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Small and Medium Businesses (SMBs) usually invest less in cybersecurity, making them easier targets for cybercriminals. Close to 30% of businesses experience a cyberattack at least once per week.
The need for constant vigilance and defence against hackers has led many SMBs to complicate cybersecurity matters. Though the percentage of businesses that have adopted formal, business-wide incident response plans has increased from 18% in 2015 to 26% in 2020, the ability to contain an actual attack dropped by 13%. This is because: (1) businesses do not consistently test threat-readiness of incident response plans, and (2) many of them use too many security products that hamper the ability to identify and respond to a cyberattack.
It is here where a cyber resilience strategy can help organisations protect uptime and recover from incidents faster. Some people use the terms cybersecurity and cyber resilience simultaneously, but the meanings are different.
Learn: What can a Cyber Security company do for my business?
While cybersecurity primarily aims at blocking nefarious cybercriminals from attacking your network, cyber resilience is more about planning, defending, responding to and recovering quickly from a cyberattack. Endpoint protection, email security, network security, backup and data recovery, identity and access management and a host of other critical solutions together fuel a comprehensive cyber resilience strategy.
The cyber threat landscape is evolving at lightning speed and traditional security measures can’t keep up with it. Experts have predicted that a ransomware attack occurs every 11 seconds in 2021. The only way forward for businesses, including yours, is to draft a cyber resilience strategy that highlights ways to move forward in the face of a cyberattack.
Your business is cyber resilient when:
By deploying efficient attack surface management and risk management, you can easily take your business through the path of cyber resilience. Doing so helps you minimise first-party, third-party or fourth-party risks arising from data leaks, data breaches or misconfigurations. Additionally, assessment reports identify key risk areas that require attention. Our process is supported by our Gap Analysis, which will tell you exactly where you are and what’s missing to reach your goal.
Cybercriminals are shapeshifters who constantly change their devious tactics. Ensure your business can adapt to emerging cyber threats.
Your business must have all the necessary infrastructure, including robust data backups, to quickly bounce back after a security incident. Conducting mock drills that let you understand the employee readiness to counter cyberattacks is also essential. Learn why Backup Strategies are vital.
Your IT team can improve the business’ durability through constant system enhancements and upgrades. No matter what strategy the criminals use, prevent their actions from overwhelming you through shock and disruption.
Adopting cyber resilience proves beneficial before, during and after cyberattacks. Five ways cyber resilience protects SMBs:
By implementing a cyber resilience approach within your business, you can easily design and develop strategies tailor-made for your existing IT infrastructure. Additionally, cyber resilience improves security within each internal process, so you can communicate desired behaviour to employees.
Cyber resilience ensures that operations are not significantly affected and business gets back to normal after a cyberattack.
The financial damage caused by a breach can be so severe that businesses go bankrupt or even close. Cyber resilience keeps threats in check, reducing the chances of business disruption and limiting financial liabilities.
Cyber resilience helps keep your business out of regulatory radars by satisfactorily following all necessary criteria. Also, complying with regulations can be beneficial to your organisation for cyber insurance claims.
Having cyber resilience by your side gives you better control in the event of a successful cyberattack. It helps you block attacks, bounce back quickly if an incident happens and minimise the chaotic aftereffects of a breach. This improves your business reputation among partners and customers.
Don’t worry if the concept of cyber resilience is tough to crack. We can guide your business to and through cyber resilience. We can begin with a discovery call to learn about your concerns and requirements and follow with a Gap Analysis to identify precisely the main points that need to be prioritised. Wherever you are in the world, we’ll be more than happy to assist, so talk to us and count on us!
Article curated and used by permission.
2. The 2020 Cyber Resilient Organization Study