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Sample Incident Response Plan | WesTech

Incident Response Plan

For Financial Service Organizations

Overview

This Incident Response Plan (IRP) outlines procedures for handling cybersecurity incidents (e.g., ransomware, data breaches) to protect client data and ensure compliance with SEC (Regulation S-P, Form 8-K) and IRS (Section 7216) requirements. Download the full plan below.

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Purpose and Scope

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This IRP ensures rapid response to cybersecurity incidents, protecting client data and business continuity. It applies to all employees, contractors, and vendors handling firm systems or data (e.g., PII, tax records, portfolios), covering incidents impacting confidentiality, integrity, or availability.

Incident Response Team

Role Responsibility Contact
Compliance Officer Leads response, coordinates reporting compliance@firm.com, (555) 123-4567
IT Manager Isolates systems, restores backups it@firm.com, (555) 123-4568
CEO/Partner Approves major decisions ceo@firm.com, (555) 123-4569
Legal Counsel Assesses liability, manages notifications legal@firm.com, (555) 123-4570
Accounting Lead Verifies financial data integrity accounting@firm.com, (555) 123-4571
HR Manager Handles employee communications hr@firm.com, (555) 123-4572
External Vendor Provides technical support, insurance vendor@support.com, (555) 123-4573

Response Phases

1. Preparation

  • Annual phishing training
  • Offline, encrypted backups, tested monthly
  • Endpoint detection, email filters, MFA
  • Quarterly TTXs
  • Updated WISP

2. Identification

  • Monitor anomalies (e.g., file activity)
  • Report incidents within 1 hour
  • Assess scope within 2 hours

3. Containment

  • Isolate systems within 15 minutes
  • Apply temporary patches
  • Preserve evidence for forensics

4. Eradication

  • Remove malware within 24 hours
  • Patch vulnerabilities
  • Engage vendors if needed

5. Recovery

  • Restore backups within 48 hours
  • Verify data integrity
  • Monitor for 7 days

6. Notification

  • Notify team within 1 hour
  • Client notifications within 30 days (Regulation S-P)
  • Form 8-K within 4 days if material

7. Post-Incident Review

  • Debrief within 1 week
  • Update IRP within 2 weeks
  • New training within 1 month

Key Procedures & Compliance

Procedures

  • Ransom Policy: No payment without CEO/Legal approval
  • Communication: Use predefined templates
  • Vendor Coordination: Annual GLBA reviews
  • Backups: Weekly full, daily incremental

Compliance

  • Regulation S-P: Notify clients within 30 days
  • SEC: Form 8-K within 4 days for material incidents
  • IRS Section 7216: Report taxpayer data breaches
  • GLBA: Risk-based controls, vendor oversight
  • CCPA: Notify CA residents if applicable

Templates

Incident Reporting Form

Incident Reporting Form
Date/Time: [Insert]
Reporter: [Name/Role]
Incident Type: [e.g., Phishing, Ransomware]
Description: [Details]
Systems/Data Affected: [e.g., Client database]
Actions Taken: [e.g., Isolated workstation]

After-Action Report Template

After-Action Report
Incident Date: [Date]
Participants: [List]
Strengths: [e.g., Quick containment]
Gaps: [e.g., No MFA]
Action Items:
- [Role]: [Task] - [Deadline]
Preparedness Score: [1-10]

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