What you need to know about data breach communications
There’s no doubt 2014 can aptly be named “The Year of the Data Breach.” With that in mind, it’s important for community financial institutions (FIs) to have key data breach response tactics in place. Being prepared with an appropriate, well-planned data breach response could mean the difference between a smooth post-breach transition and a rocky one.
Below are some data breach response tips to keep in mind:
- Think like a consumer — The consumer experience should drive all public relations and communications responses. Ask yourself: How can we make this painless? What does a nervous, potentially irritated customer need to hear from us today?
- Speak to entire customer base — Although not all cards in a given portfolio will be compromised, with today’s heightened media attention to data breaches, nearly every cardholder will hear of a major breach. Therefore, it’s important to talk to all cardholders within your portfolio using a segmented approach with communications tailored for each cardholder category.
- Set the context — Mainstream media and consumers are paying attention to data breaches. This is due in part to the brand power of the effected companies, and in part to the frequency of the attacks. Leverage this awareness to set the context for your breach response…it’s part of a much larger issue facing nearly every consumer, every FI, every merchant in the U.S.
