How organizations respond to cyber incidents can make or break their financial and reputational stability. In the event of a poor response, organizations may encounter various consequences—including the exposure of sensitive data, compromised technology, widespread business disruptions, disgruntled stakeholders, lost customers and reputational damage. Fortunately, organizations can mitigate many of these losses through proper cyber incident response planning.
A cyber incident response plan is a detailed set of instructions to detect, respond to, and limit the impact of security events and breaches. Its benefits include:
- Operational continuity—A structured response to cyber incidents helps facilitate a rapid recovery to minimize operational downtime and associated productivity losses.
- Improved incident handling—Pre-defined procedures, communication protocols, and escalation paths can streamline cyber incident handling, enabling faster responses.
- Reduced financial losses—A well-prepared cyber incident response plan can swiftly contain breaches and restore systems, limiting damage that may otherwise result in significant revenue losses.
A solid cyber incident response plan should include:
- Who is part of the cyber incident response team (e.g., company executives, IT specialists, legal experts, media professionals and HR leaders)
- What roles and responsibilities each member of the response team must uphold during an incident
- What the organization’s key functions are, and how these operations will continue throughout an incident
- How critical workplace decisions will be made during an incident
- When and how stakeholders and the public (if necessary) should be informed of an incident.
- Which regulations the organization must follow when responding to an incident (e.g., reporting protocols)
- When and how the organization should seek assistance from additional parties to help recover from an incident (e.g., law enforcement and insurance professionals)
- How an incident will be investigated, and what forensic activities will be leveraged to identify the cause and prevent future incidents
Did you know that 60% of small and medium businesses don’t survive after a cyber attack? Protect your business with Cyber Insurance, call us at 780.424.2727 or click here to get a quote.