As an emerging financial services firm, you have to remember that your client’s privacy is a priority. You don’t want to be the firm that’s responsible for a data breach that leads to your client’s information being made public or being available on the dark web.
Most financial firms have state-of-the-art cybersecurity measures in place, but there’s always a chance that hackers will be able to access the information that’s supposed to be secure. With that in mind, it’s best to be prepared in case something happens.
Secure the information
Once you know that your system has been breached, you need to correct the weak spots so the information can’t be accessed any longer. This may require you to consult with a cybersecurity firm, but it’s essential you get it taken care of.
Make proper notifications
Federal and state laws dictate what you have to do and when. This information includes when you have to alert your clients and what you have to tell them. These regulations also let you know which authorities you need to alert to the issue. Because this can be a complex undertaking, you must protect your firm.
It’s understandable that your clients will be antsy about what’s going on if your firm had a data breach. Part of your job now is to reassure them that you’ve taken the appropriate steps to protect them.
One of the most important things to do is to ensure that you have an action plan for what you’re going to do if there’s a data breach. Knowing your legal obligations and what you’re going to have to do if this occurs is critical. Having someone on your side who can protect your legal interests is crucial in these cases.