Data breaches are costing your industry an average of $3.16 Million every year. Here is how you can save yourself the hassle of dealing with the fallout.
A cyber incident response partner is your knight in shining armor, so you don’t have to feel like a damsel in distress.
This article will discuss why engaging a security partner for cyber incident response services will reduce your business downtime, improve the cyber resilience in your organizational structure, and decrease the chances of successful events from occurring, so let’s jump right in.
Cyber Incident Response
A cyber incident response makes up part of an organization’s cyber risk strategy.
If your business is familiar with conducting vulnerability risk assessments, threat landscaping, or gap analysis, then it will feel comfortable with cyber incident response. These ingredients make up a large portion of the cyber incident response strategy.
All the tools mentioned above act as a mechanism to prevent serious breaches, without them damages could be severe if not fatal. When the organization is prepared, the risk of cyberattacks is mitigated but not expunged. This is where an incident response plan (IRP) comes into play.
No matter how well prepared we are, cyberattacks or data breaches are a matter of when not if. For this reason alone, hiring cyber incident response services should be made a priority. But without only looking at the necessity, we will explore the benefits of having a partner at hand.
Cyber Incident Response Services
As mentioned briefly, cyber incident response services are dedicated professionals who undertake the organization’s responsibilities during, or after, the event of a data breach. It is a way for an organization to outsource its cyber risk management obligations to a third-party who knows what it is doing.
What to expect from cyber incident response services
In the best of cases, you engage them before a breach to maximize their efficiency.
- Threat Detection that is industry-specific
- Incident response planning
- Vulnerability management
- Cybersecurity gap analysis
- Staff awareness
- Physical security
- And more.
- Compliance services, interfacing during events with the correct authorities
These are a few things you can expect a cybersecurity partner to perform. Some organizations might have the resources to carry out some, if not all of the tasks listed above, but somethings to keep a note of:
- The provider will have cyber industry knowledge; keeping up to date on cyber-related news in your industry saps time from business operations
- The services are tailored made, meaning they can see risk where you cannot.
- The partner uses purpose-built tech and managed services.
- They will often have 1st hand experience in cyber crisis management, which is incredibly valuable.
In the coming sections, we will discuss some of the more nuanced features and benefits of employing a managed cyber-service provider.
Too Busy To Be Busy
As an organization within your industry, you are pioneers and innovators. Keeping up with the latest news and updates within your industry should be your priority.
Cybersecurtiy related news, however, is something a lot of industries must be concerned with, but rarely have the time or resources to keep up to date on.
This is where cyber incident response services come in. In the best scenario, you have already partnered with a cybersecurity firm and have developed an IRP. In this case, your organization is much more prepared than your peers, and the chances of breach even being successful has reduced drastically, already saving you time and money.
But in situations where that has not happened, a breach could be devastating. It could harm the reputation, valuation, or business operations of the organization.
Cyber incident response services are designed to be ready at the drop of a hat. If you have been breached, then getting the business up and running again will be your top priority. But you shouldn’t have to be the one running around finding leaks or vulnerabilities.
Cyber Resilience Booster Shots
Let’s map out a scenario where an organization never experiences a data breach. What would be the point of an IRP or employing cyber incident response services? The short answer is that preparedness is a process and not a means to an end, let’s explore.
When it comes to cybersecurity, you can never be too prepared. In hiring a partner, you should look out for the qualities mentioned above (in Cyber incident response services). These qualities are what will ultimately boost the cyber resilience of the organization.
The services of a cybersecurity partner will inject their own experience into the incident response project. Bringing this experience to your business will integrate a state of cyber awareness through osmosis, which means a security culture develops.
This culture will help reduce long-term costs as the risk management aspect of cybersecurity becomes part of its ongoings. This means you spend less on awareness training while also mitigate risks associated with staff vulnerabilities.
Costs, Costs, Costs
Fundamentally, the role of risk management should be to reduce costs. Most organizations, in an era of lean, are looking for ways to reduce overheads. Cyber incident response services can be a way to do that. In the previous section, we briefly mentioned how a cybersecurity partner’s experience could permeate the organization, ultimately reducing long term costs. Still, there are direct short-term cost benefits that they also provide.
Data breaches carry a hefty price, whether it is capital or reputation. The prevention and mitigation of damages provided by cyber services directly impact the organization’s overall cost. Some reports show a cost reduction of around $2 Million, where an incident response team was present during the event.
Let’s not forget that successful preparation could prevent a data breach from occurring, saving even more time and money.
These are a few ways cyber incident response services could save you current and future costs.
Recap and Our Managed Services
The fallout of a data breach has been found to cost industries $3.16 Million. There is an increasing need for all organizations to integrate cyber incident responses into their cyber risk strategy. Employing the expertise and experience cyber incident response services your organization can benefit from:
- Time-saving: not needing to be constantly aware of industry-specific vulnerabilities and cyber-related news
- Increased organizational cyber resilience: your cybersecurity partner can inject a boost of experience into your organization, increasing awareness and reducing long term costs
- Overall cost reductions: cyber incident response services can reduce costs directly related to a data breach.
Consider hiring RSI Security for your managed cyber services. With years of experience in the field, we can provide everything outlined in this article and more. Contact us today and book a free consultation.