Planning is just the start for a cyber security incident

Cyber attacks are joining taxes and financial statements as a normal part of doing business.

In 2015, the healthcare industry was hit hard by a number of cyber security data breaches, with a breach at Anthem being the most high-profile.

According to the 2015 U.S. Cost of a Data Breach Study by the Ponemon Institute, last year there was an 11 percent increase in the total cost of a data breach.

Cyber security is a C-suite and board-level issue that requires a comprehensive risk management strategy that goes beyond planning, according to Grant Thornton LLP an audit, tax and advisory firm.

There are several essential areas that senior leaders need to consider, which include:

• Simply having a cyber security incident response plan is not enough.
• Regular training and exercises are important in keeping the incident response plan effective.
• A full review of insurance should be an integral part of cyber risk management. General liability and directors’ insurance most likely will not cover a cyber security incident.

Read the full report at grantthornton.com