McKinsey & Company observed that much post-breach damage results from an “inadequate response to a breach rather than the breach itself.” The consequences of botching a response to a data breach have never been higher, and the time to field a response has never been shorter (24 -72 hours in recent cases).
Sales, stock price, executive positions, brand equity, and customer loyalty all hang in the balance.
On the bright side, organizations that execute successful responses have demonstrated that they can weather the storm and get back to business quickly. Accordingly, organizations are now shifting their investment posture from 100% breach prevention to 90% prevention / 10% response readiness.
“Fortune 500 executives are thinking more deeply about response readiness given the carnage of the past three months.“ said Bo Holland, Founder and CEO of AllClear ID. “Defense isn’t working, the holidays are coming, and the only thing worse than a breach during peak sales season is fumbling the response. ”
Holland is one of the co-chairs of the 2014 Cyber Risk & Privacy Liability Forum taking place Oct. 8-9 in Santa Monica, CA where participants can attend sessions on breach response best practices led by industry experts. We have posted the link to a complimentary playback of the AllClear ID webinar “Confidence in the Breach Age: Risks, Preparation, Response & Recovery” on our website.