An In-Depth Look at the Benefits of Having an Incident Response Plan
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Incident response involves handling a cyber-attack in an effective way. Take a look at the benefits of having a good incident response plan for your business.
The evolved world of cyber threats and cybercrime today can make the old days of initial basic trojans and viruses look almost appealing. Every small business has a lot to be concerned about in the technological world. Whether it is hackers trying to mine information or thieves working behind the veil of technology to try to steal money from your business, threats are at every corner. Building an incident response plan can help you bounce back quickly in a world where it’s not always if but when you will be attacked.
Incident response is the act of handling an incident. In the world of cyber-attacks, incident response involves:
Take a look at the top benefits of having a good incident response plan in place for your business.
1. Quicker Response Means Less Damage to a Business’s Reputation
According to Security Intelligence, one of the things damaged the most during a security breach in a business is the business’s reputation, especially if the client or customer data has been exposed. The faster you can get to work mitigating a threat or handling an attack, the more confident your clients will be that you are taking the situation seriously and you care about their personal privacy. According to IBM, the average size of a data breach is about 25,575 records, but having a good incident response plan can reduce the time to contain a breach from 69 days (on average) to around 30 days.
2. Incident Response Plans Combat the High Cost of Data Breaches
The typical cost to a business for a data breach is about $3.86 million, but for companies that have a good incident response plan in place, that figure drops substantially to around $1 million for each incident. Data breaches and other cybersecurity attacks can cost a company a lot of money, but the faster recover reduces the cost substantially.
3. Get Back to Business Faster After an Attack
When an attack occurs, it can take all of your valuable time to make things right, but if there is no existing incident response plan in place, there is no guidebook for what to do, when to do it, and how to react. With the proper plans, you and your employees will already know what to do, which means you can work through the problems and get back to business much faster.
As you can see, having an effective incident response plan prepared for your business can make all the difference in how things go in the event of a cyber-attack or data breach. Reach out to us at CIO Advise for more information. CIO Advise is a senior strategic IT consulting company that helps businesses of all sizes with multiple IT-related issues, including the creation of an appropriate incident response plan.