The Value, Need, and Best Practices to Build Cyber Resilience in 2022
In 2022, the onslaught of cyber threats continues to make organizations more vulnerable. What’s more is that businesses cannot afford to lose their sensitive information and user data at any cost. The truth is that enterprises have to look past conventional cybersecurity practices and focus on contemporary and advanced cybersecurity solutions to build resilience for a long time.
A survey highlights that the average downtime cost is over $200,000 an hour. And these costs just include recovery of expenses and revenue loss and do not include tarnished reputation, brand damage, and regulatory penalties. On the bright side, the promise of modern-day cybersecurity is far more effective than organizations realize.
A report states that over 40% of US-based companies have a dedicated cyber resilience approach. However, businesses should not think of building extended cyber resilience as a one-time activity. Instead, the objective of the organizations should be to adapt and embrace new tech innovations and opt for cybersecurity solutions to improve cyber resilience strategy over time.
Keeping that in mind, let’s touch on the basic need to build cyber resilience and best practices to put in place an extended cyber resiliency for your organization:
The Need to Build Cyber Resilience
There is more than one reason to build cyber resilience and improve overall security perimeters. As cybersecurity technologies continue to evolve and leap forward, the burden of responsibility falls on companies to integrate AI and machine learning threat intelligence solutions.
Besides, cyber attacks have become more advanced and malicious. Your organization’s goal should be to focus on plans and strategies that can minimize the impact of dangerous attacks and allow you to maintain operations. Of course, traditional cybersecurity practices had their time but now companies need to leverage modern cybersecurity solutions and drive digital transformation.
Best Practices to Build Cyber Resilience
In terms of initiation, you can start by reviewing a plethora of available online resources and focus on the practices and solutions that can help you build or improve your company’s cyber resilience.
Here are some of the best practices and tactics you can follow to build your cyber resilience:
Identify Threats and Risks
One of the best practices to build cyber resilience is to spot different types of threats and risks. Also, determine what files, databases, and user data are important to run business operations in case of a power outage. At its core, focus on your digital assets and identify threats that might cripple your internal data and business operations.
Involve Key Business Stakeholders
If you want to build enterprise-scale cyber resilience, you will have to first bring top-level management on the same page. In fact, make sure key business stakeholders are aware of the importance of having cyber resiliency.
Since top management is highly influential, make sure to highlight the relevance of building extended cyber resilience and how it would allow the company to prosper in the coming years. You can talk about the benefits and reasons to have a robust cyber resilience strategy and how it would mitigate cyber attacks and allow you to maintain non-disruptive business operations.
Experts profess that your cyber resilience is only as good as how many stakeholders you involve. So, in the quest to build cyber resilience, make sure staff members across different departments understand how to achieve it. This, in turn, would make it easier for the organization to reach its desired goals and put in place a solid cyber resilience strategy.
Like fire drills, you can create simulations that can mimic the conditions of a real cyber attack. Business leaders believe that you need a militaristic mindset to perform simulations and drills of various scenarios that may occur. It is an effective cybersecurity approach that allows you to be more alert and raise awareness within the company.
You can use basic principles to create different mock situations that involve data breaches and find out how staff reacts. Keen observation and learning work side-by-side and this tactic would help you prepare for different types of cyberattacks under different conditions.
Ensure Data and Network Monitoring
You should set up a dedicated monitoring system as part of your cybersecurity plan and build cyber resilience. This approach will allow you to spot unauthorized access and how hackers may breach data. In fact, consistent data and network monitoring allow you to identify threat actors in the early stages.
Get Data Backups
You have to assume that your cyber resilience can fail and this is where you should have a data backup solution in place. Cybersecurity plans often fail and a reliable data backup would protect your company assets and allow you to restore operations in no time.
Through a data backup plan, you can maintain offline and online backup systems and set different data restoration settings. You can see data backup through the lens of your cyber resilience framework. Think of it as an added provision to protect your assets.
Opt for Specialized Cybersecurity Experts
Remember that you can always seek out the expertise of a specialized security agency to perform an internal security audit and review your IT processes and networks. Not to mention, cybersecurity agencies have updated resources and use advanced tools to improve your cybersecurity strategy and boost cyber resilience.
Building Cyber Resilience: What Should be the Approach of Companies
Ideally, companies should have a comprehensive, personalized, and dedicated cyber resilience strategy to prepare for potential cyber incidents and threats. It is the best approach to mitigate the impact on data and network at the same time.
It is crucial for companies to meet legal requirements and regulatory compliance that involve incident response management, business continuity, and data protection. With a cyber resilience framework in place, organizations can continue to improve their internal processes and corporate morale.
In the face of a rising number of cybersecurity threats and risks, it is vital to realize and recognize that there is a diverse range of robust cybersecurity solutions and tactics companies can utilize. Without cybersecurity solutions and practices in place, entities risk inviting more cyberattacks that would compromise their business integrity.
The cybersecurity space is changing for good and companies have started to realize the urgent need to build long-term cyber resilience to thwart potential cyber threats. And most organizations believe that having a custom cyber resilience strategy is inevitable and would be integral to drive growth.
Contact us and find out how Prescient can help your business build a robust and sophisticated cybersecurity framework that would complement your cyber resilience strategy.