Experian Study on Data Breaches Reveals Gaps in Response Plans

November 3, 2015

In honor of October's designation as National Cybersecurity Awareness Month, the U.S. Small Business Administration (SBA) has unveiled a new Web page dedicated to promoting cybersecurity for small businesses. - See more at: http://www.businessnewsdaily.com/8491-sba-unveils-small-business-cybersecurity-tools.html#sthash.HVndjn45.dpuf

While an increasing number of companies have a basic data breach response plan in place, many plans do not cover important steps and executives lack confidence in their ability to manage a major breach, according to a new study.

Sponsored by Experian Data Breach Resolution and conducted by the Ponemon Institute, the third annual study, Is Your Company Ready for a Big Data Breach?, probed more than 600 executives about their response plans and level of preparedness.

The good news is that 81 percent of survey respondents (an increase from 73 percent in 2014) have a response plan in place and there is more senior executive involvement, with 39 percent of boards of directors and chief executive officers being involved in incident response planning. This is up 10 percent from 2014.

However, despite data breaches being a major concern for organizations, many areas the survey addressed had less than stellar results. Only 34 percent of survey respondents said their response plan was effective, and only 28 percent are confident in their ability to minimize the financial and reputational consequences of a breach.

Additional key findings from the study include:

While more companies have a response plan in place (81 percent), they often lack important details and are not practiced regularly. 

•More than half of respondents do not have a cyber insurance policy (53 percent)

•Forty-five percent of respondents say their company either does not practice responding to a data breach or waits more than two years to practice

•More than a third (37 percent) of respondents do not address procedures for responding to a data breach involving an overseas location.

Read Full Article

SBA Unveils Small Business Cybersecurity Tools
Credit: Mark Van Scyoc

In honor of October's designation as National Cybersecurity Awareness Month, the U.S. Small Business Administration (SBA) has unveiled a new Web page dedicated to promoting cybersecurity for small businesses.

In the wake of high-profile data breaches, many businesses are eager to implement a more robust cybersecurity strategy. The SBA's cybersecurity page, launched earlier this month during the "Cybersecurity at Work" week, offers advice and tools for small business owners who are seeking to better protect both their own data and their customers' data. In 2013, 44 percent of the 800 small business owners surveyed reported having experienced a cyberattack that resulted in an average cost of nearly $9,000, according to a report by the National Small Business Association.

"Cybersecurity is one of our nation's most pressing national security priorities, and America's 28 million small businesses, which create two out of every three new jobs in the U.S., are especially at risk," SBA Administrator Maria Contreras-Sweet said in a statement announcing the Web page. "Small employers are quickly becoming a larger target for criminals looking to access sensitive data because small businesses typically have limited resources for information systems security. In an effort to combat cyberattacks against small businesses, the SBA's online tools will help employers identify information security vulnerabilities that put their companies at risk."

- See more at: http://www.businessnewsdaily.com/8491-sba-unveils-small-business-cybersecurity-tools.html#sthash.HVndjn45.dpuf
In honor of October's designation as National Cybersecurity Awareness Month, the U.S. Small Business Administration (SBA) has unveiled a new Web page dedicated to promoting cybersecurity for small businesses. - See more at: http://www.businessnewsdaily.com/8491-sba-unveils-small-business-cybersecurity-tools.html#sthash.HVndjn45.dpuf