Experian Data Breach Resolution released the 2016-2017 edition of the Data Breach Response Guide, a useful tool for every organization looking to improve its security posture. The free, 27-page paper offers a step-by-step guide on data breach management including creating an incident response plan, practicing the plan, responding to a data breach, and auditing the plan.
Data breaches are increasing in frequency, costs, and sophistication. According to its annual Cost of a Data Breach Study, the Ponemon Institute found that the average total cost of a data breach increased from $3.79 to $4 million in 2016. Additionally, the average cost paid for each lost or stolen record containing sensitive and confidential information increased from $154 in 2015 to $158 in this year’s study.
The continued growth of threats facing businesses has transitioned the process of data breach response from a matter of “if” to “when”. Be in a few thousand records or a few million, the need for an effective response remains the same.
Ultimately, security response needs to be a process of continual improvement and evolution because the threats faced by organizations continue to evolve. Just this year, ransomware jumped from a consumer to an enterprise threat and more sophisticated spear phishing attacks aimed at all parts of an organization.
The Data Breach Response Guide was developed to illustrate how to best create, implement, and refine a comprehensive data breach response plan for the security challenges that lie ahead.
With the average consolidated cost of a data breach reaching $4 million, it’s vital that companies consider purchasing cyber security insurance to help manage this risk.