5 Questions to ask yourself about Data Breaches
The world is controlled by the transmission of data, where technology systems help us to connect, communicate and work together. Financial Services firms rely heavily on these safe transactions whenever an email is sent, a bank transfer is made, or a client statement is viewed. There are highly advanced security mechanisms in place to ensure data is transmitted securely.
However, the enormous value of these data transmissions makes them a target for those wishing to exploit technology systems and hijack data to make a quick buck or to inflict ‘digital pain’.
As a business owner, it is critical that you use the appropriate cybersecurity tools and best practices to ensure that data remains safe and intact - at every point of the chain. In an effort to remain vigilant, it’s crucial to routinely review your technology processes. Here are five questions you can ask yourself today relating to your data processes:
Five questions to ask yourself about Data Breaches
- When did you last review your network infrastructure?
- If you regularly perform a cybersecurity review, when was the last time you updated policies and procedures to match recent advancements in cyber threats?
- What contingency plans are in place in cases of a data breach?
- What escalation process is in place internally and what are the obligations to notify relevant authorities in cases of a data breach?
- If there is a breach, what policies are in place to determine an RTO (Recovery Time Operation) or RPO (Recovery Point Operation) decision?
If any of these questions have illuminated some gaps in your security systems, it’s vital that these are addressed as quickly as possible, either by your in-house team, or from a third party service provider, such as Buchanan Technology. If you’d like more information, don’t hesitate to get in touch.