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A cyberattack can happen without warning, exposing sensitive customer data and disrupting operations. Having a plan is paramount.
Equally as important is the process of taking immediate action after a breach to help minimize damage, protect your business’s reputation, and keep your company in good standing with Florida’s data breach laws.
How Can You Identify and Contain a Breach?
First, you have to stop the attack to prevent any further harm or data loss. The longer the breach goes uncontained, the more damage it can cause.
Assess the breach: Identify what data was compromised and how the attack occurred.
Isolate affected systems: Disconnect infected networks, lock down accounts, and prevent unauthorized access.
Engage cybersecurity experts: A forensic investigation can help trace the source and determine the next steps.
According to IBM’s Cost of a Data Breach Report, 40 percent of data breaches involved data stored across multiple environments.
Breached data stored in public clouds incurred the highest average breach cost at $5.17 million.
Who Needs to Be Notified After a Cyber Attack?
Failing to notify the right parties after a breach can lead to hefty fines and reputational damage.
Inform affected customers – If personal information is compromised, businesses must notify impacted individuals within 30 days.
Report to Florida’s Attorney General – Required if the breach affects 500+ individuals.
Notify Credit Bureaus – If financial information is exposed, you may need to alert credit monitoring agencies.
Cyber liability coverage can assist you with notification costs and legal compliance.
How Do You Recover Data and Prevent Future Breaches?
Once the breach is contained, businesses must focus on recovery and security improvements.
Restore lost or compromised data – Work with IT teams to recover encrypted or deleted files.
Strengthen cybersecurity defenses – Update passwords, enable multi-factor authentication (MFA), and review firewall settings.
Train employees – Phishing attacks and weak passwords cause many breaches. Educating staff can help to prevent future incidents.
According to Cybercrime Magazine, about 60 percent of small companies go out of business within six months of falling victim to a data breach or cyberattack.
How Can Cyber Liability Insurance Protect Your Business?
A data breach is expensive but cyber liability insurance can help your business recover quickly.
Protect sensitive data – Cyber liability insurance covers financial losses from hacks, data breaches, and cyberattacks.
Comprehensive coverage – Policies can cover:
- Data breaches
- Intellectual property rights
- System failures
- Cyber extortion
- Business interruption
Legal and financial protection – Helps with legal fees, forensic investigations, and regulatory fines.
How Can Biscayne Risk & Insurance Help You Stay Protected?
Cyber liability insurance is an essential safeguard against data breaches, cyberattacks, and online threats. A single security incident can lead to financial losses, legal issues, and reputational damage.
Ensuring your business has the right coverage can make all the difference in a fast recovery.
At Biscayne Risk & Insurance Group, we offer tailored cyber liability insurance solutions to protect your business from the financial and legal risks of cyber threats. Our experienced risk advisers will assess your company’s exposure and provide a customized plan to ensure you’re fully covered.
We also provide business insurance and risk management solutions to safeguard your operations from various threats.
Please contact us to learn more about our comprehensive insurance policies designed to offer your business the protection it deserves. We look forward to working with you!