Cyber incidents are on the rise. If your corporation were to experience a data breach, would you be prepared to notify impacted individuals? Here are three actions your company can take today to streamline post-breach data mining.
What Is Post-Breach Data Mining?
Post-breach data mining is the process of analyzing data after a cyber incident to identify whose information has been compromised. Corporations are required to notify affected individuals or entities within 30 to 60 days, which can be challenging if there is a substantial amount of unstructured data (like emails, documents, or other non-database formats) to sort through. Advanced data mining techniques are required to sift through and identify this sensitive information.
Post-breach data mining is important to corporations for several reasons:
- Accurate notification: Post-breach data mining ensures individuals and entities whose data has been breached are sent accurate and timely notifications.
- Compliance with regulations: Many data privacy laws, such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA), mandate that companies inform individuals when their data has been compromised. Post-breach data mining helps ensure compliance with these regulations by identifying who needs to be notified.
- Risk management: Post-breach data mining makes sure no affected party is overlooked and helps mitigate further legal or reputational risks.
In 2023, over 364 million people were impacted by a corporate data breach. Those numbers are expected to rise as cyberattacks become more sophisticated and organizations store increasing amounts of sensitive data. Therefore, all corporations should have a post-breach data mining plan in place before a cyber incident occurs so they can react accordingly. Follow these three tips to strengthen your post-breach data strategy.
3 Preliminary Tips for Post-Breach Data Mining
1. Obtain Legal Counsel
The legal landscape surrounding data breaches is constantly changing, so having legal counsel on your side is paramount for your post-breach data mining plan.
Experienced legal experts can guide your organization through complex data privacy regulations and help ensure your compliance with laws. Legal counsel can also help navigate the nuances of data breach notification requirements, which can vary by jurisdiction and type of information compromised.
In addition, legal counsel can connect your organization with a trusted vendor for forensic investigations and data mining processes. This vendor should have access to a cyber data mining platform that can handle tasks with precision and in accordance with legal requirements.
Legal counsel can also provide valuable insights into how to protect privileged information during the breach response process and help mitigate potential liabilities.
2. Acquire Cyber Insurance
Cyber insurance is a specialized policy designed to protect corporations from the financial risks of cyberattacks and data breaches. This insurance typically covers expenses related to breach response, such as legal fees, notification costs, public relations efforts, and costs related to data recovery and forensic investigations. Some policies even cover regulatory fines, lawsuits, and lost revenue due to business interruption.
Additionally, many cyber insurance providers offer risk assessment services before an event occurs, helping you strengthen your overall cybersecurity posture. This proactive approach allows you to identify and address potential vulnerabilities, which can minimize the impact of a breach and ensure smoother coordination in case of a cyber event.
3. Establish Policies & Procedures
Creating clear policies and procedures for data retention and post-breach data mining is essential to ensure a streamlined and effective response during a cyber incident. By defining these protocols in advance, corporations can minimize the volume of unnecessary personal data that needs to be reviewed and managed during a cyber incident investigation.
One key aspect is having a well-structured data retention policy that limits the amount of data stored to only what is necessary for business operations and legal compliance. When there’s less outdated or unnecessary information to sift through, identifying affected individuals becomes faster and more accurate. By conducting tabletop exercises, corporations can simulate a cyber event before the worst happens.
Similarly, establishing procedures allows your team to respond more effectively in a high-pressure situation. Instead of scrambling to figure out how to handle the breached data, a well-defined protocol ensures your organization knows how to mine the data efficiently, protect sensitive information, and notify impacted parties in a timely manner.
Conclusion
With cyber threats increasing, every corporation should prepare for a potential data breach. Post-breach data mining is critical in ensuring organizations can swiftly and accurately notify affected individuals, comply with data privacy regulations, and manage the risks associated with compromised data.
By taking proactive steps—such as securing legal counsel, obtaining cyber insurance, and establishing comprehensive data retention policies and procedures—corporations can be better equipped to respond to a cyber incident effectively.
iCONECT can help your corporation improve its data response posture with a cyber data mining platform that streamlines the disclosure process. Talk to an expert to learn how iCONECT can help you better manage company data.
