Cyber incidents are on the rise as data shows there was a 20% increase in data breaches from 2022 to 2023.

Technology has become an integral part of most businesses, especially post pandemic where many who may have avoided this reliance on tech had no choice but to adapt to survive.

As a result, the question of businesses being affected by a cyber incident has become ‘when’ rather than ‘if’. However, there are a number of steps you can take to mitigate risks ahead of any potential incidents.

We invited Jack Morris, Account Director at Epiq, to discuss cyber incidents, the importance of being proactive in reducing cyber incident risk and the steps you can take to mitigate these risks.

You’ll learn

· Who are Epiq?

· What is a cyber incident?

· The importance of being proactive in reducing the risk of an incident

· What can organisations do to be proactive in mitigating cyber incident risk?

· What are forensic tabletop exercises, and how do they enhance preparedness?

· Why might an organisation need to get an incident response retainer?

· What role do Information Governance consultants play in reducing cyber risk?

Resources

· Epiq

· Isologyhub

In this episode, we talk about:

[00:30] Join the isologyhub – To get access to a suite of ISO related tools, training and templates. Simply head on over to isologyhub.com to either sign-up or book a demo.

[02:05] Episode summary: Today Mel is joined by guest Jack Morris, Accoutn Director at Epiq, to discuss how to mitigate cyber incident risk.

[02:40] Who are Epiq? – Epic is a global leader in technology enabled legal services. In fact, it supports 90% of the top law firms globally! With over 8000 employees spread over 19 countries, it helps to support corporations, law firms and government agencies across the globe.

[04:31] Who is Jack Morris? – Jack joined the industry relatively fresh out of university, starting at an organisation called Kroll where he was focused on data management – including overcoming ransomware infected devices and essentially allowing organisations to get access to data that was previously taken away from them.

Kroll was later acquired by Duff and Phelps and went through a turbulent time of many name changes before settling on Kale Discovery. He ended up leaving a year ago and joined Epiq as an Account Director.

Jack’s role at Epiq includes being a facilitator, introducing law firms, corporations and cyber insurers to best in class people and technology.

[06:40] What is a cyber incident?: A Cyber Incident is any unauthorised or unexpected event that compromises the confidentiality, integrity or availability of an organisation’s information systems, data or network. Incidents can range from data breaches and malware infections to single mailbox compromises and insider threats.

Organisations looking to combat information security risks should consider ISO 27001, as it’s key principles include the confidentiality, integrity or availability of your businesses information.

[08:29] Why is it important for organisations to be proactive in reducing their risk of an incident, no matter the size of your business? – Let’s look at some startling statistics:

In 2022, 39% of businesses in the UK identified a cyber attack in the previous 12 months. Of this 39%, 31% of those businesses experienced attacks at least once a week.

48% of Small to Medium Businesses, globally, experienced a cyber incident in the last 12 months, with 61% of all cyber-attacks specifically targeting small business.

This is the most shocking of the statistics, and why it’s so important for us to be having these kinds of conversations around how business, no matter the size, need to be proactive in mitigating the impact of a cyber incident.

70% of small to medium businesses in the UK believe that they are unprepared to deal with a cyber attack (which excludes those who think they have proper processes in place but ultimately don’t).

Nearly 60% of businesses that are impacted by a cyber incident go out of business within 6 months following!

[12:10] Are there any particular industries that are most at risk from a cyber incident? – Cyber Incidents are not siloed to particular industries, but there are some trends that we see in the market. Looking at Q1 2024:

January saw a rise in cyber incidents predominantly affecting retail, education and local government.

In February we saw a significant number of breaches, impacting organisations across the full spectrum of markets.

All of this to say that regardless of the size of your business and the industry you operate in, the number of cyber incidents are increasing as well as the severity of said incident.

[13:35] ISO Standard trends – At Blackmores, we’ve seen an increase in demand for ISO 27001 and related data privacy standards across the board for all sectors. A stark difference to 10 years ago where it would mostly only be adopted by those in the managed services or tech based industries.

[15:30] What can organisations do to be proactive in mitigating cyber incident risk? – Things such as implementing a proactive incident response plan, engaging with law firms and consultancy organisations to become aware of the organisation’s requirements and compliance issues arising from a cyber incident.

If you were hit with an incident today, you must report any personal data breaches to the relevant regulators within 72 hours of becoming aware of an incident or there can be fines that are implicated. To deal with these types of situations, it’s imperative that your organisation has established, sound relationships with law firms and consultants.

[17:25] What is the importance of an incident response plan? – Implementing an incident response plan is crucial because it allows organisations to prepare for potential cyber incidents before they occur. By identifying risks, implementing preventive measures, and conducting exercises, organisations can significantly reduce the impact of incidents.

Organisations should be aware of both the legal and operational issues that arise from a cyber incident – from regulatory compliance and liability concerns right the way through to loss of systems/data and brand reputation are all key considerations that have an effect on the whole of a business.

[18:35] What are forensic tabletop exercises, and how do they enhance preparedness? – Forensic tabletop exercises simulate cyber incidents in a controlled environment. They involve key stakeholders discussing and practicing their roles during an incident. These exercises improve coordination, communication, and decision-making, ensuring a more effective response when a real incident occurs.

The workflow here is clearly defined; implement an incident response plan, and then test that plan for robustness – engaging with external providers, like Epiq, to further add to the existing plan and to test how the organisation will manage an active incident.

[19:35] Join the isologyhub – Don’t miss out on a suite of over 200+ ISO tools, templates and training, sign-up to become a member of the isologyhub

[21:45] Links with Business Continuity – Response readiness plans and forensic tabletop exercises both tie into aspects of ISO 22301 – business continuity.

In Blackmores’ experience, a lot of organisations don’t actually test their plans, so when going through the process of implementing ISO 22301, where testing these response plans are a requirement, it’s a bit of an eye opener when they realise they’re not as resilient as initially thought.

It’s always better to test these plans in a simulated environment vs a live one, so you can be assured that your plans are up to the task.

[23:40] Why might an organisation need to get an incident response retainer? – We're starting to see a number of industries, particularly in regulated verticals, requiring businesses in their supply chain to meet a number of different cyber security requirements. One, which keeps popping up, is to have a plan in place for responding to security incidents. Having a retainer can help meet these compliance requirements.

[26:05] What role does Managed Detection and Response (MDR) software play in proactive incident response? – MDR solutions continuously monitor networks, detect threats, and provide real-time alerts. They enhance proactive response by identifying suspicious activities early, allowing organisations to take preventive action before incidents escalate.

[27:50] What role do Information Governance consultants play in reducing cyber risk? – : Information Governance (IG) consultants specialise in helping organisation define their Information Governance Strategy encompassing data security and defining compliance policies.. They support organisations in defining:

· Data Classification: Identifying Sensitive and PII data and categorising based on their confidentiality or regulatory requirements.

· Retention Policies: Defining policies on retention period of records and method of disposition aligned with compliance requirements.

· Legal Holds: Ensuring necessary data is preserved for potential litigation, internal investigation or as part of audit process.

· Privacy Compliance: Aligning with regulations such as GDPR, DP, DPA, CCPA.

[33:30] What are Jack’s top tips that the listeners can take away from this podcast session and implement today to begin mitigating their risk? – : Unfortunately mitigating cyber risk isn’t a one-size-fits-all response, however I like seeing cyber risk as 3 buckets, that businesses should be aware of and measure their organisation against:

Technology & Infrastructure – outdated systems, unpatched software and not fit for purpose IT infrastructure pose risks.

These types of vulnerabilities are exploited by attackers, leading to data breaches, malware infections and system disruptions.

So, making sure that your technology and infrastructure is fit for purpose, and up to date is a key takeaway. We spoke about Managed Detection and Response solutions earlier in the session, which is a great, cost effective way of adding an additional layer of technology security.

Human Factor – for me, this is the number 1 frailty to a business. Business Email Compromise incidents increased by 67% in 2023, with Multi-Factor Authentication (MFA) being bypassed in 29% of these cases.

Over recent years, cybersecurity awareness has been the aim of the game. However it is crucial that, as our understanding progresses, we switch our focus to fostering a culture of cybersecurity responsibility among colleagues and employees.

Ensuring that your people are aware of cyber incident (perhaps listening to this podcast), and their role in mitigating the risks associated to a cyber incident are crucial in ensuring that your business is secure.

Preparation – in just about all walks of life, preparation is key for preventing almost anything. We have spoken today about some of the key preparation themes I’m seeing in the industry, from Response Readiness plans, to MDR, to Incident Response Retainers. Getting sufficient Cyber Insurance coverage is of paramount importance to ensure that your business can respond effectively to an incident, should one occur.

If you’d like to learn more about Epiq and how they can help you, visit their website.

If you’d like to book a demo for the isologyhub, simply contact us and we’d be happy to give you a tour.

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#171 Proactive Steps to Mitigate Cyber Incident Risk with Epiq

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#171 Proactive Steps to Mitigate Cyber Incident Risk with Epiq