Cyber security: communicating a data crisis
What do a New Zealand media company, and an international finance lending business have in common? Not a great deal to be honest – except they’ve both been victims of cyberattacks that have exposed the personal details of thousands of New Zealanders.
In March 2023, the databases of Latitude Financial (which operates finance companies Genoapay and Gem Visa) were hacked resulting in one million New Zealand driver licence numbers, 34,000 passports and 90,000 banking details falling into criminal hands. In July this year, a MediaWorks database was also compromised leading to hackers demanding ransoms from some of the victims whose data they had stolen.
Data security is now a major concern for businesses around the world. Breaches of this security can cut to the core of what a business offers, including its promise to keep client information safe, the competency of its staff, and the wisdom of using various work tools and third-party providers. No matter the cause of the security breach, if this trust is broken and subsequent communication is poor, companies can expect significant reputational damage.
Priority Communications has recently been supporting organisations to both plan for potential cyber security issues, and deliver crisis communications when a major event occurs. Our clients have told us how important and comforting it has been to have had experienced communications professionals on hand to provide advice and help navigate the storm.
We know that data can be breached in many ways and everyone’s business is different, so there is no one-size-fits-all solution. Your staff might accidentally click on a link that locks your people out of your systems and allows a hacker to enter; your cybersecurity systems might have lapsed leading to stored information about your clients being compromised; or a third party tool you use could be hacked exposing confidential information about your employees.
No matter if the issue has arisen from a mistake your organisation has made, or it is completely out of your hands, communicating swiftly and honestly is crucial.
It’s also important to have cyber insurance, which will help you cover financial losses from the breach and pay for the remediation process which might include an investigation, legal services and customer refunds.
Being prepared for a data breach is a necessity in today’s world. Failing to recognise the risk it poses could be financially and reputationally ruinous. If you want to talk to a communications professional about preparing your business, we’re here to help.