When a cyber incident occurs, organizations need to be ready to respond with speed and precision. We explore five critical steps.
Responding to a complex cyber incident requires extensive investigation to support recovery, remediation, regulatory inquiries, litigation and other associated activities. Organizations need to conduct competent investigations with speed and precision. Otherwise, the financial and reputational impact can be profound – including, but not limited to: risk of revenue loss from disruption to the business, regulatory fines from noncompliance and loss of customer trust.
In the event of a large, complex cyberattack, many stakeholders are affected. Their involvement in response activities is critical. However, an effective and timely response requires more than just their involvement – close and around-the-clock collaboration is key. Only when the stakeholders effectively work together can a timely, accurate and cost-efficient response be possible.
It is very common that an organization engages an independent third party to help manage the response activities in the event of a major cyberattack. The third party needs to possess in-depth legal, compliance and investigative experience to be able to effectively communicate with all stakeholders. They help conduct timely and thorough investigations, activate the business continuity plan with precision, enforce a communication process among all stakeholders, and centrally manage all inquiries received from external and internal groups, as the incident continues to unfold over days, weeks or even months.