What is a Cyber Resilience Strategy and How is it Implemented?
Technology - March 10, 2021
Many businesses invest in cybersecurity in order to reduce cyber threats to and prevent the possibility of a data breach. Unfortunately, these breaches are difficult to eradicate as cyber attackers are evolving along with technological advancements to extract potential resources and information. According to a recent ‘Global State of Cybersecurity in Small and Medium-Sized Enterprises’ study by the Ponemon Institute, 76% of small and mid-sized firms in the U.S. faced a cyber-attack in the year 2019.
So, what happens when a data breach occurs? How does an organization handle the violation and continue to operate?
What is Cyber Resilience?
Cyber resilience is the ability to adapt and continue business operations and accomplish objectives, regardless of the cyber incidents.
Cyber resilience includes preparation for business continuity and involves not just cyber-attacks or data breaches, but other adverse conditions and challenges as well. For example, if your workforce is now working remotely due to the COVID-19 pandemic , but still able to perform business operations well and produce results in a cyber-secure habitat, your company is demonstrating cyber resilience. In the event of a breach, your company demonstrates cyber resilience if the security team identifies the threats that arrive via phishing, accidentally downloaded malware or other means.
The core of cyber resilience is the ability of your company to stand firm on three critical issues:
• Prepare for adverse circumstances
• Adapt to overcome cyber threats
• Withstand a crisis and recover from it
Companies can weather an attack with minimal harm if that company can attain the above three events effectively.
Things to consider while curating a Cyber Resilient Strategy
Alignment to Business Strategy
A business strategy offers excellent insight into not only the most important business processes and assets to sustain the organization, but also the extent of vulnerability to cyber disruptions that will be faced by these processes and assets. The cyber resilience strategy must cover the entire life cycle of the product and help business operations including people, suppliers, and capital.
Working with leadership and IT, the Information security heads must establish a plan for cyber resilience that supports a business strategy to protect key assets and processes underscoring the strategy. The value added by the IT department to the company is paramount.
Risk management is the cornerstone of a cyber resilience program. When a holistic cyber risk management approach is implemented that recognizes the enterprise strategy and related cyber risk exposure in the ever-changing market environment, cyber resilience controls are better determined.
It is not possible to understate the value of aligning your cyber resilience risk management to the business risk environment of the company. To ensure continuity in directing, tracking, and assessing the mitigation of cyber risks within the entire enterprise, one should incorporate the cyber risk governance within the current organizational governance structure.
Response and Recovery
As soon as it is identified, any suspicious activity should be handled. This needs to be the pivot of an effective cyber resilience strategy. To implement, establish an offline emergency to ensure that while the company works to neutralize the danger, essential business processes such as protection, finance, quality assurance, and customer service are uninterrupted. Have a straightforward incident reaction plan detailing what needs to be done and by whom in the event of a breach.
How can your organization develop cyber resilience?
In order to build and evaluate cyber resilience, there are several frameworks available. Cyber Resilience Review (CRR), Symantec, and NIST SP 800-160 Vol. by the U.S. Department of Homeland Security 2 are all frameworks of this nature.
NIST's architecture provides 14 cyber resilience strategies, including adaptive response, analytical control, contextual understanding, and redundancy among others.
As threats arise, organizations that take an adaptive approach to threats appear to be more agile. When a breach damages one system, those that use redundant systems are not frozen. Firms that track both their safety and external threats are likely to be cyber-resilient.
Four key steps involved in structuring cyber resilience are:
1. Creating a framework: The cyber resilience-building process differs from one company to another. The development of a system is an excellent way to begin the journey of your organization to become cyber-resilient. For your cyber resilience program, a structure will help you come up with priorities and objectives and can be used to build a prioritized, scalable, and cost-effective path to being cyber-resilient.
2. Risk Assessment: Identifying cybersecurity threats is the second step to creating a robust cyber resilience program. Cyber resiliency is all about operation sustainability. To better understand how the organization would be impacted by a cyber-attack, create a list of where your operations rely on technology.
3. Evaluation of Resources: Analyze company resources after performing a risk evaluation to determine whether there are places where a managed service provider or more automation might be used by your company. Make sure you take a census of both human and technical capital within the business.
4. Detection and Protection: A plan to defend yourself from cyber-crime based on the most sensitive procedures and properties in your company and how they might be impacted by an attack is the final step. Put steps in place to identify and protect against threats to cyber security, however be aware the effect of a cyberattack on business practices can be minimized by early detection.
Cybersecurity threats are increasing and evolving with each passing day. Organizations should make decisions based on the fact that a failure in their network defenses is imminent and they must develop a mechanism to mitigating the harm. This is where resiliency in cybersecurity comes in. In the event of an attack, cyber resilience will assist organizations to minimize harm and ensure service and business continuity.