Incident response plans can significantly reduce ransomware costs

Ransomware attacks are a serious threat to businesses. To prepare for such incidents, experts recommend creating an incident response (IR) plan. This plan helps companies quickly recover from attacks and minimize damage. Creating an IR plan takes time but is not overly complicated. It usually involves about 20 hours of work, spread over several meetings. Companies should first identify their critical business processes and applications. Once this is done, they can outline recovery options. After developing the IR plan, it's essential to practice it. Regular practice helps teams become familiar with the plan and improve their response skills. Experts suggest organizing monthly meetings to walk through the plan and make any necessary adjustments. Testing the plan with a tabletop exercise can reveal areas for improvement. This exercise simulates a real incident, helping teams prepare for various scenarios. Investing time in an IR plan can save companies significant amounts of money. The average cost of a ransomware attack was nearly $4.9 million in 2024. Some incidents have cost businesses much more, including high legal fees. By preparing properly, companies can protect themselves and potentially avoid devastating financial impacts.