Incident Response Planning is a structured approach to preparing for and managing potential security incidents within an organization. It involves creating a detailed plan that outlines the steps to take when a security breach occurs, ensuring that the organization can respond quickly and effectively to minimize damage. The planning process typically includes identifying potential threats, establishing a response team, and defining roles and responsibilities. Regular training and simulations are also essential to ensure that all team members are familiar with the plan and can act swiftly in the event of an incident, ultimately protecting the organization's assets and reputation.