In the fourth of a series of short blogs looking at how to combat the threat of fraud from the inside, I will explore what a company can do to minimise damage in the event of a cyber security breach.
Of course, even if an organisation was to undertake all of the measures I have discussed over the last three days, few cyber-security strategies are completely water tight. This is why an effective post-breach plan is needed to ensure that businesses can react instantly should the worst occur.
With over half of businesses (57%) reporting that damage to reputation would be the biggest concern in case of a breach, protecting this should be an integral part of any comprehensive data breach plan. Responding to a breach in in the right way, by communicating with customers promptly, giving them a way to protect their digital identity and ensuring they are kept up to date with the developments of the breach, is key. Advanced third-party solutions, such as Noddle Protect, offer businesses access to tools that can help to protect them from the reputational damage of a data breach and put an action plan in place to move swiftly should they need to.
With the number of high profile data breaches showing no signs of slowing, we expect the development of robust post breach plans to quickly climb up the executive agenda. And rightly so. That way, should a breach occur, and organisations are inevitably asked what they did to prepare – they cannot just confidently respond but act fast to minimise any damage.
If you would like to find out more about the insider threat and fraud risks facing organisations, you can download our Fraud and Risk Report.
Previous blogs in this series
Use technology to your advantage
Author: John Cannon, Commercial Director, Fraud & ID