As your organization grows, innovates and adopts new digital solutions, the shadow of unforeseen cyber threats come along the way. In the face of any adverse cyber events, sensitive company information can be stolen or lost, leading not only to financial loss but lack of public trust as well. That is why it is imperative to build an organization that is not only equipped with the best cyber security measures but is cyber-resilient as well.
Every company that operates on a digital platform nowadays has numerous cyber security applications in place such as firewalls, VPNs and anti-malware software to name a few. But in spite of all that, an IBM report found that in the year 2021 ransomware attacks, the most expensive cyber breach, costs businesses $4.62 million on average, excluding the cost of paying the ransom. This is where the adoption of cyber resilience comes into the picture.
Cyber resilience refers to an organization’s ability to anticipate, respond, recover and stave off cyber-attacks while ensuring a smooth flow of operations. With cyber resilience, you can mitigate damage caused by both malicious external threats and simple internal human or programme malfunction errors. Having a foolproof cyber structure protects not just your organization’s data but that of your customers and clients as well. Here’s how your company can achieve cyber resilience.
1. Risk Analysis
In order to enforce organizational cyber resilience, you must analyze your company’s cybersecurity from the perspective of a cyber attacker. A penetration test carried out by an ethical hacker can help your company analyze your system for any weak points. This will also help your IT staff identify the early signs of an attack and prepare them to react effectively. In addition to a pen test, the US National Institute for Standards and Technology’s Risk Management Framework can also be used to determine your risk profile.
2. Secure Backup Plan
According to a survey conducted by the IDC, the average cost of downtime can cost a company nearly $200,000 per hour. Businesses need to learn how to adapt to a potential cyber failure scenario. This is where emergency backup solutions come into play. Experts also recommend implementing a pre-defined automatic backup schedule that backs up all the data you chose at timely intervals. Opting for an additional cloud storage system that is isolated from the business network to hold an offline backup is a highly effective recovery strategy in case of a data breach.
3. Train and Educate Staff
To err is human, so it is no surprise that 95% of cybersecurity breaches are a result of human error. In fact, the famous 2021 ransomware attack on Colonial Pipeline’s computerized management equipment that froze company operations triggering panic buying and fueling shortages across the southeastern belt of the United States, was the result of a single compromised password. This is precisely why every employee who has access to your corporate network should receive frequently updated training to reduce their susceptibility to cyber engineered attacks. When you develop cyber literacy amongst your workforce you automatically minimize the risks of any untoward attacks.
4. Cyber Insurance
Since the start of the pandemic, the FBI reported that the number of cyberattacks has gone up 300% and to add to it, research shows that 92% of all malware is delivered by email that an unsuspecting employee might open. This is why investing in cyber insurance is the need of the hour. Though Colonial Pipeline had to pay a ransom of $4.4 million to restore functionality to their pipeline, sources reported that they had a cyber insurance cover of $15 million. Purchasing an adequate insurance cover can help your business recover any losses in the event of a cyberattack. That being said, it is important to keep in mind that your insurance premium is directly proportional to the efficiency of your cyber security.
To conclude, a cyber attack can happen to any business at any time, it is up to you as a leader to build a company that embodies cyber resilience, in order to prevent not just an attack but be able to operate smoothly through an unexpected one.