THE IMPORTANCE OF A CYBER RESILIENCE STRATEGY

As businesses continue to embrace the internet to expand their operations, cybersecurity and resilience have never been more important. This is because of the alarming rise in cyberattacks targeting businesses.

Cybersecurity vs. Cyber resilience

Cybersecurity refers to the protection measures set to detect and prevent malicious attacks from your computers, servers, and network systems.

Cyber resilience, on the other hand, refers to the ability and preparedness of a business to respond and recover from a cyberattack. It shows the ability of the business to sustain its operation and remain in business after a crisis.

According to a study by the National Cyber Security Alliance, nearly 60% of businesses victims of cyberattacks go out of the market within six months. This proves the need for businesses to embrace cyber resilience strategies on top of their cybersecurity strategies.

Types of cyber risks businesses face

There are numerous cyber threats that businesses face each day. Some of the biggest and most common threats include:

● Malware

Malware refers to malicious software designed to steal and destroy your system data. This is, however, one broad term, and it covers most of the widely known threats. This includes; worms, viruses, trojans, spyware, botnets, adware, etc.

● Ransomware

Ransomware has also been a big challenge for businesses today. Hackers use this malware to take over control of computers and systems then demand a ransom to grant you access back to your systems. Ransomware is very dangerous because it can easily wipe away your database, which can be catastrophic for any business.

● Phishing attacks

Phishing attacks are still one of the most dangerous cyber threats for businesses. It accounts for nearly 90% of all breaches in organizations. The worst thing about these attacks is that hackers are always coming up with more sophisticated phishing scams.

Other popular attacks that businesses should be aware of include cloud vulnerabilities, email threats, insider threats, AI-enhanced attacks, IoT attacks, and machine learning poisoning.

Ways to build a strong cyber resilience program

There being so many cyber threats facing businesses, having a strong cyber resilience program is one of the best ways to safeguard your business. Here are 5 ways you can build one.

1. Prepare a framework

Create a framework outlining the program’s goals and objectives to help you estimate your costs both financially and resource-wise.

2. Assess your risks

Once you have your objectives, analyze the various types of risks your business faces and categorize them from least to most devastating. Work on a resilience program, starting with the most devastating risk, and develop policies that safeguard all departments that could be affected by the attack.

3. Evaluate your resources

With the results from your risk assessment, it’s time to look at the resources you have available to contain the threats. This is both financially and technological, i.e., if you’re susceptible to a ransomware attack, do you backup your company data regularly or have a VPN router to secure the devices on your network? Work out a plan to find the resources you need.

4. Detection and protection

Now that you have identified the risks and gathered the resources, develop a strategy to help you detect the cyber threats early, and protect your system before it spreads. The earlier you can detect cyber threats, the easier it’ll be to contain them.

5. Response and Recovery

Your last step should be developing a response and recovery program to ensure that your operations don’t halt if your business is breached. This could be in the form of insurance, off-site back-up storage facilities, etc.

Make sure that your response and recovery procedure is clearly defined to make it easier in the event of an attack.

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