CHATTANOOGA, Tenn., Jan. 24, 2023 /PRNewswire/ — Fenix24, a leading provider of disaster recovery services, released a white paper proposing a new flow for post-cybersecurity breach incident response that would significantly shorten downtime, the most-costly aspect of cyberattacks today. The paper, titled “The High Price of Business Interruption Requires New Response Modalities,” argues that today’s cyberattacks, particularly ransomware, have been designed to cause maximum destruction to the organization; and since downtime can cost between $100K and $1M for most organizations, it’s time to redesign incident response (IR) flows to reduce business interruption by getting companies back to business faster. This can be accomplished by prioritizing restoration efforts to begin in the immediate aftermath of breach discovery.
“The earlier restoration teams are brought into events, the lower the overall business interruption expenses,” said Heath Renfrow, co-founder, Fenix24. “A few years ago, restoration was turning on systems. Today, these teams are essential to accelerating forensic data capture, establishing remote access into a compromised environment, and helping identify and prioritize critical systems for restoration, easing the pain of business interruption. When restoration is there from the beginning, everyone else can move faster. We have forged new models with Digital Forensics/Incident Response partners that are very collaborative and, in concert with Fenix24’s intelligent restoration strategies, are producing up to 50% shorter downtimes.”
The paper: proposes that the industry at large considers redefining the incident response model to involve restoration teams in the initial attack aftermath; encourages cyber insurance carriers to include restoration panels in their policies to encourage greater referral rates for high-quality restoration experts; and urges DFIR solutions providers not already adopting a collaborative model to consider the advantages it provides. Today’s pre-, mid- and post-incident efforts can be greatly supported by real-time orchestration and communications tools such as Cygnvs, helping make this collaborative model a reality.
Historically, breach coaches have brought in Digital Forensics/Incident Response Teams (DFIR) to take the lead in containing the incident and providing initial response. DFIR leads or breach coaches may—or may not—recommend restoration partners following this process, which can extend business interruption weeks or even months. However, it is becoming clear to customers and carriers alike that downtime is becoming far too expensive and commands most of the incident’s exorbitant costs.
“At Eos, we work closely with large insurers and vendors in the cyber sector and consistently hear how business interruption has become a major factor in escalating cyber losses,” said Zach Powell, partner at Eos Venture Partners. “Through our research, we see that BI now accounts for over 50% of losses in select cyber lines.”
Resource: Download and read the full white paper.
Fenix24, part of the Conversant Group family of companies, is raising the bar for post-incident disaster recovery and restoration with a fast, thorough and professional operation. Our battle-tested professionals execute the most intelligent and strategic recovery playbook for minimal cost of incident response and business interruption. Fenix24 is the army you need to push out the criminals that have compromised your environment and restore your company’s IT operations. Learn more at fenix24.com.