Many business owners believe they will never encounter a cyber attack. Business owners associate cyber attacks to certain industries and often conclude that their business is too small to be targeted. With all the recent online breaches however, every business should evaluate their cybersecurity response plan. Below are my top 5 cybersecurity response plan tips. Read on to learn more.
1. Test Your Existing Cybersecurity Response Plan
Cyber attacks can happen at anytime within any industry. It is important to routinely check your current cybersecurity response plan to measure its effectiveness. Unannounced tests should be conducted throughout the year to measure your plan’s strength.
Identify shortcomings in your plan and research automation tools to help streamline and improve the security of your internal network. An effective incident response plan should provide detailed procedures for handling cyber attacks. Your plan should be flexible and remain updated with industry best practices.
2. Train & Stay Updated on New Cybersecurity Threats
After testing and identifying shortcomings in your existing cybersecurity response plan, train staff to properly respond to incoming threats. Analyze past mistakes to find out how your IT team can improve. Make sure your backup data is routinely updated and checked. Keep a backup system on a separate network.
3. Closely Monitor Third-Party Vendors
Third-party vendors should be granted limited access to your network. Vendors should receive restricted access to perform their role. Your IT team should carefully scrutinize the vendor’s cybersecurity policies and procedures before administering their software on your network.
When creating a new vendor relationship, insert contract clauses to minimize security risks, protect sensitive data, and obtain the right to audit the vendor’s security controls. Make sure your contract allocates risk to the vendor in the event of a data breach. Do not work with vendors who do not have cybersecurity insurance. Doing so will pose a significant risk to your company.
4. Obtain Cybersecurity Insurance Coverage
Obtain cybersecurity insurance coverage to limit your out-of-pocket monetary losses. Insurance can cover forensic investigations, defense and indemnity liabilities, client credit monitoring, and business interruption and restoration costs. Review your insurance coverage with an experienced cybersecurity attorney.
5. Develop an External Notification Incidence Response Plan
Unfortunately, internal data may be breached by sophisticated cyber attacks. Document procedures on how customers and vendors should be contacted in the event of a data breach. Your IT team should also contact law enforcement, key stakeholders, and your cybersecurity counsel. Even after an attack appears to be under control, remain alert. The intruder may attempt to hack your network again. Continue to monitor your system for ongoing cyber threats.