With ever-increasing dangers to organizations, a comprehensive security solution is a must. However, there is still a great deal that organizations can do to diminish these risks, as well as mitigate the effect of attacks when they do occur. One thing is sure: a company’s reputation, market share, and bottom line will suffer irreparable harm if it is unprepared to mitigate cyber threats.
Uncovering the Impacts of Cyber Attacks
While forecasts about the frequency and monetary impact of data breaches portray a grim picture, it is actually feasible for businesses to incorporate cyber-resilience into their corporate culture. Cyber assaults may be catastrophic for both large and small businesses. According to IBM’s Cost of A Data Breach Report published in 2022, the average cost of a data breach in 2021 soared to an astounding $4.35 million per event, the highest average cost in the history of this research.
IBM’s data indicates cyber attacks are a constant threat to any business and at any time. Therefore it is a crucial component of your organizations security strategy to prioritize not only preventative measures, but also to have action plans in place to address active security concerns, threats and breaches. If you make any modifications to your system’s security, you must test them to verify that you have not only closed the vulnerabilities but that the changes have not adversely affected your other systems.
Since people might be your most significant security risk, ensure that regulations and best practices are well-documented in policies, and then implement a comprehensive staff education programme on the threats posed by today’s networked business practices. Hence, providing cybersecurity training is one of the most efficient methods for organizations to enhance their security policies. Harvard VPAL’s cybersecurity course is one of the most comprehensive courses for those aiming to improve their business cybersecurity pillars.
If you prepare to defend the integrity, security, and confidentiality of your digital assets with Harvard VPAL’s cybersecurity online course , you will gain comprehensive industry expertise from the former Chief of Staff to US Secretary of Defense Ash Carter. Those who acquire Harvard VPAL’s Cybersecurity Certificate will learn how to examine an organization’s risk profile critically and acquire the skills necessary to guide themselves through the intricacies of the cybersecurity world. Click here to learn more about this cutting-edge course.
Recovering from a Cyber Attack
If you plan for disaster recovery, you will be better prepared to respond if you uncover a breach in your network’s cybersecurity. Since this strategy focuses on business continuity, it should assist you in repairing your system and resuming operations quickly. Follow a comprehensive cyber incident response strategy to make the recovery process more efficient. The IR plan should explicitly allocate duties to teams and people and outline all the actions required for your firm to recover as painlessly as possible.
Time is essential in your recovery from a cyber assault, and a well-organized, well-prepared response is the most effective method. However, just 54% of firms with 500 or more employees have a comprehensive recovery strategy according to recent research published by iland.com from a survey of over 150 key US businesses. Moreover, it is paramount to establish a continuity of operations plan.
Preventing Future Cyber Attacks
While many people see security as a dichotomy — whether you are safe or not – it is more about managing risk than stopping every conceivable assault. One of the most critical actions you should do after a cyber breach is to examine your security shortcomings and determine what you can do better. Increase your security standards, change all passwords, and tell your workers to do the same. The most effective way to avoid further intrusions into your systems is to educate your personnel.
Moving forward, you should regularly perform a comprehensive, encrypted backup of your data on each computer and mobile device. Depending on the demands of your organization and the importance of the system’s data, the frequency of backups will vary. When preparing weekly or hourly backups, evaluate the rate of information change in your industry and whether your business would still be able to operate if that data were lost.
If you have not already, now is the time to create an IR strategy. Your strategy should include a strategy of your whole digital network, allowing you to quickly identify potential threats. Your IR strategy should include contacts with workers, the general public, law enforcement, and regulators. Importantly, it must consist of procedures for resuming regular corporate operations, such as using backups, blocking IP addresses, modifying firewalls, etc.
Additionally, you should invest in extra precautions, such as cyber insurance and mandated security training for staff. By outsourcing cybersecurity to a managed IT services provider, you can keep your infrastructure safe and free up your in-house IT staff to concentrate on other tasks.
Every enterprise faces the possibility of a data breach or cyber assault, and falling prey to these threats is a stressful and expensive scenario for companies of all sizes. Even in the aftermath of a cyber assault, you must maintain vigilance if another attempt is made. Finally, re-evaluate the strategy to verify that rules and processes are in place for your firm’s new and current technology.
- Cost of a Data Breach Report 2022, IBM, https://www.ibm.com/security/data-breach
- Only 54% of Organizations Have a Company-wide Disaster Recovery Plan In Place, Security Magazine, 2021, https://www.securitymagazine.com/articles/95521-only-54-of-organizations-have-a-company-wide-disaster-recovery-plan-in-place