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28Mar

Don’t Make These Incident Response Planning Mistakes

Worried about cyberattacks hitting your business? You’re not alone.

Cyberattacks pose a real danger to businesses like yours and without a solid incident response plan, your business won’t be able to recover quickly, resulting in extensive losses. The good news, however, is that an incident response plan can help.

Through this blog, we’ll show you the common mistakes, myths and misconceptions that can stop you from building a strong response plan. We’ll also share simple solutions that will help you safely navigate cyber challenges.

 

Avoid these Mistakes to Build a Strong Response Plan

Here are a few common mistakes that all businesses should avoid:

 

Mistake 1: Thinking cyber incidents only come from external attacks

  • By ignoring internal threats, you’re creating opportunities for cyberattacks.
  • Internal mistakes, like ineffective processes or human errors due to inadequate training, can also lead to data breaches.

Solution: Invest in your employees and set up a process

  • Train your employees on cybersecurity best practices and establish protocols for handling sensitive information.
  • Periodically review your internal processes. This will help you find and resolve issues in your procedures that could lead to data leakage.
  • Looking for an effective cybersecurity training platform? Reach out to Databranch today to discuss our Breach Prevention Platform and Security Awareness Training that comes with simulated phishing tests.

 

Mistake 2: Focusing only on technology

  • You can’t build an effective incident response plan by solely focusing on technology. While tech solutions are valuable, they’re only effective when they are efficiently leveraged by a team of trained personnel.
  • A solid response plan goes beyond technology and includes communication plans, legal considerations and damage control strategies.

Solution: Build a complete response plan

  • Train your response team on both tools and processes. Don’t focus solely on the technology.
  • Develop clear communication protocols.
  • Define clear roles and responsibilities.
  • Ensure your team understands your legal obligation to report and comply with data breach regulations.

 

Mistake 3: Not updating your response plan

  • It’s a common misconception that an incident response plan, once created, need not be updated. However, the truth is, without regular review, updates and practice, a response plan will become ineffective.
  • Also, without simulations and post-incident analysis, you won’t be able to find the root cause of a problem and avoid future reoccurrence.

Solution: Consistently review your response plan

  • Establish a process to hold regular reviews.
  • Adapt your response plan to keep up with the evolving threat landscape.
  • Conduct periodic simulations to refine your response strategy and ensure team readiness.

The above-mentioned solutions will help you build a proactive incident response plan. However, the best strategy is to get the help of experts, like Databranch, who have the proper resources and tools. 

Databranch not only offers a suite of cost-effective managed services that proactively monitor and support your network and technology infrastructure, but our backup and recovery solution can quickly restore your environment and have you up and running if a disaster were to occur. 

Building Resilience: Partner for a Robust Incident Response Plan.

Ready to fortify your business against cyberthreats? Use the form below to download our checklist and take a step towards starting your incident response plan.

All businesses today must have a solid incident response plan against ever-evolving cybersecurity threats. That’s where Databranch can be your strategic partner and your first line of defense against cyberstorms.

Choose a partner who can give you complete peace of mind. Reach out today at 716-373-4467 option 6, or [email protected]. 

Beyond the Breach: How Effective Is Your Incident Response Plan?

In the face of sophisticated threat actors, a foolproof incident response plan is your best defense. Follow these steps to make your response plan effective:

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29Dec

Key Considerations When Selecting the Right Cyber Insurance Coverage

 

Is your business prepared to confront today’s growing cybersecurity threats?

Although adopting the latest technologies and industry trends is undoubtedly crucial, it is equally important to ensure that your business has the best cyber liability insurance. Think of it as an invisible shield protecting your business from devastating losses. However, to harness its full potential and ensure robust protection, it is critical to have a nuanced understanding of it.

In this blog, we’ll delve into the key considerations when shopping for cyber liability insurance. But before we do that, let’s first understand the difference between first-party coverage and third-party coverage.

 

First-Party Coverage vs. Third-Party Coverage

Every business today needs cyber liability insurance. To help businesses quickly respond and recover from data breaches, insurance providers have developed two types of cyber liability insurance – first-party coverage and third-party coverage.

Here’s how they differ:

 

1. Focus of Coverage

First-party coverage:

  • Shields the insured business
  • Protects against direct losses and expenses resulting from a data breach

Third-party coverage:

  • Focuses on liabilities from third parties
  • Covers claims made by third parties who suffered losses because of the insured business’s cyber incident

 

2. Costs Covered

 

First-party coverage:

  • Covers only the insured’s direct costs
  • Pays for revenue loss, forensic investigations, data restoration, public relations and customer notification services

Third-party coverage:

  • Pays for businesses’ legal expenses
  • Covers cyber-related liabilities, such as data breaches, privacy violations and defamation

 

3. Reputation Management

 

First-party coverage:

  • Pays for expenses related to hiring public relations firms
  • Aims to restore the brand image of a business after a cyber incident

Third-party coverage:

  • Primarily focused on handling the legal aspects
  • More concerned with defending against claims and settling third-party disputes

 

4. Beneficiaries of Coverage

 

First-party coverage:

  • Directly benefits the insurer
  • Provides direct protection to the insured party against direct losses

Third-party coverage:

  • Benefits third parties, such as a business’s customers, clients and business partners
  • Provides direct protection to those affected by a data breach suffered by the insured business

 

Key Things to Consider While Shopping for a Policy

 

Here are some key points to consider when shopping for a cyber liability insurance policy:

 

Coverage

Comprehensive coverage is key to reducing the impact of a cyber incident. Your business can become the victim of a data breach or a large-scale cyberattack at any time. That’s why it’s crucial to ensure that the policy addresses cyber-risks specific to your business.

 

Limits

Evaluate the policy to understand the coverage limits. The policy that you finalize should be able to handle the potential costs associated with a cyberattack, including legal fees, data recovery and business interruption expenses.

 

Exclusions

Study the policy outlines to understand what is excluded. Any limitations in your policy can make your business vulnerable. That’s why it’s crucial to know what is not covered by your insurance.

 

Incident Response

Make sure that the policy has provisions for developing and implementing a cyber incident response plan tailored to suit your business. Without a well-defined response plan, you won’t be able to effectively respond to a cyber incident.

Here at Databranch, our managed clients receive expert guidance if a cyber incident were to occur at their business. This includes device isolation through our software tool stack, immediate assistance from an engineer, and guidance if you have questions while submitting your insurance claim.

 

Price

Before finalizing a policy, compare and cross-check various policies, especially their costs and unique offerings. Although opting for the most affordable option can be tempting, it is crucial to ensure that the coverage you choose is best suited for your business needs.

 

Reputation

It is also important to do your due diligence and research the insurance company’s reputation. Look for an insurer with a good reputation and positive customer feedback. Choose a company that settles claims promptly, as that is a reliable indicator of the level of support you can expect when you need it.

 

Build a Resilient Future

Finding the right cyber liability insurance coverage for your business can be daunting. However, it can be even more challenging to get a payout when you need it the most. That’s where Databranch comes in.

We can help you improve your chances of securing coverage. Reach out to Databranch today at 716-373-4467 option 6, or [email protected], and let’s build a resilient future together. You can also download our checklist below which summarizes these essential steps when buying cyber insurance. 

The Essential Cyber Insurance Buyers Checklist

Finding the right cyber liability insurance can be daunting. To facilitate your buying journey, we’ve simplified the complexities with this checklist.

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