A Strategic Approach to Cybersecurity Resilience

While most organizations understand the importance of cybersecurity, many are still unsure about the meaning of cyber resilience. According to the National Institute of Standards and Technology (NIST), cyber resilience is defined as “the ability to anticipate, withstand, recover from and adapt to adverse conditions, stresses, attacks, or compromises on systems … enabled by mission or business objectives that depend on cyber resources.” Or in simpler terms, cyber resilience is about developing operational processes to better survive and recover from a cybersecurity breach.

Unlike cybersecurity which is designed to protect systems, networks and data from cybercrimes, cyber resilience is designed to allow systems and networks to continue to operate if security is compromised. However, not enough businesses are focusing on developing a cyber resilience strategy.

Recognizing Increasing Supply Chain and Third-Party Risks

Cyber resilience benefits a business in many ways: It can reduce potential financial losses, protect a firm’s brand and reputation, minimize negative financial impacts and improve an organization’s internal processes and overall security culture. However, despite these clear benefits, many businesses still don’t take a proactive approach to cyber resilience–potentially due to the difficulty in identifying the risks in the first place.

The PwC 2022 Global Digital Trust Insights Survey highlighted the fact that complex partnerships and vendor or supplier networks could often make risks difficult to recognize. Data breaches through third parties were only understood by 40% of respondents, while nearly a quarter had little or no understanding of those risks. Only 37% claimed an understanding of cloud risks, despite 57% expecting a rise in cloud service breaches and 56% expecting an increase in reportable incidents.

Even organizations with excellent cybersecurity defenses could still be vulnerable to supply chain attacks. This is because attackers are continually finding new ways to breach systems, such as through the code libraries, packages and modules that integrate into software. Gaining a clear understanding of all supply chain and third-party risks is, therefore, a critical first step to building cyber resilience.

The Importance of C-Suite Buy-In

Cyber resilience is not purely an IT decision – security best practices must be embedded in the day-to-day operations and therefore require C-suite buy-in. Not only can a cybersecurity breach impact a company’s reputation, but there can also be serious financial and operational consequences. The CFO, COO, CMO and CEO must be fully aware of, and aligned with, any security protocols that the organization puts in place. After all, these executives would ultimately be responsible for managing the fallout following a cybersecurity breach, such as managing communication with customers and other stakeholders as well as ensuring operational continuity. And because a cyber resilience program wouldn’t necessarily be managed by the C-suite executives, it is essential that they have full confidence and trust in the process as a whole.

Organizations must foster a cybersecurity-aware culture, implementing a common approach and consistent language so employees are familiar with emergency protocols. Further, C-suite executives should ensure there is a commitment to ongoing security education to ensure that all employees understand potential cybersecurity threats and how to remain vigilant.

Developing a Cybersecurity Risk Program for Proactive Defense

A common pragmatic cybersecurity risk program consists of five steps: Identity, protect, detect, respond and recover. However, the most important component is active and continuous program management.

Technology is advancing at an exponential pace – for both businesses and cybercriminals – so it can often seem as though protection is constantly being undermined. To stay a step ahead, robust patching and vulnerability management practices are necessary. Cybercriminals seek out low-hanging fruit, and known vulnerabilities are an easy entry point. Active patch and vulnerability management can help a company eliminate easy entry points and proactively defend its critical data.

Organizations must be able to prepare for, prevent and respond to any attack on any scale and ensure that operation continues with minimal disruption. Often, employees are the first line of defense in preventing an attack, meaning that cybersecurity training is imperative for all employees, regardless of their position within the organization.

The Differentiator

Even with the most robust protections in place, there are no guarantees that a business can operate forever without experiencing a breach. When threat actors breach an organization, cyber resilience ensures customers experience little to no disruption in receiving the goods and services they expect.

As attacks on the software supply chain increase, businesses face heightened exposure to risks. Gathering C-suite buy-in and creating a cybersecurity risk program focused on proactive defense can help a business remain agile. The ability to remain resilient as the threat landscape evolves serves as a key differentiator against competitors to foster sustained growth and maintain customer trust.

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Safi Raza

Safi Raza, who has more than 15 years’ experience in information security, is Director of Cybersecurity at Fusion Risk Management.  Prior to joining Fusion, Safi spent 14 years at Rosenthal Collins Group, where he spent eight years in training and six years in information security.  Safi was responsible for overseeing the e-Trading Services Department where he helped introduce, adapt and support new and improved trading technologies.

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