How Critical Is Incident Response Management to Any Business

How Critical Is Incident Response Management to Any Business

management

With growing cyberattack incidents, the question for any large, well-funded, and technically advanced enterprise is not “if” but “when”. Incident response management is critical for any organization and is the last line of defense. Detecting the impact and efficiently responding to the impact requires a great level of technical skills.

2018: Thales Data Threat Report [1]

A survey was conducted by PwC on 9500 employees from 122 countries, the observation is as follows [2]-

  • 44% lack overall information security strategy
  • 47% don’t mandate employee training on privacy policies
  • 49% don’t have an accurate inventory of personal data in their possession
  • 39% expressed confidence that their management knows the importance of security of sensitive data
  • less than 1/3rd agreed that their organization actively participate in security and privacy risk reviews

Source: [3]

In the absence of an incident response plan, the organization may not be able to detect the attack, the impact of the attack, and the procedure to implement resilience against the breach. Hence, the enterprise may get exposed completely in the hands of the hackers and would result in a major loss of data.

Business Implications

A better example to understand the consequences of data hacking is the case of ‘Yahoo’ where nearly 3 billion of its user’s accounts were hacked and stolen in the year 2013. This figure has tripled the estimation of its earlier breach. It was a tough lesson to Yahoo as this breach has added multiple lawsuits on its list along with 41 consumer class-action lawsuits which were filed in U.S. federal and state courts. [4]

Source : [5]

It is incorrect to say that only the big giants are prone to cyber attacks. According to Symantec’s 2016 Internet Security Threat report, 43% of the attacks were targeted at small businesses.

With rising data breaches and cyber-attacks, the detection and effective response to the incident requires strong management processes. The need for highly skilled Response Management becomes critical for effective work on security resilience. By the time the incident occurs, it will be too late to work on the ethical hacking process and instead, the management should concentrate on the resilience plan. It has been observed that the importance and value of the resilience process has subsequently been increased.

Source: [6]

Reasons to Implement Incident Response Management

Often the enterprises are facing challenges through network-based and self-propagating threats which can easily infiltrate the security of your system without any human interaction. Here are the three main reasons to understand the need for incident response management

1. Protect your data

Protecting the data is the foremost requirement of any organization. By implementing an updated incident recovery plan, an organization can proactively protect their data. Due to the growing need for business transactions and the complexity of data sharing with the business vendors, the cyber threats are on the rise. Among the threats identified, 44% of the alerts are not attended and of those investigated only half of them are benchmarked as threats. If the shortage of cybersecurity talent is left unaddressed , the challenge to investigate all the alerts may grow wider. [7]

2. Protect your customer trust

Business relies on trust and consumers would not take it for granted if they found that their data is not safe. In the absence of proper security, the confidence of the consumers will be at risk and may lead to major customer loss. It is understandable that if the organization is publicly traded and is listed on a stock exchange, then a publicized data breach will be followed by a steep fall in the stock prices. Example: The massive Yahoo breaches of 2013 and 2014 have resulted in steep fall in the market value which gave an opportunity to Verizon to negotiate the deal for $350 million.

3. Protect your revenue

The loss of data and loss of customers’ confidence will be followed by a major loss to any business. The quicker the organization can detect and respond to the incident, the lower the impact it has to deal with. A well-implemented incident response process can safeguard the company from a potential loss of data, customers’ confidence as well as revenue. In the absence of a response management team in the organization, a third party security services can be leveraged on priority in order to process the resilience on a customized approach.

Become a Professional Incident Response Manager

Incident handling cannot be performed by dusting-off the plans which were filed a decade ago to meet the uncertainties. In order to proactively mitigate the cyber risk, you need a professionally qualified and skilled response manager.

ECCU’s Incident Management and Business Continuity Programs

This is an industry recognized program that focuses on handling and responding to security incidents, identifying vulnerabilities and suggesting appropriate measures to the management on resilience. You can avail further details here:

https://www.eccu.edu/academics/graduate-certificate-program/#5

The ECCU’s Master of Sciences in Cyber Security program also offers specialization on Incident Management and Business Continuity. This specialization entitles you to gain four major industry certifications.

For more details of ECCU MSCS with a specialization in Incident Management and Business Continuity, you can visit this link: https://www.eccu.edu/specialization-incident-management-and-business-continuity/


Sources:

  1. https://dtr.thalesesecurity.com/
  2. https://blogs.wsj.com/riskandcompliance/2018/03/20/survey-roundup-many-companies-falling-short-on-infosec-training/
  3. https://dtr.thalesesecurity.com/pdf/thales-2018-data-threat-report-global-edition-in.pdf
  4. https://economictimes.indiatimes.com/tech/internet/all-3-billion-accounts-hacked-in-2013-data-theft-yahoo/articleshow/60932776.cms
  5. https://www.csoonline.com/article/2130877/data-breach/the-biggest-data-breaches-of-the-21st-century.html
  6. https://info.resilientsystems.com/hubfs/IBM_Resilient_Branded_Content/White_Papers/2018_Cyber_Resilient_Organization_Study.pdf?hsCtaTracking=81d7f4d1-c1a7-4ad6-99af-b93cf3a8fe39%7C2480333d-1f9e-4b70-a4e3-d4af11cee2ab
  7. https://www.securityweek.com/stepping-increasing-demand-managed-security-services
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