Pre-breach planning can help organizations proactively prepare for and mitigate both risk and damage.
Cybersecurity breaches can cause a great deal of financial and reputational damage in an organization. When looking at the average cost of a breach in 2020 (which in the U.S. was $8.64 million, according to IBM and the Ponemon Institute), suddenly the expense of planning ahead becomes a bargain.
Organizations that have effective security awareness programs in place and incident response plans ready to launch when an attack happens certainly help themselves recover more quickly. But before an incident occurs, pre-breach planning should be a top priority for organizations both large and small. By fully understanding reporting and regulatory requirements, the types of data at risk, and why the right legal counsel matters, organizations can better prepare for and manage the inevitable breach.
Reporting and regulatory requirements
A cybersecurity incident can affect the reporting and regulatory requirements of an entity depending on its type of business, its location, and the jurisdiction of legal authorities. For example, a healthcare provider in California likely will have very different reporting requirements after a breach compared to a financial institution in Kentucky.