You’ve Been Hacked — Now What? Steps a Company Must Take Following a Cyber Attack
Articles & Publications
In the short time since our first cyber risk article published in the Spring edition of The Illinois Manufacturer, another major hack has occurred. And this time it was not the private sector, but, rather, the U.S. Office of Personnel Management that was breached.1 On Thursday, June 4, the White House announced the breach of up to four million current and former federal employees’ records dating as far back as the 1980s2 and impacting an estimated 2.1 million current federal employees. While the U.S. Government was the victim this time, this recent attack is yet another example that no entity is immune from the risk of a cyber attack.3
Given that the chance of a cyber attack is more than a mere possibility, companies must be proactive by developing and implementing comprehensive strategies designed to minimize the impact of a data breach. In fact, data shows that companies that are proactive in this area save time and money, and minimize the impact of a data breach on its business, in the event one occurs. For example, companies that have a strong security posture as well as a business continuity management plan will experience lower costs and expenses in the event of a data breach.4 The data speaks to developing an incident response plan before a breach ever occurs.
This article discusses the issues that a company should consider and steps it should take following a cyber security breach.