Awareness of cyber risk is increasing, but some companies may be neglecting to prepare adequate response plans that could save them millions. In order to minimize the financial and reputational damage from a cyber attack, it is absolutely critical businesses have a cyber incident response plan, writes Antony Ireland in his article for Risk&Insurance Magazine.
In the event of a breach, a company must be able to quickly identify and contain the problem, assess the level of impact, communicate internally and externally, and recover where possible lost data or functionality so it can resume business operations as quickly as possible. This can only be achieved with help from the right external experts and the design and practice of a well-honed internal response.
The first step a company must take, according to David Legassick, our Head of Life Sciences, Tech and Cyber, is to understand its cyber exposures through asset identification, classification, risk assessment and protection measures, both technological and human.
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