Over 41,600 incidents and 2,013 confirmed data breaches were investigated by Verizon and its partners in the past year.1
The numbers paint a dark picture of the growing threat to businesses of all sizes - concern for cybercrime has increased 62 percent in the past year among business decision makers, according to a recent survey.2
To prevent or mitigate loss, an incident response plan should be a critical component of your cyber security toolkit.
Creating a Solid Incident Response Plan
An incident response plan (IRP) must be tailored to the cyber risks your business faces. While every plan will differ, reference these high-level steps as a guideline for creating your IRP:
- Preparation: Identify employees and outside vendors who will handle potential incidents and prepare them for their role in incident response. If a cyber attack were to occur, it is imperative that responsibilities are clearly defined.
- Detection: Have proper monitoring in place that provides constant and comprehensive coverage of your network. Differentiate between minor and major events and have appropriate escalation processes.
- Containment: Isolate the infected system and analyze the cause of the infection.
- Recovery: Eradicate the cause of the infection (block malicious IP addresses, change passwords, patch holes, fix vulnerabilities, etc.) and put the network back into production while complying with regulatory requirements. During this time, it is also important to take measures to protect the company’s brand and image.
- Post-incident Review: Discuss lessons learned with appropriate stakeholders and take action to fix identified gaps in security, ensuring similar incidents are avoided in the future.
Put Your IRP Into Practice
Once you have created an IRP tailored to your specific business, it is important to maintain the plan as an integral part of your business operations. Review the IRP annually (or more frequently) and conduct periodic training sessions with the designated response team.
Role of Insurance
Even with a solid IRP in place, your business can still be a victim of a costly cyber attack. Consider purchasing cyber liability coverage to protect your business - for more information, contact an agent from The Hartford, or visit our CyberChoice First Response product page. For technology focused businesses, please visit the FailSafe technology E&O site.
As a policyholder of The Hartford, your organization has access to cybersecurity services and resources, including The Hartford’s Cyber Breach Helpline and CyberChoice First Responders, as well as employee training and education to help reduce your organization’s risk while ensuring delivery of its critical services. Visit The Hartford Cyber Center to learn more.
1 Verizon 2019 Data Breach Investigations Report: https://enterprise.verizon.com/resources/executivebriefs/2019-dbir-executive-brief.pdf
2 Decision Maker 1H 2019 Pulse Survey
The information provided in these materials is intended to be general and advisory in nature. It shall not be considered legal advice. The Hartford does not warrant that the implementation of any view or recommendation contained herein will: (i) result in the elimination of any unsafe conditions at your business locations or with respect to your business operations; or (ii) be an appropriate legal or business practice. The Hartford assumes no responsibility for the control or correction of hazards or legal compliance with respect to your business practices, and the views and recommendations contained herein shall not constitute our undertaking, on your behalf or for the benefit of others, to determine or warrant that your business premises, locations or operations are safe or healthful, or are in compliance with any law, rule or regulation. Readers seeking to resolve specific safety, legal or business issues or concerns related to the information provided in these materials should consult their safety consultant, attorney or business advisors. All information and representations contained herein are as of November 2021.
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