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In addition, Notch encourages dealers to practice good computer hygiene. “Keeping computers up-to-date and secure goes a long way toward preventing cyberattacks,” said Notch. “For example, Microsoft support for Windows 7 is ending January 1, 2020, so this year would be a good time for dealers to update all of their PCs to Windows 10, which offers much better security support.”


According to Nagel, it is also vital to include cybersecurity in the budget for items such as antivirus soft- ware, hardware, employee training and more. “Often, businesses do not allocate a budget for cybersecu- rity,” said Nagel. “It’s important to look at it not as an expense, but as a means of protecting your brand, employees and customers instead.”


While the costs of data breaches vary depending on factors such as the nature of data lost, the size and nature of the organization whose data has been compromised and the severity or extent of the attack, Pon- emom Institute reports that the global average total cost of a data breach exceeds $3.8 million.


The cost of a single data breach is on the rise even as technology continues to present businesses with better, more advanced ways to protect their records both online and offline. A host of factors come into play to determine the costs incurred by organizations that have suffered a breach with a main factor being the length of time it takes a business to identify and contain an attack.


According to a Ponemon Institute report, it can take up to 197 days (well over six months) to identify a data breach and another 69 days to contain it. If a business takes a long time to identify an attack, it will take longer to contain the incident, translating to more extensive damages and bigger losses. Identify- ing the breach sooner allows the business to address and contain the problem before damage spreads. A well-designed and tested Incident Response Plan can help.


Alanah Mitchell, Associate Professor of Information Systems at Drake University, feels it’s important for dealers to have an Incident Response Plan in place. “It’s not only important that the plan exists, but that you test it as well. You need to make sure the plan will work in the event of a breach or attack.”


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“IN THE CYBER WORLD, THE FIRST FOUR TO EIGHT MINUTES CAN MAKE OR BREAK AN ORGANIZATION. IT ALL COMES DOWN TO HAVING A PLAN IN PLACE AND TRAINING MANAGEMENT ON HOW TO RESPOND IN THE EVENT OF A BREACH.”


– John Notch


Notch also recommends reviewing your liability insurance and meeting with your insurance representative to determine if they offer coverage for cyber loss.


“Cybersecurity insurance is definitely worth looking into,” added Mitchell. “Sometimes your insurance providers will even require that certain precautions be in place or may have resources available on how to protect your business from a cyberattack.”


In the end, it’s important to decide what business capabilities and cybersecurity measures you want to manage yourself versus outsourcing. Does it make sense to outsource certain aspects of your business to a cloud-based system to increase your security? Should you engage a cybersecurity expert or provider? Should you 1) work with a consultant to figure out your cybersecurity plan; 2) outsource your cybersecurity entirely or 3) handle the entire process yourself?


Many businesses are hiring security training firms to help educate their employees and reduce their overall cyber risk. According to Cybersecurity Ventures, the security awareness training market is likely to grow from $1 billion in 2014 to $10 billion by 2027. However, training alone isn’t enough to create a culture of cyber risk awareness.


16 | The Retailer Magazine | Mar/Apr


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