The incident response plan is important in business, as your company’s reputation, customer trust, data security, and revenue, can be shaken without a proper plan. Your company’s size should not limit you from paying attention to critical response events, no matter how small the security breach. Businesses that must do better should have a ready-in-place incident response plan, to help them in mitigating the dangers of recent cyber-attacks.
Incident response plans involve everything that determines cyber security compromises. This is the expected behavior or action of a company’s security team, breach managing devices and tools, proper steps to prepare for a security incident, the investigation and communication plan of that incident response, and the alert requirements as a result of data compromise. The following are the most important reasons why you should not exclude an incident response plan in the current era.
Why Incident Response Plan is Important in Business
Mitigation in an incidence response strategy has to do with the amount of time taken to identify and deal with a data breach. An incident response plan is normally packaged with a specific plan of action that deals with controlling potential security breaches. Every detailed outline of a response action contains measures that must be strictly followed by employees. Therefore, it involves a recovery system to be kept in position, separating areas that have been impacted, and so on. The idea of a pre-planned response strategy makes a company cut down its response time extensively.
When an incidence response is delayed, this means that harmful agents in your company’s system or network have an upper hand or are seriously influencing your business. Another thing to note about the delayed response is that it allows agents to collect more sensitive information or cause damage to the company’s system with malware. When you are relaxed about dealing with cyberattacks, you risk getting involved with their potential, legal, financial, and operational impact. All of these can damage your company manifold.
You can hardly predict cyber security incidents before they happen. Even though a company had embarked on training its staff, and they are protected, they can still be affected by unexpected incidents. However, if you act in advance, by launching an incident response strategy, it will give you an edge of clarity, and a more technical plan of action, which you can depend on, in a time of security crisis.
Cyberattacks can take your business by a rough surprise when your team is not fully guarded, or in a panic to deal with the attack. Where there is fear or poor preparation, the team may never contend with the problem and defend the company. This is why it is crucial to have an incident response plan, as it helps in downplaying the influence of cyber threats, secures the organization in general, and rectifies vulnerabilities, in an organized order.
The act of complying with enacted rules and regulations can help in data protection, and you can defeat cyber security problems through global regulations if your company is willing to undertake important legislation, to ensure compliance. Significant areas such as financial and healthcare organizations encounter more strict policies and regulations to ensure that the organization has protected their sensitive information enough.
There are several regulations that an organization is required to follow to be offered an incident response plan and ensure compliance. Some of these regulations include; General Data Protection Regulation (GDPR), Healthcare Portability and Accountability Act (HIPAA), and Payment Card Industry Data Security Standard (PCI DSS).
One of the main reasons for investing in an incident response plan is to allow organizations to have an improved response-ability. With this, it is often easy to analyze current measures, weaknesses, systems, and vulnerabilities. Where these factors and their potential influence on an organizational structure are understood, general security will be ensured.
An incident response plan also gives a detailed outline that backs up the reason an organization must patch up vulnerabilities that have been uncovered, and make sure they do not occur another time. Incidence response steps create cybersecurity recovery for businesses and safeguard them from cyberattacks that may happen later.
Builds Customer Trust
Incidence response importantly helps in building customers’ trust. According to research by IDC, it was observed that 78% of consumers will likely move their business to another place if they suddenly suffered a direct impact of a data breach. If a system breach is not appropriately dealt with or handled in haste, the organization can risk losing a few or all its customers. Once there is a case of data breach, you should know that your customer’s confidence in you, will go down, and that can become something to worry about in your organization.
It can be worse if your company operates publicly. This means, that shareholders and investors that identified with you will begin to withdraw on hearing about the data breach suffered by your organization. Some extended data breaches occurring in the past years with stock prices include Target, Equifax, Sony, Yahoo, and several others.
Protect Your Revenue
An intensive incident response plan can protect your business from the risk of revenue loss. In 2017, the cost of a data breach survey by Ponemon Institute ran into about $3.6 million. Another example is the Home Depot breach, as it had a data breach cost of $62 million and involved more than 65 million customer debit and credit card accounts. With all these, revenue was affected and customers had to lose.
While it is important to have an incident response plan, if your company can identify or quickly detect and respond to a network breach or security incidents, it will help in reducing the impacts that cause loss of reputation, data breach, customer trust, loss in revenue, and so on. Your organization should have an incident response plan that helps extensively in getting ready for security breaches, and they do so by ensuring or leveraging an additional managed network security provider, to help implement a personalized approach for all its businesses.