Given the increase of cyber security risk, develop an incident response plan that your team can test and improve upon to handle possible data breaches. This plan will help you navigate the complex legal issues surrounding a potential cyber problem. When drafting the plan, acknowledge all threats; internal cyber threats are real as are threats to your business from bad actors in other countries.
Once the plan is proven suitable, disseminate the information to key business segments, and ensure that training is provided throughout the organization.
Work with your company’s crisis communications team to cover any legal risk to which you may be vulnerable when communicating the effects of a cyberattack to your customers and stakeholders. Partner with IT to help train your team on data management that can help reduce cyber risk.
Data breaches can be costly to your business. Conduct research on what kind of cyber-insurance coverage would most suit your needs should a breach occur (i.e., legal expenses, investigation costs, etc.). The cost of the cyber-insurance premium is worth it compared to the checks your business may have to cut following a breach. Last, maintain open lines of communication between your legal and insurance teams to make sure you are on the same page.