As the average cost of a data breach in the United States approaches $7 million,1 companies must prepare to mitigate such an incident or close their doors. Appropriate legal and technical preparation can help to reduce the adverse consequences of an attack. Currently, based on the nature of a company’s business and the information it collects, a myriad of laws and regulations may apply. Failure to take appropriate steps to adequately come into compliance subjects a business to enforcement actions by agencies, lawsuits from affected consumers and fines under various state regulations.
Compliance with the number and complexity of federal and state cybersecurity laws and regulations is no simple task. An essential part of a cybersecurity program is a written information security plan (WISP),2 which sets forth the company’s methodologies in identifying, protecting, detecting and responding to incidents and creates a network of relationships with experts to contact in the event of a suspected breach. WISPs, which have been used by various government agencies over the past several years in developing security procedures, are now being used by many companies.
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