According to the IDC report on the “The State of IT Resilience- 2018,” 90% of businesses acknowledged having pending issues as far as cyber resilience is concerned. This is because to most companies disaster recovery (DR) preparedness is basically comparative to an insurance policy. While paid for and put in place, there is a possibility of it not paying back and therefore it is considered an unnecessary expense.
Cyber resilience is your company’s ability to deliver outcomes despite an adverse cyber event. The need for any business to manage and mitigate its digital data in case of a potential threat is exceptionally important. Proper preparedness must be set up against potential data threats such as ransomware, malware attack, application failures, shadow IT, and cloud migrations. So a cyber event is not necessarily an external attack, but may include an unintentional failed software update or the loss of data in a misplaced phone or laptop.
Considering that some of these threats run beyond natural disasters, business management and IT departments need to extend their disaster recovery understanding to look into all kinds of disruptions both planned and unplanned.
Cyber resiliency and the value it brings to a company and its customers will depend on how well the business incorporates its security program as a strategic partner.
While every business would like to be able to operate even in the case of a sophisticated attack, the question of how to make that possible may still be the challenge.
Here are some guiding steps on how you can make your business cyber-resilient.
First things first, it is impossible to be cyber resilient without taking every preventative measure to keep intrusions at bay. This is the first and most critical step; by ensuring all devices and software inventories are maintained; having a well-developed configuration to ensure the security of all devices; conducting regular vulnerability assessment and implementing possible solutions; and putting in place administrative privileges control.
Come up with a plan
To have things up and running there need to be a working group of key people in the organization. The team’s mandate will be to come up with potential cybersecurity events and then discussing, and analyzing every possible attack.
Assess the company’s risk profile
At this juncture, it is important for the team to analyze and decipher just how vulnerable the company is by deeply assessing its risk profile. Involving an external expert on matters of cybersecurity can make it easier for the team to deduce the company’s risk level and to what kind of attacks.
This will enable the team to come up with a rough estimate of how much damage the company might suffer in case of a successful cyber attack, thus enabling a good strategy to mitigate risk.
This strategy will help the company identify and invest in security technologies and processes that will protect the most vulnerable assets.
As earlier stated, cyber-attacks are unpredictable - they can take place any time and to anyone despite the preparedness. Being able to continue regular business activities is what matters most, and that is where a cyber insurance policy comes in. Though it may not restore everything back to normal after a cyber attack, such a policy gives you the necessary support in terms of expert assistance and capital.
Assessing the risk, and laying the best workable strategy is great but implementing it is vital. So just get started and make your business cyber-resilient today!
Remember that the possibility of a company becoming a victim of cyber attacks are higher than ever. In fact, the question is when it will happen, not if.
Talk to SBA Business today about cyber resilience for your company. We can quickly put a team in place to get your strategy up and running.