Cybersecurity is a critical aspect of business today because the threat of a cyber attack is serious. It is important to have security in place to protect people’s confidential information. Although attacks are increasing, preparedness is not. The problem is that if you have customers’ confidential information, you have a legal obligation to protect it. If you suffer a cyber attack, you could face expensive fines.
Penalties for a Cyber Attack
If your customers’ information is breached, you can endure penalties, normally in the form of fines. There is no uniform system for determining the fines yet, but the less protection you have in place, the more likely it is that you will pay a higher penalty. They will look at the risk level of the threat, what you did to try to protect your customers’ information, and how you responded before determining your fine. By having a plan for dealing with breaches and taking cyber security seriously, you can reduce the amount you could be fined in an attack.
Litigation From Customers
If you suffer a data breach, you should be prepared to deal with possible litigation from your customers. You are required to notify the authorities and those impacted if a data breach does occur; if you fail to do so, you may be subject to a lawsuit. It is important to take cyber security seriously and do everything you can to prevent it. You should also have a plan in place in case it happens. Make sure that your customers understand your plan and your policies to minimize the risk of litigation if something happens.
What You Are Expected to Do After an Attack
After an attack, you are expected to notify your customers and the authorities right away. If you wait, you could be hit with fines. People have a right to know as soon as possible if their confidential information is breached. You should also have a plan in place to investigate the breach and determine how it happened. You should have someone who is capable of doing this work, or you need to bring someone in right away. You are expected to address this issue as soon as possible to find out what allowed the attack to happen and learn how you might be able to prevent it from happening in the future.