A crisis management plan is your business’s best defense for minimizing cyberattack damage after technology-based preventative measures have failed. Unfortunately for most businesses, cyberattacks are not a matter of if, but a matter of when. Establishing a crisis management plan can help your business minimize data compromise, limit attack scope, decrease recovery time and reduce harm to your reputation. Having a plan in advance means your operation can immediately get to work on containing the attack when it occurs rather than allow it to incur further damage while you scramble to develop a plan during the breach.
What Threats Do Cybersecurity Attacks Pose?
Cybersecurity attacks aren’t going away. According to CBS, as of 2015, criminals contributed to 1.5 million annual cyberattacks. These attacks can have major repercussions for a business.
According to IBM, the average breach costs a business $3.6 million.
Some attacks can lead to massive fallout that can put a business in financial trouble. In 2016, there were 15 breaches that exposed more than 10 million identities, Symantec reports.
The technical side of preventing cyber-attacks is an ongoing cat-and-mouse game. The tech industry pushes to close security holes as soon as — if not before — hackers find and exploit them. Hackers like to take advantage of businesses that haven’t applied software patches to close established security holes.
Malware, ransomware, botnets, IoT vulnerabilities and email phishing were all major threat sources in 2017. In particular, ransomware is a growing problem because businesses are paying more than $1,000 on average to recover “locked” data. Many of these payouts could have been avoided by implementing proper crisis management and disaster recovery plans in advance. While big businesses offer big targets, SMBs still need to protect themselves from attacks.
What Your Plan Should Contain
A cyberattack crisis management plan revolves around three main elements: preparation, response and recovery. Every step is crucial, because a poor response can actually make the situation worse. According to WIRED, Equifax’s management response could have stopped the problem before it started in their major 2017 breach, if they had not done such a poor job. Here’s what to consider:
- Prepare: Your business should prepare for extreme-level attacks in advance. Part of this process involves creating a response team with key players from all necessary departments. The plan should include what each group needs to do in the event of an attack. The crisis response team should take action to plug major known security holes as they are discovered to prevent a breach.
- Respond: The response team should identify the attack, secure the compromised systems, and investigate the cause of the breach in that order. Next, the team should take action to prevent further attacks that exploit the same or similar security holes.
- Recover: The cycle continues after your business contains the threat. The response team should next work to minimize public damage and repair customer trust. According to a 2011 Ponemon Institute study, larger businesses say they averaged $332 million in diminished business value following a customer data breach.
The disaster recovery experts at MPA Networks can be a vital part of your business’s crisis management plan. Our experts can help your staff gets back to business as usual as quickly as possible. Contact us today to find out how we can help.
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