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02 Jan 2018
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What to do After a Cyber Security Breach

Cyber fraud is something that no adult is safe from in this day and age. The following article is going to cover the potential risks you need to be aware of in case your information becomes compromised, as well as the next steps you should take.

 

Currently Cyber Insurance Claims patterns show that more than five cyber breaches happen every two days and, with the rate increasing every day, it's quite possible that you will be impacted in some way or another one day. The first thing you are going to want to do is to hire a forensic accountant. When you think forensics, CSI: Miami probably comes to mind, but rest assured it isn't that dramatic. A forensic accountant will simply determine the lost profit and incurred costs from the breach and will also make sure that any insurance claim you make is correct. They also will help by giving a detailed report including what information was compromised and the potential damages. Forensic accountants can work with individuals, small businesses and large corporations. DRDA has a team of dedicated forensic accountants that would be happy to help you when you need it most. They will handle your case with the utmost respect and professionalism. If you have a cyber breach contact DRDA as soon as possible.  

 

When a forensic accountant is handling your claim, they will be:
• Reviewing financial statements
• Reviewing the types of data lost or accessed
• Reviewing historical company performance
• Looking at Projections/Forecasts
• Reviewing laws and obligations following a breach
• Interviewing company management

 

The results of exploring these documents will give your accountant an idea of your or your company's financial standing before the breach compared to after the events of the breach. The differences are  potential economic damages. The damages that result from a cyber breach can be in the form of lost sales, physical damage to the foundation of your company and even lost reputation. Compensation for the losses is contingent on your insurance policy.

 

Prevention of a cyber breach can be helped by not revealing any sensitive information, reducing data transfers, banning unencrypted devices and restricting downloads. If it is already too late, then discuss this with your forensic accountant so that you can start again worry free

 

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