The following toolkit has been provided by the team at HighStreet, an independent insurance broker based in Edmonton, Alberta.
When a data breach or other cyber event occurs, the damages can be significant, often resulting in lawsuits, fines and serious financial losses. What’s more, cyber exposures impact businesses of all kinds, regardless of their size, area of focus, or status as a private or public entity.
Even the most secure organizations are at risk of a data breach. It can often take days or even months for a company to notice its data has been compromised. And, when it comes to containing the damage caused by a data breach, having a response plan in place is crucial.
Especially now, in the midst of a pandemic, the risk of breach or loss is still high, and organizations need to be aware of how to keep themselves protected.
But what happens when a breach happens?
While cyber security programs help secure an organization’s digital assets, cyber incident response plans provide clear steps for companies to follow when a cyber event occurs. Response plans allow organizations to notify impacted customers and partners quickly and efficiently, limiting financial and reputational damages.
Timely responses to breaches are increasingly important when you consider that, according to a recent report sponsored by IBM Security, organizations that contain a breach in less than 30 days save an average of $1.79 million ($4.88 million compared to $6.67 million). However, on average, Canadian organizations took 173 days to identify a breach and 60 days to contain one. Failing to have a clear plan in place that ensures immediate action in the face of a breach could potentially cost an organization millions of dollars and shatter its reputation.
This guide provides organizations with a general overview of cyber incident response plans—what they are, their benefits, how to implement them and how they can help organizations meet the increasing demands of privacy laws. While organizations may approach cyber security differently depending on their unique exposures and the kind of data they store, this resource provides a number of best practices to keep in mind.
Download the complete guide here (Adobe Acrobat Format).
HighStreet is a privately owned insurance brokerage that offers tailored insurance products and risk management advice.
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