Creating a Data Loss Incident Plan - Slide 19

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Training, testing and budget

Responding to an accidental loss, cyber security intrusion or data breach incident is often an unbudgeted expense, including less tangible costs such as loss of business, increased insurance cost, and higher merchant card processing fees. During the heat of a crisis is not the time to make vendor selections. Consider pre-contracting services for affected individuals. Offering of credit monitoring services, fraud resolution, and/or ID theft insurance can help minimize the impact and reduce the chance of customer defections or lawsuits. Many organizations have business continuity and interruption insurance to cover costs, including the hiring of a crisis public relations firm, notifying regulators and affected parties, and providing monitoring and identity theft remediation services to affected individuals. Annually review your insurance coverage (or bank line of credit), to ensure it is keeping pace with regulatory requirements and your business and data collections practices.

The Online Trust Alliance (OTA) advocates that all businesses create an incident response plan and be prepared for the likelihood that they will experience a breach or data loss in the future. The fact is breaches happen and often at the worst of times. Rather than be lulled into the belief it will not happen to your business, a well-designed plan is emerging as an essential part of regulatory compliance, demonstrating that a firm or organization is willing to take reasonable steps to protect data from abuse. Doing so is good business. Developing a plan can help to minimize risk to consumers, business partners and stockholders, while increasing brand protection and the long-term viability of a business.

This slideshow highlights key questions and recommendations for businesses to consider while building a data loss incident plan.

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Related Topics : Unisys, Stimulus Package, Security Breaches, Symantec, Electronic Surveillance

 
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