To claim to be resilient at business, you need to start this question. Is the system secure?
Cyber security is becoming even more important in the digital world. More customers are moving into online spaces, increasing the chance for revenue but also the frequency of cyber threats. In order to thrive online, businesses must make ensure that their cyber systems are resilient against these threats.
But how can business owners and managers use information security to build towards cyber resilience? We have five questions that readers can uses to assess their businesses and find out.
Identify
How well do you understand the general cyber risks in your operations?
Every business environment has a unique setup, Part of managing cyber risks is understanding where the vulnerabilities naturally are and how they tend to be targeted. For example, ecommerce businesses deal heavily in online transactions to generate revenue. As a result, e-retailers typically have to be aware of the following cyber threats:
- Phishing scams
- Credit card fraud
- e-Skimming
An information security system that’s familiar with its most common threats is in a better position to defend itself. Identifying overall risk gives owners and managers the ability to plan ahead and react quicker to incidents. That’s why the first step to business resilience is having a clear map of the digital landscape, which leads to identifying the major risks.
Protect
Does your system have the right safeguards in minimize threats?
Even when all necessary precautions are taken, cyber security threats can still happen. When they do, a security system needs to have the appropriate processes in place to protect itself. These processes have two primary functions: to proactively secure data and minimize the risk of a breach.
Being proactive is important, because safeguards aren’t just designed to deal with problems after the fact. Setting up verification points and authorized-only channels are both examples of proactive safeguards that limit the likelihood of a potential cyber-attack.
The best protection is preventative, which is why robust security software is essential to cyber risk management.
Detect
Is my security network vigilant enough to detect breaches in time?
Early detection plays a huge role in risk management. For data security systems, the ability to spot breaches with speed and accuracy greatly reduces the resources spent dealing with an issue.
A vigilant system should be able to identify cyber threats before they can do an irreparable amount of damage. The five steps of cyber resilience are all interlocked, which means detection starts with the ability to identify vulnerable areas. This means a system can dedicate more resources to monitoring high-risk entry points in a system, making detection more efficient.
Accurate reporting is also essential to detection. A security system should give users as much information about the threat as possible so that all threat events can be covered. The better the reporting, the easier it is to find the appropriate solution.
Respond
Is my security system built to respond quickly to cyber threats?
Response time can’t be neglected in an efficient information security system. Unlike detection, the ability to respond isn’t about how quickly a threat is pinpointed, but how quickly the setup allows users to take decisive action.
These response functions need to be set up in a way that makes them easy to access for key stakeholders. Clunky authorization and poorly defined response tactics can take away a great deal of a security system’s effectiveness. The best practices for implementing a responsive system include:
- early communication with stakeholders
- clearly defined response processes
- quick authorization for key users
Problems need to be communicated quickly to the people in charge of solving them, and those people need ready-to-use tools and clear instructions to manage the situation. When that happens, response time is reduced in favor of effective solutions.
Recover
Is my system robust enough to recover from a cyber-attack?
Once a threat has been dealt with, a system needs to recover as quickly as possible. Breaches, scams and malware can slow down or completely stop operations – which is why a good system needs a recovery plan to get everything back on track.
Recovery plans include important functions like backing up all the data in an information system regularly. This minimizes the operational damage caused by stolen, lost or destroyed data. Other recovery functions include stakeholder meetings to break down cyber security reports, restoring server activity and monitoring for any additional complications.
Wrap Up
Cyber-attacks can be successful, but there are still ways to keep a business running despite them. Ultimately, that’s what cyber resilience means.
Is your business cyber resilient? Don’t take any chances – contact us today! Our team of experts is here to help you build a resilient business through exceptional cyber risk management solutions.
