ITWeb – It’s already too late: Plan Cyber Security incident response now

October 6, 2022

The value of an incident plan does not depreciate or become obsolete when a Cyber Security incident is over, and its value is in its function in the greater scheme of business continuity.

It’s not a matter of if, but when your business will come under attack from hackers.

There is a Cyber Security hacking attempt every 39 seconds. Approximately $6 trillion is expected to be spent globally on Cyber Security this year, and furthermore, since COVID-19, the US FBI has reported a 300% increase in reported cyber crimes.

The advent of the pandemic resulted in an increased global dependence on the cyber industry. With cyber attacks reaching unprecedented numbers this year alone, the importance of pre-emptive cyber incident response (IR) planning has been brought to the forefront.

The financial implications of these data breaches that are a result of victims who decided to pay ransomware ranges from loss of revenue and brand denigration due to customer mistrust, to an inability to recover from the attack.