Yep those steps will resolve the problem.

You will need to ask a few more questions now to the business to determine how to stop this from happening again, primarily around what is the recovery point objective (RPO), or how much data can we afford to loose before it costs the company.

That will then determine how to periodically generate a transaction log backup, to both comply with the RPO and also stops the log from getting out of control, (caveat large transactions can cause the log to grow abnormally so you will always need to keep an eye on its size).

I would also recommend this book[/url] for managing your transaction logs.