There is no denying the fact that the internet has fundamentally altered human existence and revolutionised communication to the point where it is now our preferred method of daily interaction. In fact, we use the internet for practically all of our daily activities, including ordering food, watching our favorite shows, sharing moments, or connecting with our friends. However, before the advent, things needed human effort; but today, a click or two is enough to do anything from anywhere in the world. Consequently, along with comfort, the emergence has also unraveled various threats and paved the way for hackers to steal personal and sensitive information from businesses and individuals. Due to data breaches, millions of personally identifiable information (PII) records are compromised yearly. According to Exposure Management Company Tenable, around 2.29 billion records were exposed worldwide in data breach incidents in 2022, with India accounting for 20% of the total, taking second position amongst others.
Data breaches can undoubtedly occur from anywhere and at any moment without a warning and once a violation has occurred, it gets challenging to detect it. As a result, in order to strengthen the cybersecurity community and see the silver lining in the dark cloud, it has become essential to report data breaches. In fact, when a data breach is reported, it serves as a warning to other organizations to examine their security protocols and implement the required adjustments to avoid experiencing similar occurrences. This not only aids in averting more attacks but also bolsters the community’s overall security posture. Therefore, in order to secure the client and protect the company’s reputation and damage from the aftermath of an unexpected case of a data breach, it is crucial to have a plan in place in this digitally driven world.
Ratan Dargan, Co-founder and CTO, ThoughtSol Infotech said, “In today’s modern world, there are sound reasons to set up a thorough incident reporting mechanism. However, before doing so, businesses need to be aware of the protocol for reporting and informing clients about data breaches and how to do so. Dealing with data breaches can be risky. In fact, due to the government’s strict new guidelines for cybersecurity incident reporting, the deadline for many Indian organizations to report data breaches has been substantially shortened in 2022. The new security directive will require organizations across India to report cyber incidents, information security breaches, and data breaches to CERT-In (the Indian Computer Emergency Response Team) within six hours of “noticing such incidents.” So let’s delve into some of the critical aspects of reporting data breaches to strengthen the cybersecurity community.”
First and foremost, data breaches can aid in discovering previously unknown vulnerabilities and dangers. In this context, security researchers can employ the knowledge to develop new and improved defenses against these threats. Legislators can use it to improve the laws and policies that protect people’s data. Furthermore, reporting data breaches is critical for organizations and consumers to retain confidence and sincerity. When a company declares a data breach, it shows its dedication to protecting consumer data, even if it means revealing its weaknesses. And in the long run, this can improve consumer loyalty and trust.
In addition, reporting a data breach can assist firms in learning from their mistakes and improving security procedures. Companies can determine the incident’s fundamental cause, estimate the damage, and build an action plan to prevent such incidents in the future by conducting a post-mortem examination of the breach. Last but not least, notifying a data breach can assist firms in meeting legal and regulatory requirements. Many countries, including India, have regulations requiring businesses to report to regulatory agencies and affected customers of data breaches, and failure to do so can have severe financial and reputational consequences.
Though the advent of the internet emerged as bliss, at the same time it has paved the way for threats. Thus, reporting an incident has become vital to preventing a security incident from becoming a breach. In fact, reporting a data breach is not something to be ashamed of or feared. Instead, it can be a valuable opportunity to learn, improve, and strengthen the cybersecurity community as a whole.
As a result, by reporting data breaches, businesses can prevent future attacks, identify new vulnerabilities and threats, maintain customer trust and transparency, improve their security measures, and comply with legal and regulatory requirements.
