Building a Cyber-Resilient Business: Best Practices and Strategies

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Building a Cyber-Resilient Business Best
Practices and Strategies
Championing cybersecurity can be complex as
cyber-attackers continue to infiltrate business
network securities. Thriving businesses are
finding new ways to foster resilience.
Cybercrimes are increasing in frequency and
intensity. CISOs must prioritize safeguarding
the organizations data, applications, and
network to reinforce business operations in this
unpredictable realm. Traditional cybersecurity
techniques no longer help when it comes to
malevolent hackers who are constantly trying to
infiltrate your security networks. You require
robust cyber-resilient strategies that ensure
uninterrupted business operations in case of a
cyber-attack.
Security leaders must build cyber resilience by
incorporating recovery and continuity strategies
and protection to stay ahead. This approach
entails investing in people, processes, and
technology to mitigate the effects of cyber
incidents and ensure continued operations.
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Safeguarding against cybersecurity threats means
adopting a holistic approach that goes beyond
basic protective measures. By being cyber
resilient, organizations can reduce the impact of
an attack and ensure operational
excellence. Is your enterprise
cyber-resilient? In todays digitally
interconnected era, the exponential use of new
technologies is the sine qua non for
skyrocketing your business growth. But it is also
crucial to safeguard your business from cyber-
attacks to improve organizational
cyber-resiliency. According to a global
cybersecurity report, most organizations lack
the cyber resilience needed to match their risk,
with only 19 of cyber leaders feeling confident
in their organizations ability to withstand
cyber-attacks. This translates to the need for
businesses to focus on preventing, detecting, and
responding to cyber threats for unceasing
operations and ROIs. The present-day
cyber-consciousness. Cyber resilience refers
to a businesss ability to constructively
integrate technologies, people, and processes to
prepare an organization for unforeseen risks like
sharp economic shifts, natural calamities,
terrorism (including cyber and physical), and
more. A survey indicates that 81 of respondents
concur that the cost of staying ahead of
attackers is unsustainable, compared to 69 in
2020.
Hence, organizations must foresee dynamic attack
vectors by upgrading the present-day
threat models. Ignoring these risks while
heavily prioritizing the business ROIs could make
you defenseless. In an Accenture survey amongst
4,744 executives globally, many Chief Information
Security Officers (CISOs) believe they need more
recognition for their contribution to fulfilling
the business strategy. The Accenture survey also
states that 85 of respondents agree that
cybersecurity strategies are developed with
business objectives like growth or market share.
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Cyber resilience includes preventing, detecting,
responding, and constructing effective
recovery strategies if broken down into
components.
This process involves implementing solid
passwords and firewalls and promptly identifying
threats using intrusion detection systems.
Businesses need to have an understanding of their
data volume and its location. By mapping your
data, you can understand its significance,
regulate it according to relevant regulatory
requirements, and mitigate the potential risks
associated with non-compliance, theft, and other
unauthorized activities. Drifting towards cyber
resilient compliances Despite the compliance
function building stronger relationships, one
obstacle still needs to be overcome poor
standing within the business. According to the
Accenture survey, 36 of respondents believe the
compliance function needs more organizational
stature, making it easier to strengthen
compliance. Interestingly, the challenge is more
significant in industries with less regulatory
scrutiny than in financial services.
Organizational stature is a major hurdle for
improving compliance culture and function,
compared to only 25 of capital market
respondents who think the same. Strategical
approach for building a cyber-resilient
business Fabricating cyber-resilient business
strategies requires using new technologies,
robust cybersecurity policies, training
employees to recognize and respond to cyber
threats, conducting regular vulnerability
assessments, and implementing incident response
plans.
As per the Accenture report, more than nine in
ten Compliance Risk Study respondents (93)
agree or strongly agree that new technologies
such as AI and cloud make compliance easier by
automating human tasks, removing human error,
and making the process more effective and
efficient.
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54 of the reports respondents say AI and ML
technologies will strengthen compliance.
Thus, investing in a cloud-based platform can
facilitate the alignment of risk processes across
the business, while AI can help reduce risk by
automating repeatable tasks. The Final
Word Digital transformation is a key business
priority for many organizations, and
cybersecurity is an integral part of it.
Incorporating cyber resilience into digital
transformation efforts can help organizations
achieve their business goals while mitigating
cyber risks. This includes identifying and
managing cyber risks in new digital initiatives,
ensuring cybersecurity is integrated into the
design of new systems and processes, and
ensuring cybersecurity is a critical
consideration in decision-making.
It is time to rethink your cyber resilience tech
investments wisely and reassess your
cybersecurity posture to protect your personal
data or intellectual property from any mishap in
the future.
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