You’ve been hacked! Now what?

We live in a constantly evolving techno-landscape, and the threat of cyberattacks looms large over businesses of all sizes. No matter how secure your systems might seem, the reality is: no organization is immune to the risk of a breach. So, what should your firm do if it falls victim to a cyberattack? Panicking is off the table. Take a deep breath and get to work, using this step-by-step guide to help you navigate the aftermath of a hack and minimize the damage.

1. Contain the breach

The moment you suspect a breach has occurred, it's imperative to contain the attack to prevent further damage. This might involve disconnecting affected systems from the network, shutting down compromised servers, or isolating affected devices. By limiting the attacker's access, you can prevent the situation from escalating.

2. Assemble an incident response team

Swift action requires a well-coordinated response team. Assemble a group of experts from appropriate departments, including IT, legal, communications, and management. This team will be responsible for investigating the breach, assessing the damage, and making critical decisions regarding the next steps.

3. Assess the scope and impact

Understanding the extent of the breach is crucial for devising an effective recovery strategy. Identify what data or systems have been compromised, how the breach occurred, and whether any sensitive information has been stolen. The more you know, the better equipped you'll be to address the issue.

4. Notify relevant parties

In many cases, businesses are legally required to notify affected parties about a breach, especially if personal or financial data has been compromised. Notify customers, clients, and any other stakeholders about the situation. Transparency builds trust, and timely communication can help them take necessary precautions.

It’s hard to stress this step too much. More than one business has been caught trying to blow off a breach. While in any business there’s a real fear of the impact a breach will have, you can be sure the impact will be much bigger if you wait too long to inform your clients (if their data has been compromised), and worse yet if they find out from someone other than you. Get out ahead of it, and inform those who need to know as soon as you do.

5. Work with law enforcement and regulators

Involving law enforcement, such as the local police or cybercrime agencies, is crucial for tracking down the perpetrators and ensuring legal action is taken. Additionally, depending on your industry and location, you might need to report the breach to regulatory authorities. Familiarize yourself with relevant regulations to avoid potential penalties. When in doubt, you can also work with your state’s CPA Society (if applicable), or work with cybersecurity experts to help you understand what needs to be done to make appropriate legal notifications.

6. Conduct a forensic analysis

Conduct a thorough forensic analysis to determine any weak points in your security infrastructure. This analysis will help you understand the attack vectors used by the hackers and guide your efforts to fortify your defenses. Understanding if the attack was a failure of technology or people (or both) will help you adjust and better protect your firm in the future.

7. Secure your systems

Focus on shoring up your defenses to prevent future attacks. Update all software, systems, and applications to the latest versions and patch any vulnerabilities. Strengthen your network security, enforce stronger authentication measures, and consider implementing intrusion detection systems.

8. Recovery and remediation

Begin the process of restoring compromised systems and data from clean backups. Prioritize critical operations and customer-facing services to minimize disruption. Implement more stringent and/or up-to-date security measures to prevent similar incidents in the future.

9. Review and improve security policies

Use the incident as an opportunity to review and improve your cybersecurity policies. Train your employees on best practices for data security and create a culture of vigilance. Regularly update and test your incident response plan to ensure your team is prepared for any future threats.

10. Communicate with stakeholders

Clear and effective communication is vital during and after a cyberattack. Keep your employees, customers, partners, and investors informed about the steps you're taking to address the breach. Being transparent about your efforts to rectify the situation can help maintain trust and credibility.

Your communications should have a straightforward and clear format, consisting of direct and concise statements addressing the following:

1. What happened and when

2. When you learned about the intrusion

3. What steps you’ve taken so far

4. What steps remain

5. Anything affected parties need to do to protect themselves, and how you’ll help

6. Who concerned parties can contact for more information

7. If needed, when they should expect a follow-up communication

11. Learn and adapt

It won’t be a fun one, but a cyberattack is a learning experience. Once the situation is under control, conduct a comprehensive post-incident analysis. Identify what went wrong with your response, what went right, and how your response could be improved. Use these insights to refine your cybersecurity strategy and better prepare for future incidents.

An ounce of prevention…

It might not be possible to completely avoid cyberattacks, but there is definitely such a thing as inviting them. Old, non-updated systems, unpatched security holes, non-existent security protocols for employees… these and many more mistakes greatly increase your likelihood of an attack. Getting ahead of it by staying current and vigilant is your best shot at escaping an attack entirely, or minimizing the damage from one you couldn’t have avoided at all.

A cyberattack is a stressful and challenging experience, but a well-prepared and executed response can mitigate its impact and prevent similar incidents in the future. Remember, cybersecurity is an ongoing process, and staying vigilant against evolving threats is essential. By following these steps and learning from the experience, you can demonstrate resilience and protect your business from the ever-present threat of cyberattacks.

Want to learn more about firm cybersecurity? Check out our free guide Client Data Security Best Practices to Protect Your Firm From Serious Threats.