In today’s world, data security is more important than ever, and our sensitive information is even more vulnerable than ever before. An important realisation is that whether a breach will happen is not an “if” question, it is a question of “when”.
No matter what steps you are taking in order to protect your organisation, human error and system vulnerabilities will always be there for the bad guys to take advantage of. Therefore, it is crucial that every organisation comes up with a plan in advance.
When dealing with a data security breach, it is important to have both the right people and software on your side. This will help you respond more quickly, more effectively, and minimise the damages.
The following four types of data security risks will hopefully motivate you to start working on an incident response plan as soon as possible:
- Operational risks
A system breach could render your critical applications inoperative. This could bring your business to a halt.
- Reputational risks
Failing to approach a breach in the correct way could have negative consequences on the public image of your organisation.
- Compliance risks
In certain cases, a breach can make you non-compliant with regulatory requirements, which means you could be fined by governing bodies.
- Financial risks
As if other types of risks were not enough on their own, they are also financial risks associated with them. Think of legal fees, the cost of repairs, lost assets, and other unexpected costs and complications.