Unfortunately it’s not if but when a business will experience a cyber breach…which means it’s vital to be prepared before one happens.
The first step for a small business experiencing a cyber breach is to enact its cyber security incident response plan.
“If a cyber breach happens, don’t touch anything, call for help. Engage professionals at the first sign the system has been compromised. They will be able to triage the situation and provide advice about the nature of the event.”
Steadfast Technologies’ Chief Information Security Officer, Alexander Moskvin
Having a relationship with cyber security experts in advance is vital so you can act immediately when a cyber breach occurs. The right level of service for your business will depend on its nature and budget.
Some businesses need access to 24/7 support. That support includes businesses for whom not being able to access their data for a period will have a significant revenue impact. Other businesses may only require cyber security support during business hours.
Cyber security incident response plans for small business
The federal government has published a guide detailing the steps to follow when a cyber breach occurs. This is a great place to start designing your own incident response plan. While the government’s guide may be too comprehensive for some smaller businesses, it contains many of the essential elements that every plan should include.
“A one-page plan will be sufficient for most smaller businesses, and it should include service provider contact numbers to call when a breach occurs. If you have cyber insurance, you also need to notify your insurance company.”
Maria Vidic, Broking Operations Manager, EngInsure
It may be appropriate for your plan to include a protocol for notifying people in the business under specific circumstances. For instance, as a business owner, you may require immediate notification if the breach involves your customers’ personal data; but you may not necessarily require notification if a virus is detected but has not yet entered the system.
It’s also helpful to outline the method of communication for different breaches. For example, the plan may state you should be notified by phone if customers’ personal data is involved in a breach; but if a virus is detected, email or SMS notification may suffice.
It’s up to you to work through a range of different scenarios to define what constitutes a high-risk and low-risk notification. A traffic light system where different scenarios are classified red, amber and green can help.
At the very least, all businesses should have an incident response plan and know who to contact in the event of a cyber breach to help reduce damage and get back on their feet as soon as possible.
Steps to follow after a cyber breach
During a cyber security event, it’s vital to seek the guidance of cyber security experts.
“Often what happens is users click on a message or pop-up window that states the company’s information has been encrypted and clicking a link will reveal instructions to gain access to the data. But this may be just a threat and the system won’t yet be infected. It’s only when the link in the message is clicked that the system will be infected,” advises Moskvin.
If a compromise is confirmed, it may be necessary to notify affected individuals or companies, or even the Privacy Commissioner.
Cover to help your business recover
A major cyber attack or data breach can be disruptive and expensive. Traditional insurance policies don’t cover losses to your business as a result of a cyber attack; should the worst occur cyber insurance is there to help your business bounce back and rebuild.
Key benefits of cyber insurance
- Financial compensation to recoup costs that result from a security breach – including business interruption, IT recovery costs and regulatory fines
- Compensation for clients and customers who suffer financially or emotionally as a result of stolen data
- Extends to include expenses for legal representation and costs that incorporate forensic and legal counsel
- Covers the cost of professional consultants to assist in repairing damage to your company’s brand and reputation
There are a wide range of suitable covers available for small and medium enterprises, and larger organisations. You can click here to learn more, or contact us to find a policy that’s right for your risk profile.
EngInsure are here to support you with important insurance advice and solutions to reach the best possible outcome for your business. For assistance, please get in touch with one of our specialists:
T: 1300 854 251
E: info@enginsure.com.au
The contained information is general advice only. It is not intended to take the place of professional advice. Before acting on this information you should consider the appropriateness of this advice to your particular objectives, needs and financial objectives. Please contact Whitbread Associates Pty Ltd | ABN 69 005 490 228 | License Number 229092 trading as EngInsure Insurance & Risk Services for further information or refer to our website.