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DATA Breach: You could be next!

As you probably know by now, the credit bureau, Experian, was hacked and it resulted in 24 million South Africans' personal data potentially being exposed. Experian reported the breach to law enforcement and regulatory authorities.  

Nischal Mewalall, CEO of the South African Banking Risk Centre (Sabric) says, "The compromise of personal information can create opportunities for criminals to impersonate you but does not guarantee access to your banking profile or accounts. However, criminals can use this information to trick you into disclosing your confidential banking details." This is one of the biggest data breaches in South Africa in terms of client records and if a bureau as big as Experian can be hacked, it can happen to anyone.

7 Ways to mitigate the risk of a data breach

It's vital for a company to protect its data, especially when dealing with clients and confidential information. Data is king!  And with this being said, on all aspects of modern life, data is captured, stored, and processed online. So how do you mitigate the risk of being a victim of a data breach? 

 Below are useful 7 tips
to help you minimize the risk of cyber threats:

1. Update Your Software Frequently 
The first step is to ensure that all IT software and operating systems are 
patched with the latest security and operational patches from the vendors. Microsoft and other vendors release monthly updates which should be applied as soon as possible. These updates contain patches that resolve the latest known exploits and vulnerabilities. Ensure that you and all of your employees update their software. 

2. Install Anti-Virus Programs 
Most AV protection suites are updated almost daily with the latest fixes to security exploits, ensuring systems are as safe as possible against virus outbreaks. If a virus signature is detected, the AV software will simply intercept and quarantine the virus, preventing the virus from spreading onto other systems.

3. Back-Up Your Data 
Make backup copies of your systems which you can roll back to in case of major incidents. One can never be too cautious!

4. Train and educate your employees
This training should typically include information about the latest security trends such as ransomware, phishing, spyware, rootkits, denial of service attacks, and viruses. Educate your users on how to spot fake URLs and attachments with bogus macro-codes embedded within, as these can be used to harvest data from a compromised system.

5. Secure the infrastructure

Choose an infrastructure that audited for security and compliance of system data, and you will take a huge step forward to achieving a secure digital platform.

6. Multi-factor authentication is vital 
Multi-factor authentication (MFA) or two-factor authentication (2FA) is another strong tool which can be utilised to help mitigate cybersecurity risks.

7. Identify threats and plan ahead
Many of these steps will help you to identify and discover vulnerable technology assets, and as you proceed through the implementation of your security strategy, ensure that everything is documented and that the documentation is regularly updated. Once internal and external threats have been identified, it is important to make a plan of how to prepare for the worst-case scenario, such as a data breach of confidential information. 

Also, remember to work out a strategy to learn from any mistakes made.

For any assistance with CyberRisk Insurance please contact our offcie on 031-5021922 or vistit our website

Atricle courtesy of Atlantic