When Data Breach Incidents Increase, the IT Asset Manager Gets More Proactive

When a data breach occurs, every moment counts, from the initial breach to the moment the data is re-secured, to the efforts placed in increasing data security measures after the attack. The amount of data breaches has increased, and the punishments for mismanaging data are becoming more frequent. Since the organization needs to protect their clients’ data, mitigating data security risk is such a vital part of what an IT Asset Management (ITAM) professional does. A big part of supporting data security is to create a Disaster Recovery Plan or Business Continuity Plan just in case things go wrong and a data breach does occur.

It is an organization’s responsibility

Consumers have a right to having their private information protected and kept safe. This means that the organization must protect their clients’ data. If an organization does not guard the data or if they mismanage the data, it is breaking compliance. Even if the data is breached by a sinister outside party, the blame it still placed on the organization.

Since the organization is responsible for their clients’ data, there are serious consequences for data theft, data exposure, and other data attacks. Some of the consequences an organization may suffer from are large fines and a bad reputation, which will lead to a loss of consumers and potential consumers. Losing consumers leads to a loss in revenue, and when paired with paying fines, it can put an organization into a critical financial state. These ramifications have not only damaged organizations, but they have also put organizations out of business.

Data breaches are increasing, along with the frequency of legal ramifications

Data attacks are becoming more and more common, with organizations left scrambling to improve their data security processes and technology to keep up with the advances. While data breach incidents are increasing, the frequency of legal ramifications is also growing.

With the increased incidents and risks, IT Asset Managers should begin seriously preparing for data attack incidents. There is no guarantee that it will not happen to the IT Asset Manager’s organization, so the IT Asset Manager will need to be ready if it does.

Be proactive

When things go wrong, planning and preparing what actions the organization should take helps to get them back on track. A Disaster Recovery Plan or Business Continuity Plan is a great process to adopt when a disaster occurs. These plans are created to handle unexpected situations. Having a proactive plan in place is what can mitigate losses and help an organization overcome the issue at hand.

Some things an IT Asset Manager can do that may help them create or improve an effective data breach recovery plan is to:

  • Meet with the IT security team: If an IT Asset Manager is unsure how to handle a data breach, they can meet with the IT security team to ask them directly how they can help and what steps will need to be taken. The IT security team has an extensive knowledge and can explain unknown concepts that may need to be incorporated into the plan
  • Create response teams: Response teams are designed to handle specific disaster events. The people on the team should have skills that will help to mitigate losses from the event. The IT Asset Manager should select individuals with diverse areas of expertise so that different issues regarding different fields can be considered. For example, they may choose someone from legal services, someone from IT security, and someone from the financial department to be on the team
  • Discuss the plan with involved parties: Educate those on the data breach response team to help them prepare for an incident. They will be informed and ready for what may come, and the organization will be one more step ahead

As cybercriminals improve and find new ways to hack into data, organizations need to continue improving their data security measures to protect their consumers, their reputation, and allow them to continue maintaining compliance. IT Asset Managers can help by being proactive and creating an effective data breach recovery plan.

References:

Fingas, J. (2020, August 08). Capital One fined $80 million over 2019 data breach. Retrieved August 11, 2020, from https://www.engadget.com/capital-one-fined-over-data-breach-115028162.html

Lawler, R. (2020, February 16). Capital One data breach affected 100 million in the US. Retrieved August 11, 2020, from https://www.engadget.com/2019-07-29-capital-one-data-breach.html