Cyberattacks against organizations or individuals are launched every day. They can steal their sensitive data, personally identifiable information (PII), protected health information (PHI), personal information, intellectual property, data, and governmental and industry information systems.
Small businesses are also at risk of suffering irreparable reputational damage due to a data breach. Some victims including organizations or individuals even refrain themselves from reporting a data breach, fearing its scope and impact on the image of the organization.
However, it is important to report the data breach so that the cybersecurity community can protect the victims’ personal information. Here’s what experts say about the importance of reporting a data breach,
1) Arpit Sharma, Senior Manager, Technology Research and Advisory, Aranca said transparency is key to building trust in the cybersecurity ecosystem. He said that by reporting a data breach, organizations demonstrate their commitment to protecting their customers’ data and building a safer digital environment. “
“In today’s world, where data breaches are becoming increasingly common, trust is a critical factor for consumers and businesses alike. By reporting a data breach promptly and transparently, organizations can demonstrate their commitment to protecting their customers’ data and building trust within the cybersecurity ecosystem. This, in turn, can lead to better collaboration between organizations and the cybersecurity community, leading to more robust defenses against cyber threats.”
2) Mathan Babu Kailingam, CISO, Vodafone Idea Ltd said it is important to report the data breach to both the regulator and the customers that are impacted as it will strengthen the ecosystem by bringing awareness to the rest of the industries that can be well prevented from such similar breaches.
“It provides adequate information to the customer who could potentially be socially engineered with the breached information to be on alert and as well adequate time for consumers to update or relevantly secure or change credentials.”
3) Ratan Dargan, Co-founder and CTO, ThoughtSol Infotech Pvt. Ltd stated that sharing breach information enables businesses and individuals to find weaknesses, examine attack vectors, and enhance security controls to stop future occurrences of the same type of incident.
“When a data breach is reported, specialists are better able to comprehend the methods and strategies used by attackers. This data can be used to create new security procedures, improve the ones that already exist, and instruct users on how to safeguard their data and themselves. It is feasible to learn about other businesses’ security practices and from their experiences by exchanging information with them.”
4) Reporting a data breach is an essential step in improving cybersecurity because it helps organizations learn from their mistakes and identify weaknesses in their security protocols, said Vipin Vindal, CEO, Quarks Technosoft.
He said that organizations can identify the vulnerabilities that led to the breach and the information can be used to improve security measures and prevent similar breaches from occurring in the future.
“Organizations can build trust with their customers and stakeholders. This can help them to maintain a positive reputation and avoid losing business due to the breach. Many industries are subject to data breach notification laws that require organizations to report breaches to the appropriate authorities. By complying with these regulations, organizations can avoid legal penalties and maintain compliance with applicable regulations.”
5) Bhaskar Ganguli, Director, Marketing and Sales- Mass Software Solutions Pvt. Ltd said that reporting a data breach is ethical and a critical step towards strengthening the cybersecurity community. “We empower our customers to take necessary precautions and contribute to the collective understanding of cybersecurity threats and vulnerabilities. Together, we can work towards building more secure systems and protecting sensitive data from falling into the wrong hands.”