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Why Incident Response is Key for Midsized Businesses

Why Incident Response is Key for Midsized Businesses

Security incidents are everywhere, and midsized companies are becoming targets more frequently than in the past. If cyber-attacks are successful, they can detrimentally damage an organization’s operations. For any company, but especially a midsized business, having an effective incident response is essential. But it’s not just the ability to respond in a timely manner, it is also ensuring you have the right plan in place to tackle the incident successfully.

Effective Incident Response Plans.

When it comes to incident response, the quicker your company deals with the threat the better. Faster response times minimize the damage that any incident can cause. However, most internal IT teams at midsized businesses are extremely busy and are not able to monitor for threats constantly, and therefore, they cannot respond immediately when an incident occurs. Even if they do detect the threat, it seems that most midsized companies don’t have an incident response plan to act on. According to Cyber Security Breaches Survey 2018, about 70% of midsized businesses do not have formal incident response procedures established within their organizations. With data breaches costing an average of $3.92 million, according to 2019 Cost of Data Breach Study by IBM Security/Ponemon Institute, midsized businesses should change their tune and implement a well-thought-out incident response plan.

An effective incident response plan will define what your company considers a breach or threat, the roles and responsibilities of those handling the response to the incidents, the technology available for managing a breach and the procedures that will need to enact to mitigate a security incident.

Benefits of an Incident Response Plan.

Protection of your company’s data

By implementing an incident response plan and empowering your IT team or third-party cybersecurity expert firm to handle it, your company will be able to better protect your assets and data.

Protection of your company’s reputation

Data breaches not only cost your company money, but they also result in a loss of trust with your customers, especially if they are not handled quickly and responsibly. According to IDC, 78% of consumers said they would take their business elsewhere if they were directly affected by a data breach. By having an incident response plan, your company is better prepared to detect, deter or quickly respond to a threat or cyber-attack. Even in the event of a breach, customers will still maintain their trust if you act quickly and communicate with them responsibly. This is easily achieved with a thorough incident response plan.

Protection of your company’s bottom line

Obviously, the faster your company can respond to a threat or breach, the less damage will be done, mitigating the total cost of the attack, including revenue loss, legal feels, forensic investigation and remediation costs as well as any other fines and fees.

Are You Ready to Implement a Strategic Incident Response Plan?

By establishing an incident response plan, you set up your company for success. SubRosa Cyber Solution’s incident response team will leverage real-world expertise, industry-leading technology and extensive threat intelligence to analyze and respond to a multitude of incidents, regardless of your organization’s size. SubRosa can help your organization avoid the most common incidents that impact businesses today, such as: accidental exposure, inside threats, third-party risk, theft of intellectual property, ransomware, email compromise, malware and backdoor attacks, application attacks, and payment card fraud and wire fraud. Contact SubRosa to manage your incident response today!