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Magnet Virtual Summit 2023

Pragmatic Guide for a Data Breach Response Plan

“There are two type of companies – One which is already hit by a data breach and the other which will”

The worst nightmare of any organization in the era of ever-increasing security and privacy risk is Data Breach. Whenever you’re dealing with sensitive information, the last thing you want is a data breach and the aftermath. According to the 2019, “Cost of a Data Breach Report” by IBM and the Ponemon Institute, the loss of just one consumer record costs a company $150. On average, more than 25,000 records are lost in a data breach. That equates to roughly $3.9 million. According to an IBM report the average time to identify and contain a data breach is 279 days and a breach lifecycle costs approximately $1.2 million. The consequences of a data breach involve more than monetary loss. Brand, reputation, share valuation, customer trust, all get hit by a data breach. This becomes even more damaging on the basis of companies’ response in due course.

Looking at the true definition of a data breach, one will find it far more extensive. Whether an unauthorized actor has access to a PII record or making it worse, your customer’s financial information, stolen from your database—you need to have a strong data breach response plan to mend the situation. It’s not uncommon to hear stories about large corporations or even small and medium-sized businesses falling victim to data breaches. Data breaches happen at organizations of all scale.
No matter the size of the company, recovering from the breach presents similar challenges to every of them. Whether you service 100 clients or 1 million clients, how you respond to a security breach becomes critical as it paves the way for a company’s reputation, success and the level of trust customers and investors have in the long run. Even the most effective and sophisticated defensive layers — EDR security, MFA and employee awareness training programs — all are beatable. Having a data breach response plan in place is key to minimizing and containing a breach’s effect, as well as better positioning your organization for the future.

Data breaches are a reality in today’s business world. No one wants to hit the headlines for the wrong reasons but they should be prepared for the worst. In the unprecedented times of a data breach, organizations are completely unaware of what to do next— how to proceed further, how to respond to customers, clients, third party, media, internal stakeholders, how to set up a war room, what should be the immediate and post breach step etc etc. The list goes on having all sorts of such questions.
In this session, we are going to answer all such questions: what an effective data breach response plan should look like, proper procedures for analyzing, containing, and responding to a breach, how to prevent a similar incident from occurring in the future and how not to handle communication in case of a data breach?

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