Cyber breaches are all but inevitable, as we explained in our previous post. However, if you are a victim of a cyber breach, that doesn’t mean you have to close up shop. In fact, having an effective cyber-response plan can mitigate risk and prevent further damage from occurring. Therefore, in addition to protecting your operation with a custom-tailored Cyber Liability Insurance program, heed the following advice.
According to Harvard Business Review, the documentation prescribing how to act in the event of a breach is often out-of-date, inaccessible to key decision makers, generic, unhelpful for guiding specific activities, or some combination of the above. In many cases, especially in global organizations, response plans aren’t integrated across business units. Developing individual plans in silos inhibits the sharing of critical information and best practices and leads to a lack of coordination during large response efforts.
Lastly, many plans are idle. Therefore, we have developed this list to ensure each component is taken care of.
- Assign someone – preferably an executive within the company- to be responsible for integrating response efforts across all locations of your business.
- Evaluate risks and potential breach entry points to determine how to best respond to them when they occur.
- For likely scenarios, create a step-by-step guide that explains how to manage the breach.
- Establish routine processes for shutting down parts of the network should they become compromised.
- If you contract an external data security agency, maintain service-level agreements and relationships with external breach-remediation providers and experts, explains the article.
- Identify who is responsible for handling which components of the plan, identify key executives for assistance, and place the response plan in an easily accessible area or document.
- Train and practice on simulations to improve real life efficiency.
Since 1983, Financial Guaranty Insurance Brokers has distinguished itself as a provider of Professional Liability, Cyber Liability, and Crime insurance products for financial entities, in addition to providing crime insurance and general business insurance products to a number of firms across the United States. We offer both first party and third party cyber liability coverage to give you the protection you need and the peace of mind you deserve. To receive timely, personalized service from knowledgeable and experienced staff, call us today at (626) 793-3330 to speak with one of our professionals.