Help

BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

Business continuity plans can mitigate cyber attacks

Reprints

Having a business continuity management program in place can reduce the cost of data breaches, the amount of time it takes to identify them and the likelihood of experiencing a breach over the next two years, says a Ponemon Institute L.L.C. study released Wednesday.

The study by Traverse City, Michigan-based Ponemon involved 383 companies in 16 industry sectors in 11 countries, including the United States, plus the Saudia Arabia and Arab Emirates region.

All the participating organizations had experienced a data breach, according to the study, “2016 Cost of a Data Breach Study: Impact of Business Continuity Management (BCM)”, which was sponsored by IBM.

The study found that companies with a business continuity management program took an average of 175 days to identify a breach, compared with an average of 227 days for firms that did not have such a program.

These results vary by industry sector. Education and retail organizations with these programs, for instance, were able to reduce the time it takes to identify and contain a material breach to 115 days and 109 days respectively, while financial services firms experienced a reduction to 68 days, according to the study.

Among other results, the study found that while the average cost per lost or stolen record can be as high as $167, for companies with a business continuity program the average cost can be as low as $149.

The study also concluded the likelihood of having a data breach some time during the next two years is 22% for firms with these programs and 29% for those without.

Read Next

  • Risk managers to blanket Congress on insurance legislation

    WASHINGTON — Creating a uniform notification standard for cyber breaches is one of the efforts risk managers will champion as they stress their support for three legislative initiatives during visits to lawmakers on Capitol Hill Tuesday.