It's now commonplace to state that there are only two kinds of companies: those that have been the target of a cyberattack and those that will be. Another way to think about this statement is that regardless of how good an organization's cyber defenses may be, cyber breaches — whether caused by an external actor, insider threat, or otherwise — are almost certain to occur. From this perspective, it's imperative not only that organizations have world class defenses, but that they also have equally mature incident response plans to mitigate the effects of any breach.
Related: The future of cyber claims
Recent events underscore the importance of preparation in mitigating a cybersecurity incident. For example, when shipping firm Maersk suffered an attack during the major NotPetya malware events, the company contained the attack within approximately one day and restored normal operations in ten days — drastically limiting the overall cost of the incident to Maersk. On the other hand, other recent incidents, such as the data breach Equifax suffered, have demonstrated the negative outcomes from not having a thorough plan in place.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Zach Warren
Zach Warren is the editor-in-chief of Legaltech News. Based out of Minneapolis, Minnesota, Zach has been with LTN since 2015. He can be reached at [email protected].
