Virtually all companies collect, process or retain customer or client data. In doing so, organizations expose themselves to the significant risks associated with data breaches and other cyber attacks. Unfortunately, for most businesses, a cyber attack is a matter of time. By purchasing insurance for big data processing or storage, your organization can likely mitigate the effects of a big data breach. Still, there are a few things you must do following such a breach.
One of the most important tasks to accomplish after a data breach is notifying victims. Often, the method of notification depends on a careful analysis of the situation and thoughtful legal counsel. With the right insurance coverage, your organization may receive assistance with the high costs of alerting your customers of a cyber attack.
Identify the Source
After notifying victims, most business owners turn their attention toward identifying the source of the data breach. This usually requires a thorough, forensic investigation. As with notifying victims, a good cyber insurance policy likely covers the cost of identifying the source of the cyber attack.
By taking control of a breach after it occurs, business owners often mitigate the harm that cyberattacks frequently cause. Still, with the right insurance for big data processing companies, your organization can likely preemptively limit the damage from a data breach.