Why Your Business Needs an Incident Response Plan

In today’s tech-driven world, where data breaches regularly break into headlines, every organization should have a cyber incident response plan. Unfortunately, too many companies fail to create — and practice — such plans. They may be seen as too costly, too time-consuming, or nonessential, but the ability to quickly respond to a data breach is essential.

What is an incident response plan?

Cybersecurity incidents, commonly known as data or security breaches, are events that compromise the integrity of your information assets, whether your own or your customers’ data, or disrupt your operations. An effective incident response plan can’t prevent a data breach, but it can prepare you to respond.

Some companies have no choice: regulations and standards such as Sarbanes-Oxley (SOX), the Federal Financial Institutions Examination Council (FFIEC) or the Payment Card Industry Data Security Standard (PCI DSS) may require a response. Required or not, every company should make a cyber incident response plan part of its emergency preparedness.

The uncomfortable truth is, data breaches are inevitable. The old adage, “it’s not a matter of if, but when,” still holds true. In a 2018 independent study, the Ponemon Institute estimated that 28% of organizations worldwide will experience a data breach within the next two years. Being able to respond in a way that minimizes damage to both finances and reputation is worth the cost.

What should a response plan include?

No single incident response plan suits everyone. When planning, first carefully analyze your operating environment. What threats are typical for your industry? What technological support do you have? What risks do you face? What are your financial constraints? Look at samples of existing frameworks and see how they could fit into your organization.

The National Institute of Standards and Technology’s Computer Security Incident Handling Guide outlines simple, yet thorough, incident response plan considerations.

Follow us on social media for the latest updates in B2B!

Image

Latest

One-of-a-kind shopping experiences
The Resurgence of Brick-and-Mortar Stores: One-of-a-kind Shopping Experiences Are Turning Customers into Brand Ambassadors
April 24, 2024

In the convenient world of e-commerce, big box stores are seeing a resurgence. Chains like Dick’s Sporting Goods, Walmart, and Target are experimenting with one-of-a-kind shopping experiences that can turn casual shoppers into loyal fans. In a recent Experts Talk roundtable, Allen Adamson, Co-Founder at Metaforce, highlighted how one-of-a-kind shopping experiences make for exciting […]

Read More
digital augmentations
Revolutionize Customer Engagement Through Digital Augmentations in Physical Retail
April 24, 2024

The digital transformation of retail experiences in physical stores has become crucial as big-box retailers strive to maintain their relevance and competitive edge in a digital era. These retailers are embedding interactive features and digital augmentations in their physical locations to offer unique, engaging customer experiences. This approach merges the tactile allure of in-store […]

Read More
experiences
Enthusiastic and Trained Employees can Enhance Experiences and Drive Success in Physical Retail
April 24, 2024

In today’s retail landscape, big-box retailers are emphasizing the importance of their physical locations, even as the digital marketplace continues to expand. Stores like Dick’s Sporting Goods and Walmart are not just maintaining their brick-and-mortar presence but are actively enhancing it with features like interactive elements and new store openings. This reassertion of the […]

Read More
The Coexistence of Big Box and Small Retail Relies on Synergistic Relationships
April 24, 2024

Despite being long time competitors, big box retailers and small local businesses can both coexist in ways that benefit the other. Of course, both retail formats are different but by maintaining their core business models, the two can bank and leverage their strengths and still be open to synergistic relationships. During an episode of […]

Read More