A plan that provides financial support in the event of data breaches or cyber attacks. It covers costs related to restoring security and managing breaches.
What to consider
Determine the fund’s adequacy for potential breaches.
Review policies for fund allocation.
Keep the fund separate from general operating cash.
Real world scenarios
After a data breach, a company accessed its data breach response fund to cover notification and remediation costs.
An organization set aside funds in a data breach response account to mitigate future risks.
A business used its response fund to pay for external cybersecurity consulting following an incident.