As cyber breaches continue to gain more traction and attention, most business owners are aware of their eminent threat by now. As such threats continue to evolve, employers of all sizes are faced with the inevitable risk. Therefore, business owners need to be proactive about protecting themselves with a Cyber Liability Insurance program and create a response plan to mitigate risk and financial burden.
According to Inside Counsel, an incident can include a number of events, such as suspicious network activity; theft or loss of physical assets like laptops, phones, or thumb drives; malware; credit card theft; phishing attempts; ransomware; or website defacement. As these threats encompass a wide range of attacks, here is how to implement a response plan.
Put someone in charge.
A point person should be elected to oversee the plan, communicate with all stakeholders, and provide advice as needed. This person should be a lawyer or have some legal background to help navigate the business through the complexities of the law as it relates to a breach.
Build a team.
While there should be one person as the point of contact for this plan, it’s impossible for all duties to be assigned to one individual. Instead, put a team together from various departments. For example, HR, Public Relations, executive management, and IT should all be informed on the procedure and have the knowledge, skills, and capital to recover from such an attack.
Understand the risks.
Know which kind of data is at risk within the business and coordinate with IT and legal departments to come up with a way to secure these assets. From credit card and personal information to trade secrets and financial documents, grasping the entirety of the existing risk is critical in protecting the business.
Set up an investigation plan.
The first step in recovery is identifying what exactly was compromised. Identify who will monitor the breach and if a third-party is contracted to do so, inquire how they plan to protect the business in the event of a breach.
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