulting in loss of trust and reputation, and ultimately loss of customers and revenue.
Large businesses also suffered breaches, and many did not handle the post-breach situation well (eg: PageUp, Cathay Pacific, FaceBook, etc). There was significant room for improvement and a well prepared DBN plan would have gone a long way to achieving this. The impact on large businesses may not be closure but certainly a significant dint in trust and reputation, on top of potential class actions, regulatory actions, and compensation.
Trust is a marketable brand asset of any business.
Businesses can give comfort and build trust of clients by treating their data with the utmost level of care, and by treating them with the respect they deserve when a breach occurs.
It’s a great business opportunity to gain that competitive advantage.
It could be just enough to ‘sway’ potential clients to come onboard or existing clients to ‘stay’ onboard.
Privacy Proactive can help your business prepare for a breach
At Privacy Proactive, we :
- Implement a tailored DBN plan aligned with your business needs
- Provide you support during a Breach
- Ensure any regulatory changes are built into your DBN plan immediately
- Review your DBN plan annually to make sure it’s current
- Provide DBN training annually to make sure everyone in your business understands the plan and their responsibilities
If you would like to know more about preparing for a Data Breach and how Privacy Proactive could help your business, please contact me.