The following is an excerpt from Vijay Bharti | September 5, 2016 | betanews.com |
Given the rising frequency of increasingly malicious and innovative cyber-attacks organizations have to be prepared and proactive. It is no longer a question of if but when your organization will have to deal with a cyber-attack. The cost of a cybersecurity breach is significant -- in terms of money, business disruption and reputation. Depending on the magnitude of the attack, a cyber incident can potentially put you out of business.
According to UK government research, two-thirds of UK big businesses have been hit by a cyber-attack in the past year. UK telecoms group TalkTalk suffered a high profile attack in October 2015 when hackers stole personal data from customers. According to TalkTalk, the cyber-attack it suffered wiped £15 million off trading revenue as well as forcing it to book exceptional costs of £40m - £45m, and losing it up to 101,000 customers.
The best course of action for a business that is attacked is a swift and effective response. A cybersecurity strategy with efficient incident response (IR) capabilities coupled with customer engagement initiatives helps limit the damage and ensures that the business is back up and running as soon as possible. It’s also important to reach out and engage with customers following to regain customer confidence. An effective IR strategy navigates the following five phases.
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