Study Finds More Companies Have Data Breach Response Plan, But Still Lack Crucial Steps

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Cyber Insurance

More organizations have cyber insurance policies and are working with third parties in data breach response.

Thirty-three percent of respondents say their company has a contract in place with a third-party firm to help prepare and respond to a data breach or security incident, up from 28 percent in 2014. This primarily includes outside legal counsel, IT security providers and data breach resolution providers. The cyber insurance industry is also booming – 35 percent now have a policy in place, more than triple the number of companies who had a policy in 2013.

Many security professionals agree that having a cyber insurance policy in place is a valuable part of any company's risk mitigation strategy. Companies should consider purchasing a policy to strengthen their data breach response plans and carefully evaluate third-party partners. Ensure partners are familiar with your industry, can engage quickly and clearly understand their role in a response.

Amidst today's threat landscape, it is a positive sign that businesses have acknowledged data breaches as a corporate issue they must prepare for. Research shows business leaders are now more aware of the detrimental impact a data breach has on brand reputation. However – after reviewing three years of survey data on how executives are preparing for a data breach – it is surprising to report that many are still struggling to feel confident in their ability to manage a breach and execute a response plan.

According to Experian Data Breach Resolution's Third Annual Study: Is Your Company Ready for a Big Data Breach?, 81 percent of companies now have a baseline data breach response plan in place, but only 34 percent of executives view those plans as effective. This can be largely attributed to significant holes in the response plans in terms of the types of data breaches they should prepare for.

Based on the survey of 604 executives and staff employees who work in privacy and compliance fields in the U.S., the following slideshow examines the current state of data breach preparedness in corporate America and steps security decision-makers can take to improve their incident response plans.


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

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