In today's world, no one can predict what the future is going to bring. If the pandemic taught us anything — it's that business owners today need to plan for the worst-case scenario. It's hard enough dealing with a crisis, but having to learn and make a plan as you go is only going to lead to more problems. Conversely, Incident Response Plans provide clear instructions for employees on what to do in the event of a breach.
Whether it's a hurricane, power outage, fire, or cybersecurity breach --- having a plan in place will guide you through the crisis and give you a roadmap toward recovery.
Many business owners overlook the importance of creating an Incident Response Plan (IRP) for cybersecurity incidents. With cyber crime on the rise and the costs of cyber attacks increasing every year, the importance of preparation cannot be overstated.
“Incident response plans are key drivers to maintaining employee productivity, customer service, and executive communication during potential cyberattacks,” Neil Jones, director of cybersecurity evangelism at Egnyte, said.
Data breaches are common, and unfortunately; incidents are only increasing as cyber criminals become more sophisticated. In today’s world, most cyber liability insurance policies require a company to have an IRP in place.
According to Forbes:
- 43% of cyber attacks target small and medium-sized businesses (SMBs).
- 61% of all SMBs have reported at least one cyber attack during the previous year.
- 83% of small and medium-sized businesses are not financially prepared to recover from a cyber attack.
- 43% SMBs do not have any cybersecurity plan in place.
What is a Cybersecurity Incident Response Plan?
An Incident Response Plan is a set of instructions that outlines how a company will respond to a cybersecurity incident. The plan should include procedures for handling different types of incidents, as well as contact information for the individuals who should be notified in the event of an attack.
Cybersecurity incidents can include a whole host of issues that interrupt business. A ransomware attack can prevent you from accessing any customer information or company data. A natural disaster might restrict access to on-premise hardware, including rendering your data inaccessible. A hardware failure might negatively affect a business’ ability to carry on business.
This is when an Incident Response Plan is invaluable in providing some much-needed guidance on what to do when business continuity is interrupted.
An Incident Response Plan can also help to reduce the costs associated with a cyber attack. The average cost of a ransomware attack is $133,000, and the average cost of a data breach is $4 million. By having a plan in place, you can minimize the damage caused by an attack and get your business back up and running as quickly as possible.
An Incident Response Plan will further guide you through a disaster, taking into account:
- state laws
- the nature of the compromise
- the type of information taken
- the likelihood of misuse
- the potential damage if the information is misused
For instance, if a data breach compromises your business' sensitive information, especially when involving customer information, that breach must be reported to the FBI in a timely manner. It is important to be well-versed in the laws surrounding data breaches and include those parameters in your IRP.
Why do I need a Cybersecurity Incident Response Plan?
Here are four reasons why every business owner needs an Incident Response Plan for cybersecurity incidents:
- A cybersecurity incident can happen to any business at any time. No business is too small or too big to be a target. As a matter of fact, smaller businesses tend to have a more difficult time creating an IRP because they have no experienced personnel to guide them through the technical aspects.
- A well-designed Incident Response Plan will help you minimize the damage and get your business back up and running as quickly as possible. Step-by-step instructions in your IRP will make your post-disaster actions decisive and efficient in restoring your business to full productivity.
- Incident Response Plans provide clear instructions for employees on what to do in the event of a breach. This can help minimize the damage by preventing the further spread of the incident.
- An Incident Response Plan can help you avoid some of the costly mistakes that businesses make after a breach, such as notifying customers too late or not having adequate insurance coverage.
Don't wait until it's too late to create an Incident Response Plan for your business.
How do I create a Cybersecurity Incident Response Plan?
Every business is different in the way they utilize technology and store critical information, so the details of Cybersecurity Incident Response Plans can differ. It is a good idea to involve a cybersecurity professional to help guide you through creating the most effective and comprehensive plan.
One Step Secure IT’s cybersecurity experts start by running a scan of a business’ systems in order to locate potential vulnerabilities and address those first. The best defense is a good offense when the goal is to avoid a breach altogether. Then, One Step puts together an Incident Response Plan tailored to the business.
As part of the service, One Step will coordinate the education of all employees on the IRP and help you post hard copies of the plan around your company so that any employee can access the IRP in the event of a disaster and know exactly what to do. Because a business is a living, breathing entity, IRPs should be reviewed and updated on a regular basis to ensure it remains relevant and effective.
What should I do if I experience a Cybersecurity Incident?
If you experience a cybersecurity incident, follow the steps outlined in your Incident Response Plan. If you don't have an Incident Response Plan now, consider investing in a cybersecurity professional to prepare your company for disaster.
Following your IRP will help you minimize the damage and get your business back up and running as quickly as possible.
Plan While You Can
While an Incident Response Plan isn’t designed to guarantee that your business will never be the victim of a cyber attack, it can greatly reduce the chances of an attack being successful. By taking the time to create a plan and educating your employees on its contents, you can create a much safer and more secure environment for your business.
If you would like to speak with a cybersecurity expert about creating an Incident Response Plan for your business, Schedule a 10-Minute call to take the first steps.