Do you Have a Cyber-Breach Response Plan?

The ever-growing threat of cyber-attacks is a real threat to any business. What was once perceived as a distant and unlikely danger, cyber-breaches have become the new reality. Therefore, business owners are encouraged to create a cyber-incident response plan so that they are able to quickly recover in the event of a breach. Even more importantly, however, is carrying the right Indianapolis Cyber Liability insurance to secure your operations.

Cyber-breaches have evolved over the last few years. From malware and stealing confidential information to threatening trade secrets and hacking customer data, there is no shortage of risks involved with using digital platforms for business. A written, tested response plan is critical to combat these risks.

Appoint someone in charge.

According to Inside Counsel, the response team point person will be in charge of overseeing the execution of the plan, communicating with the incident response team, and directing members of the team as necessary. This person should be a lawyer as this will allow your communications to be kept privileged while you investigate and decide how to handle the matter.

Know who should be involved.

Depending on how large your business is and what departments are in place, representatives from each should be involved in the response plan. This includes the IT department, HR, Public Relations, security, and executive management. This will help ensure that there is enough knowledge, skill, and capital to execute the recovery plan.

Identify who is in charge of detecting and preventing breaches.

The best plans are ones that detect and halt efforts to infiltrate your computer system in the first place, says the article. While some companies outsource this responsibility to a third party, ensure your business understands what protective measures they are taking to secure your information and alert you if there is a threat. If a breach occurs, identify what information was compromised and if that data poses a threat. For example, if the information was public, there is no need to worry whereas personal identifying information can lead to liability claims and lawsuits.

Have a legal plan.

The legal aspects of a breach are immense. How will you notify your customers- and is it required? Does your company face legal risks as a result of the breach? Are there indemnity rights and obligations? Address these issues with a legal response team.

At Walker & Associates Insurance, we understand the risks involved with cyber-attacks. Our policies seek to combine professional underwriting and quality service to safeguard businesses like yours. To learn more about our policies, contact us today at (888) 920-2139.