4 ways a Cyber Incident Response Plan will benefit your business

Posted on 30/01/2020

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A recent report revealed that 7 out of 10 organisations in the past year were not prepared for a cyber attack. With the number of businesses being hit by damaging cyber attacks on the rise, this scary statistic poses extreme cause for concern. Discover how an Incident Response Plan could help your business.

What is a Cyber Incident Response Plan?

A Cyber Incident Response Plan is an organisation’s process for detecting, responding to and recovering from cyber security breaches and attacks. The aim of an Incident Response Plan is to mitigate risk and minimise damage.

Be proactive, not reactive

Recent research shows that a cyber attack occurs every 39 seconds, highlighting that incidents are no longer a case of if, but when. Yet many organisations fail to take proactive action to protect their corporate assets and data, relying on legacy and reactive methods of security.

By evaluating your current vulnerabilities and defence systems, an incident response plan will provide pre-emptive and long-term planning to boost your security and identify any threats before they come into contact with your network.

Remember, prevention is always better than cure.

Reduce financial damage of incidents

The potential damage of a cyber incident is worsening everyday, with cyber crime predicted to cost companies £6 trillion worldwide by 2021.

As well as the obvious financial repercussions, the costs of loss of productivity and time spent managing the incident can also cause serious long-term damage. Attacks are often widespread, affecting all areas and departments of a business.

Most organisations don’t have the experience or knowledge to effectively investigate and respond to a cyber attack or breach in-house, allowing damage to quickly escalate out of control. For large businesses, it can take an eye-watering 3.4 days to get systems back up and running as normal.

Partnering with a dedicated Incident Response Service provider, such as Air Sec, provides quick access to a team of specialists who are equipped to control damage and cost, offering you peace of mind that your business is as protected as possible.

Strengthened defence against future incidents

As well as proactively strengthening protection before an attack can occur, a key purpose of a cyber incident response plan is to review your security after an attack, identifying who was responsible and exactly how it happened.

Using these insights, your provider will be able to make recommendations to improve your cyber strategy, mitigate your vulnerabilities and prevent further incidents from occurring.

Maintain your reputation

In 2015, Talk Talk fell victim to a very public and high-profile data breach. In fact, 156,959 of their customers were affected, including 15,656 whose bank account numbers and sort codes were compromised. Talk Talk was unaware of exactly how many customers were affected, leaving their customers feeling at risk and ill-informed. As a result, they were heavily criticized and faced a steep decline in their consumers’ confidence, resulting in a huge loss of over 101,000 customers.

At the end of 2019, foreign-currency seller Travelex was forced to take its website down following a cyber attack, suspending all online services and leaving unhappy customers unable to access their money service. Not only was consumer confidence and satisfaction negatively affected, Travelex’s partners were also unable to use their services.

In both cases, if an incident response plan had been in place, the severity of the attacks could have been reduced. For a start, a better-informed picture of how many customers were affected would have been available, and any reputational damage suffered could have been minimised or prevented completely.

Ready to take action?

Cyber criminals act quickly and organisations must be able to prevent and quickly respond to an incident in order to avoid crippling damage.

If you’d like to find out how your business could benefit from an incident response plan, please get in touch with our team of experts today.

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