A cybersecurity analyst at a financial institution is evaluating the incident response plan to ensure the organization's resilience to a cyber-attack. Which of the following actions is crucial in the preparation phase to minimize the impact and ensure efficient recovery from an incident?
Developing proprietary security standards rather than following established frameworks like ISO/IEC 27001.
Periodically reviewing and updating all security tools to their latest versions.
Encrypting all sensitive data within the organization's network to prevent unauthorized access.
Conducting tabletop exercises to simulate a cyber-attack and assess the response plan.