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Data Breach is the loss of confidential, private or protected information to an unauthorized person. It can be the result of an internal or external event, such as an employee sharing confidential information with a coworker or a hacker breaking into a corporate database and stealing information.

A breach may lead to legal liability, financial loss and a damaged brand reputation. For example, a breach in the healthcare sector can trigger fines under HIPAA and affect investor trust, leading to stock price drops. This is why a strong cybersecurity strategy and timely disclosures are key to mitigate the impact of a data breach.

The first step is to determine the extent of the breach, which includes the types and number of records affected. Work with forensics experts to identify the compromised data and find out if the information was encrypted. Next, examine backup or preserved data. Finally, review logs to find out who had access and whether that access needs to be changed or restricted.

If your company is a controller or processor of EU personal data, you must notify the supervisory authority and those affected without undue delay. If your company is a controller of non-EU personal data, you must notify affected individuals within 72 hours of becoming aware of the breach. It is also critical to understand data breach laws in your country or region. For example, in the US, Cyber Incident Reporting for Critical Infrastructure Act requires that organizations in national security, finance and other designated industries report incidents of personal or business data breaches to the Department of Homeland Security.