Many businesses believe they are doing enough to protect their customer’s data but they are actually following outdated practices and even creating unnecessary vulnerabilities. If your data security is breached, the damage could be severe.

What’s at Risk? 

When a breach happens, there’s usually more at stake than just customer credit card data. Consider the fallout surrounding these other assets that may be compromised:

Beyond the obvious losses, a data security breach may lead to non-compliance with various regulations and laws, such as GDPR, HIPAA, or CCPA. Violations of compliance regulations can result in hefty fines, legal consequences, and damage to the organization’s reputation.

Disruption of business operations is a significant risk following a data breach, too. Systems may be compromised or taken offline for investigation and remediation, leading to downtime, loss of productivity, and financial implications.

The financial impact associated with investigating and mitigating the breach cannot be understated. Organizations may face financial losses due to litigation, regulatory fines, remediation efforts, and potential loss of revenue from customers who no longer trust the company.

In other words, a data security breach puts your entire organization at risk. 

Responding to a Data Security Breach

How your company is required to respond to a data breach varies state by state, but the emergence of General Data Protection Regulation (GDPR) laws help indicate the general direction the entire data security world is headed in.

To begin, the GDPR laws require your organization to report a breach to the Information Commissioner’s Office (ICO). However, your requirement might be as short as 72 hours after your company becomes aware of the event or as long as 30-90 days. It depends on where you’re doing business and whose data you’re storing. Regardless, the sooner you do it, the better. 

These reports must include very specific details about the breach. While the laws may change over time, you’ll likely need to disclose: 

  1. The nature of the personal data that was breached and how many people it affected. 
  2. The name and contact information of your data protection officer. 
  3. The probable impact and consequences of the data breach.
  4. The measures your company took or proposed to take to handle the breach, which should be aligned with your business continuity and data recovery (BCDR) plan. 

On top of all of this, your business will be required to inform everyone who may be affected and absorb the costs that come with rebuilding your reputation.

Prevention is Key 

Maintaining your data in compliance with the Payment Card Industry Data Security Standard (PCI DSS) is a critical step in protecting your data. It’s about more than just following rules and regulations. 

Even if your company doesn’t have private cardholder data to keep secure, conducting regular scans of your systems and website will help set the tone for how your organization protects your critical data. 

Working to maintain PCI compliance will help enhance your business’s security practices all around since PCI compliance requirements are based on IT security best practices. 

It’s possible to build your PCI compliance from the ground up, but it consumes a lot of time and energy that could be put to use more effectively elsewhere. Plus, the cost of hiring an in-house IT team capable of doing this correctly is prohibitive for organizations of any size.

It’s for this reason that many companies rely on the expertise of third-parties and MSPs like Commprise to take care of their data security with tailor-fit solutions designed around your business. 

We begin with IT Security and Compliance Auditing services to get a clear picture of all your IT systems, network, and data. Then, we dig in to create a customized plan that secures your data, keeps you in regulatory compliance, and helps to protect your data from security breaches long into the future.

Be Proactive to Support Data Security

You’ve got customer data, employee information, and proprietary business information on the line each day. As your business grows, so do the risks and consequences. Don’t wait until a breach happens to make the moves that could have prevented it. 

Take proactive steps to safeguard your data security today – schedule a comprehensive assessment with us and gain peace of mind knowing your business is well-protected against potential threats.

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