What You Need to Know About Data Breach
About Data Breach
A data breach occurs when sensitive or confidential information is accessed, viewed, stolen, altered, or used by an unauthorized individual or entity. This can happen for many reasons including phishing attacks, hacking, malware, skimming, insider leaks, unencrypted devices, and misplaced or improperly decommissioned hardware.
The impact of a data breach can be severe for a business. Whether it’s reputational damage or loss in consumer trust, companies can suffer from significant and lasting financial losses from a breach. Research shows that up to a third of consumers in retail, finance and healthcare will stop doing business with a breached company and that 85% will tell others about their experience.
When a company experiences a data breach, it is essential to have a communications plan in place to notify law enforcement and affected individuals. Make sure to anticipate questions that people will have and provide clear and straightforward answers in plain language. It can save time and money later on to communicate early, avoid misunderstandings and unnecessary delays.
If a company experiences a data breach and it involves personal data that is considered “special category” or highly sensitive, it must notify the Information Commissioner (ICO) and the individuals involved as soon as possible. This includes where the information is about someone who is vulnerable, such as an elderly person or a child. It may also include health and medical information, religious beliefs, or sexual preferences. This is a more complex process than for other breaches because of the extra rules around this type of information.