While the vast majority of Moving and Storage organisations have implemented a business continuity plan (BCP), many don’t possess a management plan specific to cyber-risks. They may take every necessary precaution, but they are seldom prepared for a major cyber-security event. These events can put a serious strain on finances, resources, technology and reputations, particularly if you fail to create an effective cyber-continuity and incident response plan.
Why Cyber-continuity and Incident Response Plans Matter
Simply put, every organisation that stores or handles data is at risk of a cyber-attack. As technology advances, companies are collecting, storing and transferring more personal information about their customers and employees than ever before. This not only puts a target on an organisation’s back, but it also means that just one breach can affect thousands or even millions of individuals. And, unfortunately for businesses, cyber-incidents cost more than just data.
Data breaches are becoming increasingly expensive. While cyber-liability insurance can help offset the costs of a data breach and any subsequent litigation, just one breach can be financially devastating. According to a survey conducted by the Ponemon Institute, the average cost of a data breach was £4.5 million, or £200 per lost or stolen record.
Non-compliance fines can be significant. Under the GDPR, organisations that fail to comply with the law have the potential to suffer hefty fines from the Information Commissioner’s Office (ICO). Serious violations can result in fines of up to £16 million, or 4 per cent of turnover (whichever sum is greater).
Cyber-incidents can lead to serious reputational damage, significantly impacting directors and officers. Reputational damages can easily reach six figures. According to Kaspersky Lab, a global cyber-security company, a single cyber-incident caused brand damage of £6,300 for small and medium-sized businesses and £156,500 for larger organisations. When wide-scale breaches occur, a company’s reputation can be tarnished, sometimes permanently. In addition, the public holds organisations accountable for major losses of personal data, and directors and officers are often the ones who take the blame.
The Benefits of a Cyber-continuity and Incident Response Plan
Most organisations have some form of data protection in place. While these protections are critical for minimising the damages caused by a breach, they don’t provide clear action steps following an attack. That’s where cyber-continuity and incident response plans can help.
Cyber-continuity and incident response plans are written guides comprised of instructions, procedures and protocols that enable an organisation to respond to and recover from various kinds of data security incidents. Cyber-attacks are no longer a matter of if, but when, and reacting to an inevitable breach takes more than just threat neutralisation.
Companies must have the ability to respond to and defend against evolving threats. Cyber-continuity and incident response plans give organisations the tools they need to further enhance their data protection practices as well as help them:
Why you need a Cyber Continuity and Incident Response Plan
While cyber-security programmes help secure an organisation’s digital assets, cyber-continuity and incident response plans provide comprehensive, proactive guidance for organisations to prevent cyber-threats, as well as reactive steps for companies to follow when a cyber-event occurs. Utilising a continuity and response plan allows organisations to ensure business success throughout any cyber-scenario, notify impacted customers and partners quickly and efficiently, and limit financial and reputational damages. Failing to have a clear plan in place that ensures immediate action in the face of a breach could cost an organisation millions of pounds and shatter its reputation.
Above all, cyber-continuity and incident response plans can help organisations better understand the nature of an attack, which, in turn, promotes a fast and thorough response to threats.
However, cyber-continuity and incident response plans are typically created and implemented as part of larger cyber-security programmes. As such, it’s important for businesses to have a basic understanding of what goes into creating an effective cyber-security programme.