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The Importance of an Incident Response Plan for Small and Medium Businesses

23 August 2024Consultancy, Cyber Awareness
Cyber Essentials, IASME Cyber Assurance, Vulnerability Scanning Malware

What is an Incident Response Plan?

An Incident Response Plan is an established process for managing cyber incidents. It details the steps a business should take to reduce damage, recover quickly and details next steps to report (where required) and evaluate what can be done to reduce risk further.

The UKs Cyber security breaches survey for 2024 highlighted that 50% of businesses reported having experienced a cyber security breach or attack in the last 12 months.

This is where an Incident Response Plan (IRP) becomes critical for your business.

Why SMBs Need an IRP

Many SMBs mistakenly believe they are not targets for cyber-attacks, but in reality, they’re an appealing target. Having an IRP helps businesses:

  • Minimise downtime: A fast and efficient response ensures operations are back up and running quickly.
  • Limit financial loss: Early containment can help avoid hefty costs from data breaches or ransomware payouts.
  • Maintain reputation: A well-handled response boosts customer and stakeholder confidence.
  • Comply with legal regulations:  In the UK, you must report a notifiable breach to the ICO without undue delay, but not later than 72 hours after becoming aware of it.

Key Components of an IRP

  1. Preparation: Assign roles and ensure that all employees are aware of the protocol.
  2. Detection & Reporting: Set up monitoring tools to detect and report incidents promptly.
  3. Containment: Take immediate actions to isolate and limit the spread of the attack.
  4. Remediate & Recover: Remove the threat and restore any affected systems.
  5. Post-Incident Review: Conduct a thorough analysis to learn from the event and update the IRP.

How to Create an IRP

Creating an IRP doesn’t need to be complicated.

Start by:

  • Identifying critical assets: Determine which data and systems are most important to protect.
  • Assigning roles: Define responsibilities for your team or external partners.
  • Testing regularly: Run tabletop exercises to ensure readiness for real-world incidents.

As cyber threats continue to evolve, preparation is crucial. An IRP not only reduces risks but also protects your business’s reputation and finances. If you don’t already have one in place, now is the time to develop an IRP tailored to your organisation’s specific needs.

If you would like our free template to help create an IRP for your business, you can request it from hello@fourtify.co.uk or leave us a short message here.

Stay Secure.

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