Cyber-attacks or data breaches keep any business in a very vulnerable situation. Regardless of the nature and size of the business, if the company data, customer information or important documents are exposed, this could complicate the recovery process. Some cyber-attacks attempt to acquire sensitive data and information using email fraudulently. Ransomware attempts to block any access to a computer system until the business raises a ransom. Baiting infects a computer system using malware that tricks one to download free movies or music. If the business falls victim to a data breach, it can consider the following steps to minimize the damage.
Initiating a fraud alert
Setting a fraud alert would be the quickest step to warn employees, customers, and other business partners that the business may have been a victim of fraud. The company can then alert the major credit bureaus to add a fraud alert to the business credit report. The fraud alert also helps alert lenders of the business falling victim to a cyber-attack. The precaution notifies the potential lenders to contact the firm before granting any new line of credit in the business name. The fraud alert stays in the credit report for three months and allows the business to renew it when it expires.
Freezing credit files
The addition of a security freeze is valuable in such a situation. The security freeze, which is freely available, prevents potential lenders from accessing the business credit report. It is only by unfreezing the credit account that the lenders will access the credit report. If the business plans to apply for new credit soon, it can postpone the security freeze.
Instruction and information to clients
The company should disclose all the necessary and relevant information regarding the cyber breach to the clients. The report helps clients be cautious about the risks involved if they do not act to reduce the chances of their data getting compromised. Downplaying the caution could lead to grievous liabilities to the business. The information on the explicit instructions to avoid data being compromised should be sent through email or any other reliable means of contact available to the clients. The medium of communication, however, depends on the seriousness of the breach. The business can also advise the clients to use dedicated cyber security software that helps minimize chances of data loss or damage after a cyber breach.
