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Costs are Higher for Firms That Don’t Have an Incident Response Plan: Study

Incident Management - Three Arrows Hit in Red Target on a Hanging Sack.A recent study by Cyentia Institute shows that companies that don’t have a good cyber incident response plan suffered losses 2.8 times greater than their counterparts that did have a great cyber incident response plan. The Information Risk Insights Study (IRIS) 20/20 Xtreme, was released yesterday. The report is based on data from insurance data group Advisen. The report details the 100 largest cyber incidents of the past five years. These events totaled $18 billion in reported losses and 10 billion compromised records.

Even more frightening, the study also found that 5 events resulted in losses of $1 billion or more. The loses included response costs, lost productivity and fines and judgements. The median cost of the losses was $47 million.

The key take-away from this report is that if you don’t have a plan for dealing with a cyber security breach, be prepared to pay more in fines, and to restore your data and reputation. Uzado’s BRaaS (Breach Readiness as a Service) will help your organization mitigate the effects of the breach and reduce the turnaround time. With BRaaS, Uzado will help you put in place an incident response plan to deal with cyber threats such as data breaches, ransomware, fraud, and cryptocurrency theft.

As the report show, cyber incidents are costly. Not having a cyber incident response plan is even costlier. If you don’t have a cyber incident response plan, or need to update your current plan, contact Uzado today.

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