The Importance of Integrating Cyber Resilience into Your IT Strategy

Oct 13, 2021 by

The Impact of Cyber Attacks on the Banking Industry - Wall-Street.com

Introduction

Cyber-attacks are getting more frequent, sophisticated, and costly. In the last three years, ransomware has cost businesses over $5 billion in damages. With these types of numbers, it’s clear that cyber resilience is a critical component of your IT strategy. Read on for an overview of what cybersecurity means for you and how integrating this into your IT strategy can help mitigate risk and improve efficiency.

What is “Cyber Resilience”?

Cyber resilience is the ability of an IT system to meet service level agreements, even when under attack. Cyber resilient organizations act quickly and decisively in the face of cyberattacks by using threat intelligence to minimize any downtime or damage that results from a breach.

What is the difference between cybersecurity and cyber resilience?

Cybersecurity refers to the security measures your business takes to protect itself from cyberattacks. These measures can include everything from investing in new hardware and software tools to help detect attacks to ensuring you have a good backup plan should any vulnerabilities be exploited in your system.

Cyber resilience is how you respond after an attack has already taken place. It means preparing your company for anything, especially in the case of an attack. This includes having an incident response plan ready and establishing ways your company can continue to operate without interrupting its normal business processes.

Why does cyber resilience matter?

Apart from the frequency, cyber-attacks are becoming increasingly sophisticated. With this increase, your IT system has to be able to withstand or recover quickly from these attacks for you to maintain normal business operations. If you aren’t proactive about cyber resilience, your IT systems will suffer reduced customer satisfaction due to downtime and a lack of security.

What are the components of a cyber resilience framework?

A cyber resilience framework is simple to understand, but it can be time-consuming to put into practice:

  • First, you need a clear understanding of who is responsible for what in your IT department and throughout your company as a whole. This includes having an incident response plan that specifies what roles and responsibilities different departments have in a cyber-attack.
  • Communication is key here as it will help you reduce confusion during the response process and ensure people feel informed and prepared.
  • Your IT staff should constantly monitor your system’s health to detect any warning signs that may indicate an attack, such as changes in network traffic or high CPU/memory usage.
  • Know what your company’s assets are in the case you need to file an insurance claim if any critical systems were compromised in a cyberattack. This way, you’re certain that your policy will cover all applicable damages. This also ensures that your insurance coverage is up to date with current cybercrime trends.
  • Use threat intelligence to quickly detect and respond to any cyber-attack your business may be facing. You can also use this information for future prevention efforts, especially if you discover certain types of attacks your company is more vulnerable to.
  • Ensure you have the proper backup, disaster recovery, and business continuity plans in place. You can take the help of an established and reliable IT solutions provider for this purpose.
  • Have an incident response plan ready if you find yourself the victim of a cyberattack. This plan should include the roles and responsibilities of all involved parties and how they’ll coordinate to minimize any damage from the attack.

How can you improve your cyber resilience?

To improve your company’s cyber resilience, everyone in your organization must be aware of the vulnerabilities that cybercriminals can take advantage of. This includes employees, executives, and even your customers. If you build a culture of awareness throughout your business, then this will help your IT staff have a better chance at minimizing any damage from an attack.

Here are the most effective ways to enhance your cyber resilience and prepare for any kind of cyber breach:

  • Establishing an IT steering committee, incident management team, or crisis communication group can help improve your company’s communication efforts during the response process.
  • Developing IT solutions can also be helpful, such as an IT services management program. This helps improve the responsiveness of your IT department and reduces downtime after a cyberattack.
  • Investment in security awareness tools for employees is also important, so they know how to recognize phishing attempts, avoid clicking on suspicious links or attachments, use strong passwords, etc. An IT solutions provider can arrange the same for your organization.
  • You can also improve your cyber resilience by doing regular penetration testing and vulnerability assessments with the help of a qualified external IT services provider or partner. This is to ensure your systems are secure, safe, and not susceptible to any known vulnerabilities that cybercriminals may be taking advantage of.

Wrapping Up

Understanding what cyber resilience is all about, how it can be improved in your organization, and how you can respond to an attack should help you feel more confident and prepared. Implementing the above-mentioned tips will help you dramatically improve your cyber resilience, which will reduce the risk of a cyberattack and increase your chances of getting through one without any damage.

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