This morning I received the above message on my mobile phone. It’s not an uncommon message these days from one of the hundreds of different services where I have shared my data to simplify my daily life.
-Or is it?
I don’t know any more about what happened to EasyPark than to say that during a cyber attack in December, critical data was stolen, including what is defined by law as critical information. As a result, Easypark is now having to self-report to a number of local authorities, as well as informing its customers.
Data breaches have become an alarming and all too common threat to businesses of all sizes and sectors in today’s fast-paced digital world. No one is immune to the ever-evolving tactics of cybercriminals. As the saying goes, “it’s not a question of if, but when” a breach will occur.
Therefore, just as important as the measures you take to prevent cyber-attacks is how you respond to them when they do occur. The critical preparation that you have put in place in advance. How do you make sure that you minimise the damage in terms of your reputation and the business relationship you have with your current customers?
-Is this an issue for my business, you may ask?
In a KPMG survey of small business owners and their customers, almost 90% of businesses that had experienced a data breach had suffered long-term brand damage, loss of customers and problems attracting new business.
By working with an insurance partner that truly understands the impact of cyber-attacks, cyber-insurance can help manage the impact. It is not just the immediate impact of the data breach that you need to manage. You also need to understand and limit the long-term consequences.