Broker Check

Why You Need A Cyber Incident Response Plan

July 27, 2020
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2020 is little more than half over, and security vulnerabilities have made almost as many headlines as COVID-19. Cyber attackers have taken advantage of working remotely and the need and desire for pandemic information.

As posted on www.halock.com:

  • 16 billion records were exposed according to Cyber Risk Analytics.
  • 20,000 COVID-related cyber security threats were reported to the FBI.
  • Google noted a 350% increasing in phishing websites and blocked 18 million COVID-19 related phishing emails.

Businesses working remotely are relying more on third party applications, but 35% of cyber security professionals see this as one of their biggest vulnerabilities. 84% have problems enabaling a remote workforce, and the same percentage have difficulties with cloud services. In some industries cloud related attacks rose 1,350%.

Government compliance regulations require companies to have a cyber incident response plan. These plans strengthen an organization; 39% of companies with a plan had a significant data breach disruption compared to 62% without a formal plan. Companies with response plans and teams spend approximately $1.2 million less than others. According to Ponemon Institute, companies that contained a breach in less than 30 days saved $1 million.

If your company does not have an incident response plan, check with your cyber insurer or a security consultant to set one up.