What is an Cyber Incident Response Retainer?

A cyber incident response retainer is when a business like yours hires a cybersecurity service provider with a pre-arranged agreement. Since it’s a retainer, it means the agreement typically includes pre-defined response times in the event of a cybersecurity breach, defining how quickly the incident response retainer jumps in, how much they charge by the hour, and the scope of their resources.

Think of it as having a resource on file—a resource you can “call in” if there’s an emergency. However, that’s not the sole reason for an incident response retainer. Your agreement might include a range of comprehensive cybersecurity services, such as:

• Rapid response: Typically, the response element to the agreement is the most important one, meaning this retainer includes a team of cybersecurity experts who can spring into action once you’ve experienced the cybersecurity threat. This will give you some peace of mind and confidence so you don’t feel overwhelmed if you have a breach.
• Comprehensive services: Though the response is the name of the game, these retainers can include other predefined services as part of their offerings. They might include assessment and ongoing monitoring. They might also include recommendations to shore up your cybersecurity systems after the incident is controlled, helping you prevent future incidents—and cut down on your cybersecurity costs.
• Support for compliance: As part of these recommendations, the retainer might look at your organization’s ability to handle cybersecurity threats and make recommendations for ongoing security compliance as well.

Why Do You Need a Cyber Incident Response Retainer?

For starters, the incidences requiring a fast cybersecurity response are on the rise. It’s not a question of if you’ll face a cybersecurity threat—it’s a question of when. According to Nationwide, 7 out of 10 businesses worry about potential cyberattacks. That’s a 16-point increase over the previous year. Yet despite these certainties, only 55% of enterprise leaders feel confident in their preparedness for a cyberattack.

Many organizations aspire to establish their own in-house cybersecurity team; however, this can be a significant challenge for many entities. Incident response retainers offer a reprieve from these troubles. There are a few reasons for this:

• Predictable expenses. By using a retainer arrangement rather than hiring third-party services ad hoc, small businesses can better predict their cybersecurity expenses. This means that while every cybersecurity attack might be a surprise, the expenses required to deal with one don’t have to be.
• Long-term cost savings. Since many incident response retainers offer more than short-term solutions, using their cybersecurity recommendations might lead to less reliance on incident response retainers over time. This helps companies save money, recouping some of their initial investment. It’s a two-birds-with-one-stone approach: not only do the incident response retainers help address cybersecurity threats in the short term, but their ongoing assessments can help you become more resilient in the long term.
• Peace of mind and job security. Even if you don’t initially use the incident response team after signing a retainer agreement, you’ll have the peace of mind to know that if you ever do face a threat like the one described above, you’ll know who to call. And when the board room asks if you were prepared for this, you can say yes!

Types of Incident Response Retainers to Consider

• No-cost retainers are when you reserve the service without paying upfront fees—you’ll only pay during the incidents themselves. These offer you budget flexibility. However, you may notice some downsides in terms of their full service scope. And if you don’t pay retainer fees upfront, their availability might not be the 24/7 availability you were hoping for.
• Prepaid retainers include the upfront fees, which is the downside. However, they may also offer you more dedicated resources and a faster response. And as part of the ongoing fees, they might include cybersecurity audits and training as part of their services.

Which is best for you? It depends on your priorities. Variables like price might send you to no-cost retainers, but if support level and response speed is more important to you, prepaid retainers are probably the way to go.

How Comport Can Help?

Comport can partner with you to find an incident response plan that gives you confidence. These plans will give you direct access to incident response experts when you need them. With pre-set terms, clear communication channels, and ready-made playbooks, we can help you launch an investigation into the cybersecurity breach and address it head-on. Additionally, we offer the flexibility to choose from a range of services to create a plan specific to your company—minimizing risk and ensuring you can handle any incident. Contact our experts today and get started on your cybersecurity services plan.