In this guest post, author Jennifer Azara discusses the key tool your company needs to cut down losses during a data breach.
The best defense is a good offense– when it comes to IT security threats, your company likely operates under this principle.
Encryption, employee training,threat sharing – all of these keep the malware from getting in, right?
They may help, but it turns out it’snot the most effective thing you can do to minimize costly hits. Here’s what is.
Saves $14 per compromised record
Having an incident response team is the No. 1 way to minimize the damage of a data breach.
That’s the finding of the 2018 Cost of a Data Breach Study: Global Overview by the Ponemon Institute.
An incident response team reduces the cost-per-compromised-record by $14. So when you consider that the average cost of a data breach is $148 per record, having just this one measure in place will bring that down to $134.
Putting a team in place
Now that you know just how critical it is to have an incident response team, do you know how to build one?
You’ll need it to offer a comprehensive response to a data breach, which includes:
- technical actions taken (steps to correct the current incident as well as system changes to keep it from happening again), and
- nontechnical actions (employee communications, dealing with legal issues and any personnel issues if the breach was an inside job).
About the Author
Jennifer Azara has been the editor-in-chief of the CFO & Controller Alert newsletter for more than eleven years and is also currently the managing editor of Keep Up to Date on Accounts Payable. Jennifer is also the editor of the CFO Finance Update e-zine, which is read by more than 90,000 financial professionals, and the CFO Daily News website. She graduated Phi Beta Kappa with a B.A. from Skidmore College and an M.A. from Villanova University.