In this lesson, Nick Palazzolo, CPA, explores the critical aspects of incident response in the context of cybersecurity. He breaks down the differences between general security events and specific cybersecurity incidents, illustrating how each can impact an organization. Nick also details the role of insurance as a vital strategy to mitigate losses from security breaches and data incidents. He thoroughly explains the essential components of an effective incident incresponse plan, including the roles and responsibilities of the team members, the strategic methods utilized, and the procedural steps involved. By the end of this session, Nick ensures a comprehensive understanding of how to construct and evaluate an incident response plan, as well as how to test its effectiveness against real-world scenarios.