Cybercrime is one of the biggest threats to business of any size and in any industry. Ransomware/security breaches were cited as a top risk driver by nearly half of risk professionals recently surveyed by Riskonnect, with another 39% calling out state-sponsored cyberattacks. A separate survey revealed that more than three-quarters of organizations reported at least one ransomware attack in the past year – and more than a quarter of those were attacked at least four times. Cybersecurity is certainly essential to block attacks from happening in the first place. But as criminals have demonstrated an uncanny ability to adapt, these measures alone cannot protect your business. You need a comprehensive cyber resilience plan. Cyber resilience refers to an organization’s ability to anticipate, adapt, respond, and recover from a successful cyberattack, including malware, phishing and spam, social engineering, and insider threats. If you experience an incident, a cyber resilience plan is what will allow you to continue operations with minimal disruption.
Why Is Cyber Resilience Important?
Cybercriminals are continuously making their attacks more targeted, more disruptive, and more ingenious. Remote and hybrid workforces spread over a sprawling number of networks open the door wider to attackers. In a moment of distraction, even vigilant employees can let in an attacker. And with the help of generative AI, these attacks appear increasingly authentic, making them more difficult than ever to thwart. The cost to business is staggering. The global average cost of a data breach is currently estimated at $4.45 million, up 15% in just three years. The FBI’s Internet Crime Complaint Center received more than 800,000 complaints last year, with a potential total loss of more than $10.2 billion. Driving up both the amount of activity and the cost are:
Stiff regulatory fines and penalties. Regulators around the world consider cyber-related threats a serious danger to capital markets and are prioritizing cybersecurity with tougher rules around disclosures and safeguards. Those in the financial services industry are subject to some of the strictest rules, but regulators are extending their authority across industries and taking action to enforce compliance.
Massive financial and operational consequences. Unauthorized cyberactivity of any kind can force companies to take systems offline, bring in cybersecurity experts, and shut down operations until the problem is resolved, all of which can make a significant dent in the bottom line. Case in point is The Clorox Company, which estimates it incurred $49 million in costs related to a recent cyberattack, including IT recovery and forensics work, as well as operating expenses accrued from system disruptions.
Savvy cybercriminals. Bad actors are becoming increasingly clever in their attacks – and are joining together to form sophisticated criminal gangs to advance their interests. They are leveraging technology like generative AI to stay a step ahead of cybersecurity protocols and eliminate telltale signs like phishing emails with misspellings. Instead of big, bold moves with instant rewards, criminals are starting to manipulate small bits of data to stay under the radar and wreak havoc over time. Attacks are also becoming more focused, targeting supply-chain partners four, five, or six degrees from the original source.
Ubiquitous technology. The increasing reliance on technology to serve customers, engage workforces, optimize operations, and store data makes system availability non-negotiable. Indeed, accomplishing even the simplest tasks – for customers, employees, suppliers – usually requires technology. And PII, proprietary competitive strategy, and other stored sensitive data makes for a tempting target.
Internal threats. Employees, partners, contractors, and suppliers with system access can compromise security, whether unintentionally or maliciously. Inside threats can range from accidental data exposure from improper handling to deliberate data theft and extortion.
Even the best cybersecurity measures can’t always stop an attack. In the event of a cyber incident, cyber resilience is your comprehensive strategy to withstand, adapt, and recover quickly.
5 Steps to Cyber Resilience
Businesses that are proactive in assessing risks and defining mitigation strategies are well-positioned to protect sensitive data, continue operations, and preserve their reputation. Evaluate all available sources of information to gain insight into something bad that might happen and what its impact may be. AI and machine learning – plus human analysis – can help you sift through mountains of information as efficiently as possible.
1. Identify critical business services. What are your most important systems and services that would cause significant damage to the business or greater market if disrupted?
2. Map dependencies. What people, processes, technology, and data are connected to your critical business services?
3. Assess your controls. What measures and policies do you have in place to protect your technology assets? Do you have reliable back-up procedures for your infrastructure and critical data and systems?
4. Build a response plan. What specific steps are needed to prevent further damage and recover systems and operations? Who needs to know what and when? Who is responsible for each step of the crisis management plan?
5. Test your plan. How well does your plan perform when tested with severe but plausible scenarios? Do you need to make adjustments? If you haven’t yet felt the sting of a cyberattack, ransomware scheme, or data breach, consider yourself lucky. With nearly 75% of organizations experiencing at least one cyberattack, cyber resilience is more important than ever. You could be next.
For more on cyber resilience, download our ebook, Your Guide to Cyber Resilience, and check out Riskonnect’s Business Continuity & Resilience software solution.
