A clever person solves a problem. A wise person avoids it.
This was Einstein’s way of saying – very eloquently – prevention is better than cure.
Nowhere is this more evident than the world of cybersecurity. According to the Hiscox Cyber Readiness Report 2019, average losses from cyber incidences topped £284,000, up from £176,000 the previous year (an increase of 61%). With figures like that, it’s clear prevention is not only better than cure – it’s cheaper, too.
The same Hiscox report found that only 10% of firms surveyed achieved ‘expert’ cyber security status. The vast majority – 74% to be precise – ranked as unprepared ‘novices’.
These days, businesses can’t afford to be caught unprepared. All organisations, regardless of size, need proper cybersecurity policies and procedures in place to mitigate the threat of cyber incidences. All organisations need to train their people to spot cybersecurity issues and maintain the organisation’s defences. And, in the event of a cyber incident, all organisations should have a pre-prepared response plan that sets out what to do next.
The response plan puts you in a position to act quickly in the event of a cyber incident – be it a phishing attack, data breach, ransomware attack or whatever. A good plan covers three angles:
The cyber response itself
Communications to stakeholders
If the worst happens, quick action is critical for mitigating costs and reputational damage. Providing you have a plan that clearly sets out all three angles, your people will know exactly what to do, who to contact, and who is responsible for what.
For example, your cyber incident response plan might set out:
Self-reporting obligations (reporting a data breach is often a regulatory requirement)
Investigative procedures and preserving evidence to find out exactly what happened
Which experts to instruct (such as forensic IT experts)
Recovery of money/assets
Group litigation measures
Advising clients or customers on the risks
Without a plan, your response risks being less effective – and more costly. That’s why the cyber incident response plan is considered an essential part of any organisation’s cyber defences.
If you haven’t yet created your cyber incident response plan, talk to The RANt Group. We’ll help you develop a detailed plan that’s perfectly tailored to your business.