Cybersecurity: Focus on the Risks and Make a Plan
Very few would argue about the merits of technology. Meanwhile, there’s also something else to keep in mind. Cybersecurity is essential to every business. Without a plan in place, there’s a massive risk for major catastrophe.
In the first place, there is the commitment to guard against a security breach. For medical providers, such as hospitals and laboratories, there are obvious privacy concerns. As you might already know, the federal government actually has established a HIPAA Security Rule. This regulation stresses the importance of guarding confidential data found in electronic health records.
Of course, cybersecurity breaches extend in the financial world. During the summer, Equifax admitted that over 143 million consumers were at risk for exposure of their personal information. At the very least, this included matching individual names with their social security numbers and dates of birth. For some, it also meant the release of their credit card data.
Meanwhile, the holder of the most significant data breach is actually an internet giant. A few years ago, over three billion Yahoo users learned that their email addresses and identities might be exposed. This breach also included the release of email passwords.
With all this in mind, even the smallest companies need to have some cybersecurity tools in place. For many, it’s a means of avoiding a nightmare. For just about everybody, it’s a matter of law.
Cybersecurity and Your Business
In simple terms, cybersecurity equates to who’s watching the store. Risk assessment has everything to do with the nature of your business. What’s attractive about your databank that could cause potential harm?
It’s certainly easy to understand the prospective breaches associated with medical or financial providers. However, your company might have different considerations. Meanwhile, there’s something else to take into account. You also need to ensure that any third parties you do business with have a cybersecurity plan in place.
The bottom line is that you may need to work with an outside company on data encryption. Additionally, you need to think of all routes that cyber attackers could take to get to your information.
The National Institute of Standards and Technology (NIST) is part of the United States Department of Commerce and publishes a guide for conducting risk assessments with cybersecurity. The publication contains a wealth of information for business leaders. Additionally, the document is helpful to employees overseeing information technology and procuring safety tools.
The advantages of risk assessment and analysis cannot be accentuated enough. Next, a suitable plan must be developed. However, if the big giants are subject to data breaches, your company is certainly not exempt. So, what happens next?
Cybersecurity Incidents and Data Breaches
Truth be told, cybersecurity incidents and data breaches create legal issues. Therefore, it is crucial that you consider the services of an experienced intellectual properties and technology lawyer if your company falls victim to cyber attackers.
In the first place, there are stringent notice requirements when there is a breach of confidential information. Section 521.053 of the Texas Business and Commerce Code is also known as Identity Theft Enforcement and Protection Act. Under this part of the law, businesses are required to protect confidentiality. At the same time, companies are expected to advise consumers of any unauthorized access that “compromises the security, confidentiality, or integrity of sensitive personal information.”
There are other legal requirements when it comes to disclosing any data breaches. In some cases, it may be that hackers accessed information. In other situations, it may be that a rogue employee intentionally released data to create havoc.
Without question, cybersecurity incidents and data breaches will cost businesses a great deal of pain. They will send many into a panic. For some, even a small event can mean a tremendous loss of prospective revenue.
At Manfred Sternberg and Associates, we have experience helping a number of companies put cybersecurity plans in place. Additionally, our firm has assisted businesses who have suffered data breaches. Contact us to set up an appointment and learn how our advocacy will work for you.