What information is included in a data breach notification?
Data breach notifications include various forms of information, such as:
- The data and types of data involved in the incident.
- Any potential consequences that have arisen as a result.
- The steps taken to address and contain the breach to limit damage.
- Instructions that apply to people impacted by the breach.
While these are common elements used in data breach notifications, each one will vary based on numerous factors. Information presentation and its initial components may differ based on your geographic location. The type of breach will also play a role in determining what information you see in your data breach notifications.
Data breach notifications are essential for multiple reasons. Firstly, they mean that those impacted can be contacted. As a result, they’ll know what they should do next (e.g. change their passwords). Moreover, you also have a legal obligation to tell affected people within a reasonable timeframe.
What are the risks of a data breach?
IBM’s 2024 Cost of a Data Breach Report estimated the average cost of a data breach in that year to be $4.88 million. This was a 10% increase on the previous year, highlighting that you need to take this threat seriously.
Understanding the risks of a data breach, and how they affect your business, plays a crucial role in preventing them from happening. Doing so can also help you stop yourself from enduring problems like damage to your reputation, legal issues, and impacts on your operations and reputation.
With the potential for criminals to exploit data to locate and access sensitive personal accounts, such as bank accounts, it is essential to implement robust security measures to protect your information.
What should I do if my data is breached?
Nothing is foolproof, and for this reason, it’s a very good idea to have a strong contingency plan. It is crucial to take swift action when an incident or issue arises. Doing so is vital for minimizing the amount of potential damage that could be caused.
Other things you should do if something happens include:
- Account monitoring: Monitoring your credit reports and accounts, looking for any payments that you don’t recognize. You should also order credit reports from TransUnion, Experian, or Equifax; these are the three main credit bureaus.
- Multi-factor authentication: Implement two-factor authentication (2FA) and other authentication measures to limit access and stop unauthorized people from getting a hold of information they shouldn’t. For example, you could set up an authenticator app to restrict access.
It’s worth noting that every situation is unique, and as a result, what you implement might vary from a different organization. Nonetheless, these should be starting points.
What happens after I report a breach?
Reporting a data breach triggers the need for sustained monitoring for an extended period. Make sure you regularly review your credit reports for any signs of fraudulent activity. You can do this by getting credit reports; these are typically free. Should you encounter any unexpected or irregular activity, be sure to take prompt action.
Besides ordering credit reports in general, you should also set up fraud alerts. It’s also a good idea to tell your customers what to do on their part; for example, they should look at their credit card and bank statements. If you observe something potentially concerning, it is recommended to report it to your bank and the relevant authorities.
It is a good security practice to update your login information following a data breach. Alongside this, it’s a good idea to tell your customers that they should do the same. Make sure that these passwords are difficult to guess for unauthorized personnel.
What should I do if I’m affected by a data breach?
Data breaches vary in terms of their size, and understanding whether it was a comprehensive breach is an essential starting point. Understanding whether your personally identifiable information was leaked is also wise; you can use Have I Been Pwned and similar services. Take action as soon as possible if you notice that something has happened.
Ways that you can take action in the event of a data breach include:
- Change all of your passwords for affected accounts, and make sure that you don’t reuse your passwords.
- In the aftermath of a significant security breach, it may be prudent to evaluate and potentially enhance existing security measures.
- It’s important to remain informed and inquire with the company for further details.
- If possible, ask the company for credit monitoring or other services.
How can I protect myself from data breaches?
While you can do several things to stop the impact of a data breach, prevention is the best cure. In many cases, you can take steps to safeguard your accounts and stop issues from becoming serious. Some of these are:
- Use strong and original passwords for all of your accounts to avoid giving criminals access to your other profiles.
- Always question emails, phone calls, and texts when the other person asks you to send personal information. In most cases, banks and other services will not ask for sensitive information such as your password. If you receive such a request, it’s best to err on the side of caution and confirm its validity before providing any details.
- Update your passwords every 3-6 months.
- Implement multi-factor authentication, such as 2FA. Verification codes, Touch/Face ID, and authenticator apps.
- Review your financial statements for any unexpected transactions.
You can do plenty of things to minimize the chances of falling victim to a data breach, but it’s also important that you’re vigilant while not stressing yourself out about this.
Conclusion
Organizations and individuals should prioritize data security to protect sensitive information from potential breaches. Prevention is crucial, and taking proactive measures to address potential problems can significantly reduce their occurrence. Using multi-factor authentication and strong passwords are two examples of how to do this, but you also need to have a contingency plan if something happens.
Besides implementing security measures to stop data breaches, you should also stay informed on the latest news. Understanding the most common tactics is also necessary. Other aspects, such as using robust software and not giving away sensitive information, are also essential.
