Did you know that Americans face a hacker attack every 39 seconds, and 43% of these attacks target small businesses? Most companies will take about six months to detect a data breach, and by then, it’s often too late to do anything about it. The global average cost of a data breach is about $3.9 million for small to medium businesses. Having a solid strategy can make all the difference for your business when dealing with a cyber-attack. What kind of strategy are we talking about? Having an incident response plan in place.
We are going to share some tips with you on why your business needs an incident response plan. That way, you can always be ready in the case of a cyber-attack. Read on to learn more.
Don’t Get Caught Off Guard: The Importance of an Incident Response Plan
The term “ransomware” is becoming a regular part of business security. Ransomware is a type of malware where hackers threaten to publish personal data or block some service until you pay a ransom. Organized crime gangs like the Russia-linked REvil Ransomware are constantly attempting to access computer networks and hold them for ransom.
An incident response plan sets out tools and processes your team can follow to identify new threats and end them. It also sets out steps for the recovery of the business following a cyber-attack by setting out the roles and responsibilities.
With a plan in place, you can constantly test the security system, identify issues, and learn from your mistakes.
Be Prepared: Why Your Business Needs an Incident Response Plan
Cyber-attacks are increasing as time passes, and the impact on your business is more significant than you would think. Your business should prepare for any emergency by implementing an incident response plan. The benefits of such a plan, such as finding security attacks faster and protecting your reputation, outweigh the costs.
#1: Pre-emptive Strike
There are several types of attacks that your business can run into that you need to protect yourself from. These include the denial of service attacks where your system is overloaded to the point where it can’t run legitimate customer requests, or a phishing attack with malware in emails that look like they come from legitimate sources.
An incident report plan allows you to strike pre-emptively and protect your business from a security breach. Attackers usually go for groups that they think are more vulnerable because they have a greater chance of success.
Having a plan means that you are prepared before an incident occurs, catching the security breach before too much time has passed.
#2: An Organized Approach from Disruption to Recovery
Business data loss is more than just losing your clients’ private information. It can cost you about $141 per data record, and that cost will continue to increase. The cost of cyberattacks includes lost wages, lost revenue, potential fines, and lost trust.
An incident response team will implement your plan that will set out the process for all types of attacks. It will help you from disruption to recovery in an organized way so that any security breaches can be handled without disrupting the business.
It can help you reduce the response time and the overall cost of dealing with a security breach.
#3: Learn From Past Mistakes and Strengthen Overall Security
Some simple tips like backing up and encrypting all data can help protect your business from cybersecurity threats. The goal of an incident response plan is to manage the complete security system and deal with all vulnerabilities. You can assess, analyze, and report on the security systems to minimize the impact of a cyberattack and quickly restore operations.
A part of the response plan means increasing cybersecurity awareness among your employees. Once they recognize threats, they will be more vigilant, leading to reduced cyberattacks attributed to human error.
You also have to test and improve your security practices and systems continuously. One way to do so is to use simulated security attacks and security breach scenarios to test your security system. This can expose gaps before a real cyberattack takes place.
#4: Protect Your Reputation and Build Trust
As a business, your reputation is your most essential tool. You work hard to develop a brand that people can trust and rely upon by providing the best service possible and giving 100% to your customers and employees. In a single moment, all that trust and a good reputation can disappear because of a cyberattack.
If your business loses too much data or resources to deal with ransomware, your reputation could be damaged beyond saving, where business continuity is a concern. The cost of paying ransomware can impact your bottom line and even lead to bankruptcy. An incident response plan can help protect your reputation and the public trust you have worked hard to build.
#5: Comply With Regulations
Specific sectors like the health care and financial services industry have regulations to protect consumer data and privacy. When those rules are not met, you are faced with hefty fines and costly lawsuits.
A business continuity plan, like an incident response plan, will set out the steps that your team will need to take to comply with the regulations. Your business can avoid legal penalties by managing its resources during an emergency. You can use the plan as proof of your due diligence when needed.
Need Help Getting Started with an Incident Response Plan?
Developing a cyber incident response plan doesn’t have to be complicated. Having one can make a dramatic difference in your level of preparedness, your overall vulnerability, and your peace of mind. If you need help with creating a Cybersecurity Incident Response Plan, look no further! We’re here to help. Our comprehensive Incident Response Plan covers all the important things you need to get started. Download our free template at the link below.
Talk to an Expert Today
The first step to protecting yourself from cyberattacks is to design and put in place an incident response plan. Your entire team should be engaged and understand their role when dealing with a security breach. Working with a managed service provider can help you make the plan and implement it for a low fee.
Contact us today to talk to an expert. We can help you keep your business safe with a risk assessment to understand you can tackle insider and external hacking attacks. With our help, you can get a better understanding of the vulnerabilities of your business.