(Editor’s note: This is the 21st installment of a monthly column on the growing number of cyberthreats facing businesses of all sizes and what they can do about it. See previous installments here.)
Imagine this: a successful enterprise bursting with potential and promise is blindsided by a cyberattack that brings the entire business to a screeching halt. Operations are crippled. The staff can’t work. Communications are down. Clients’ satisfaction is crumbling. This nightmare scenario isn’t just a story about the dangers of a cyberattack, but it's potentially a reality for all businesses of all sizes and industries.
The risks to a business from a cyber incident extend far beyond just a financial loss. Yes, that immediate impact can be devastating, with data breaches, ransomware attacks, and other cyberthreats eroding the bottom line. But the true cost lies in the erosion of trust, the regulatory fallout, legal liabilities and operational disruptions can send shockwaves through a business, threatening its very survival.
So much of the damage that is caused by these attacks can be reduced by being prepared for the fight. Police officers, firefighters, doctors and paramedics report for duty, ready to take on whatever emergency comes their way. But what if those professionals had never practiced securing a building, using the hose, performing lifesaving actions or coordinating with their teams? The consequences would be catastrophic.
The same holds true for cybersecurity. Businesses today face an onslaught of cyberthreats. Yet, many organizations go through their days incredibly unprepared. Leaders have a false sense of security believing that expensive technology is enough, or they simply haven't prioritized cybersecurity preparedness.
Their lack of preparation is a recipe for disaster. A cyber incident can cripple operations, hemorrhage money and shatter customer trust. I have seen some businesses rise in the face of a cyberthreat, but unfortunately, I have witnessed way too many organizations fall in the wake of a cyberattack. In this age when data is king and connectivity is table stakes, the need for robust cyber resilience has never been more pressing.
The actions of business leaders set the tone for an organization's approach to cybersecurity. Champion a culture of awareness and continuous improvement, demonstrating a commitment to protecting the business and its stakeholders from harm.
Hoping that a cyberattack will never happen is not a strategy.
Perform comprehensive risk assessments to identify the organization’s vulnerabilities, measure potential impacts, and prioritize remediation efforts accordingly. Understand the company’s digital footprint and assess potential risks so protective efforts can prioritized.
Empower employees with the knowledge and skills they need to become a first line of defense against cyberthreats. Invest in training, awareness programs and ongoing communications to cultivate a culture of cyber resilience from the ground up. Create a culture of cyber resilience by providing employees with the understanding and skills they need to become the strongest protectors against cyberthreats. Practice makes perfect. Regularly train teams at all levels, through realistic simulations and scenario-based exercises to ensure they're prepared to handle cyber incidents with confidence and competence.
Build a cybersecurity response team that is diverse and includes not only information technology personnel but also legal, finance, human resources and communications. Ensure open lines of communication in the industry and across sectors, sharing information on risks, best practices and lessons learned to collectively strengthen defenses. Knowledge sharing is a powerful tool. Develop robust incident response plans that outline clear procedures, roles and responsibilities for responding to cyberthreats in order to minimize the fallout when incidents occur. Stay ahead of the curve by testing technologies and recovery strategies to help bolster resilience and keep pace with defenses against these ever-evolving threats.
Remember, cyber resilience isn't a final destination; it's a journey of continuous improvement. By prioritizing preparedness and training on how we fight these threats, businesses can transform themselves from vulnerable targets into cyber-resilient organizations.
Next month: AI: Secure before you deploy.
Jason Albuquerque is chief operating officer of Pawtucket-based Envision Technology Advisors LLC. You can reach him through www.envisionsuccess.net.
