What's Your Organization's Insurance for a Security Breach?

Cyberattacks are no longer a distant possibility but a harsh reality for businesses of all sizes. With the increasing sophistication and frequency of cyber threats, no industry is immune from data breaches. From healthcare and retail to media and finance, organizations worldwide are paying the price for failing to address security vulnerabilities.

In its most recent budget, the U.S. Federal Government proposed a massive $14 billion investment in cybersecurity, underscoring the scale of the problem. Criminal tactics such as card skimming, Point of Sale (PoS) attacks, web application intrusions, cyber espionage, crimeware, and insider privilege abuse are becoming more advanced yearly. The 2015 Verizon Data Breach Investigations Report reveals that data is compromised within minutes in 60% of cyberattacks—yet it can take days, or even months, to contain the breach.

The costs are staggering. A data breach involving 10 million stolen records can cost as much as $74 million. As these incidents continue to expose high-profile targets, security is no longer just a concern for Chief Information Security Officers (CISOs); it’s now a board-level issue. No CEO wants their company making headlines due to a security breach, and boards are increasingly demanding regular updates on the state of their organization’s security posture. It’s no longer a matter of if an attack will happen, but when.

Many organizations discover they’ve been breached only after being informed by third parties. The rapid evolution and complexity of cyberattacks leave companies unprepared, without the necessary expertise or resources to effectively respond.

In a world of constrained IT budgets and limited access to top cybersecurity talent, expecting sophisticated in-house preparation for such threats is unrealistic. This is where partnering with a strategic security solutions provider can offer peace of mind. Enter Verizon’s Rapid Response Retainer (RRR) program.

The Verizon RRR program is designed to help organizations respond swiftly to cyber events, providing immediate access to top-tier security experts, including digital forensics and incident response professionals. Available 24/7, 365 days a year, in multiple languages, the program offers phone response within 3 hours of a reported event and on-site consulting within 24-48 hours in most parts of the world. Verizon’s unique position—handling a significant portion of global internet traffic—gives it deep insight into the latest cyberattack patterns and trends.

So, how are you preparing to answer tough questions from your senior management and board of directors about your organization’s readiness for a cyberattack? And what is your "insurance policy" against the inevitable?

If you’d like to learn more about Verizon’s Rapid Response Retainer program and how it can safeguard your organization, feel free to reach out. We’d be happy to help.