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Are you ready for a major business disaster like ransomware or data breach? Find out why every business should proactively develop an incident response plan.
Once upon a time, bank robbers and murders could name themselves among the FBI’s Most Wanted. In 2020, they can still be found there, but a new kind of criminal mastermind has emerged. Over 71 cybercriminals and cybercriminal organizations are on now this list. And like any criminal that makes the FBI’s list, these criminals are elusive, damaging, and very good at what they do.
According to Juniper Research, known cybercrime has now cost businesses over $2,000,000,000,000. Many more go unreported. Half of the targets are small businesses, but even large corporations with massive security budgets like Target, Marriott, AT&T, and Equifax have become victims as of late.
This should be a wakeup call for all business leaders. We need security strategies that both prevent detrimental attacks like these and limit the damage when the inevitable happens. It’s not how much you spend on cybersecurity that matters; it’s how you intelligently put that money to work.
That brings us the Incident Response Plan, a vital part of that overall strategy.
An incident response plan is a preemptive and organized strategy that allows you to manage a threat quickly. This threat could be anything from a data breach to a natural disaster. The ultimate goal of this plan is to limit damage, reduce costs, keep critical operations active where possible, and get back to business as usual quickly.
According to Gartner, a single minute of downtime costs a business, on average, $6,000. When seconds count, we can’t afford hours putting together a team and implementing a solution. A robust incident response plan includes the precise steps to be taken in the case of an anticipated event. And it consists of the people in your organization with the knowledge and experience to think on their feet and develop creative solutions if the attack diverges from events for which you planned.
With this plan, businesses can work faster and more effectively to diffuse the threat and minimize losses.
A robust plan includes six essential elements:
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