What Are the Risks of Poor Incident Management?

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Although cybersecurity has always been important, cyber-attacks are on the rise and they pose a bigger security risk than ever for organizations of all sizes. If you don’t take the necessary steps to protect your IT systems, you could be putting your business at an increased risk of data breaches.

Many companies are great at building strong and protective security systems that keep most hackers up there. However, the area that they are not so good at is incident management.

When an IT incident occurs and there has been a security breach, many companies resolve the problem as quickly as possible and continue the usual business operations. The issue here is that they often don’t take the necessary steps to prevent the same incident from occurring again in the future.

The incident response it’s just one small step in the process of incident management. Business owners should not dismiss the preventative and precautionary steps that must be taken after an incident has occurred.

Failing to consider all of the steps that are necessary after a security breach can put the organization at an increased risk of future breaches. Here are some of the risks of poor incident management.

Increased Costs

Every time there is a cybersecurity issue, businesses run the risk of losing money. There is the financial loss associated with IT downtime, retrieval of stolen data, reputation damage, and restoring or updating the affected IT systems.

If a business fails to have an effective incident management plan, they are more likely to take a financial hit in the event of future breaches. This cuts into the organization’s profits and causes them to allocate more of their budget to cybersecurity.

Damaged Reputation

If a hacker accesses a company’s database, they may view thousands of people’s personal information. So, this type of security breach doesn’t just impact the business owner. It also impacts the business’s employees, clients, and customers.

Every time there is a security breach, the individuals whose data has been leaked need to be informed. If there are several breaches in a short period of time due to poor incident management, this could damage brand reputation, reducing customer trust and loyalty. 

Reduced Productivity

Whether the IT incident has been caused by data corruption, technological faults, or a cyberattack, it can significantly reduce productivity in the short term. Until the IT system is fixed and any stolen or damaged data is restored, the company’s day-to-day operations will need to stop.

Poor incident management can delay the return to normal business operations, causing a long-term disruption to productivity. It can make work harder for managers and employees if they are unable to access the necessary datasets or use various software to complete their projects.

When productivity decreases on a company-wide level, it can severely impact reputation, employee and client satisfaction, and revenue.

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