May 11, 2018
As companies expand their global reach, they encounter greater opportunities to interact with consumers from different countries, learn more about their clients’ interests, and adapt their products and services to new markets.
With these new opportunities, global companies also take on greater responsibility for protecting personal data so they can deliver the best, most personalized value to clients without putting them at risk of identity theft or a cyberattack.
Global organizations that incorporate a breach response plan into their larger data security strategy will position themselves as trustworthy and attuned to the concerns of consumers while also adhering to compliance requirements. A breach plan benefits both clients and service providers, increasing confidence among both parties, and, maybe more importantly, mitigating risk.
Here are three benefits that global companies will gain from having a breach response plan.
A Clear Plan of Action
It’s always better to be safe than sorry. Should a data breach occur, your organization will be prepared to face regulatory officers, consumers, and the press if you have a response plan in place.
A data breach response plan includes strategies to inform potential victims of the breach, designating an information officer to respond to stakeholders and the media, and reaching out to the necessary legal and investigative bodies to complete an investigation if required.
Developing these workflows and connections now will ensure you don’t have to scramble later in the case of a data vulnerability. Emotions run high when a data breach is suspected, and being prepared beforehand can reduce stress, the time needed for investigation, and the price of outside services required.
A Culture of Compliance and Increased Security
Having safeguards in place to prevent a data breach also creates a culture that prioritizes data security and compliance.
Because companies may have different offices in different countries, it’s helpful to have a standard set of security practices for all employees, as well as additional measures as required by the local government, like GDPR in the European Union.
Best practices for compliance include seeking security accreditation, using encryption methods when transferring data, using password-protected servers, and only storing data that’s absolutely necessary for the organization’s work.
In addition, a breach response plan allows your team to more effectively detect threats and malicious activity before a situation escalates to a full-blown cyberattack. This is possible thanks to the fact that you will already be aware of what your data security and digital environment should look like in its normal state.
Anything that deviates from this norm can be detected earlier and hopefully eliminated based on the steps outlined in your data breach plan.
Consumer Confidence and Competitive Advantage
Being proactive in your data security measures and confident in your ability to handle or eliminate data breaches builds consumer trust.
Handling the aftermath of a data breach swiftly and efficiently adds another layer of protection to a company’s reputation, too.
Plus, having a clear breach response plan in place will give you a leg up against the competition. A survey by Experian revealed that nearly a third of the organizations interviewed did not have a data breach response plan in place at the global level, and 38 percent have only one plan that’s applied uniformly around the world.
By adapting your breach response plan for different regions that may have different legislative requirements for handling data, your organization will have a greater understanding of global security risk and be better prepared in the event of a cyberattack.