Ways Cyber Resilience Can Protect Your SMB

Ways Cyber Resilience Can Protect Your SMB

Small and Medium Businesses (SMBs) typically invest less in cybersecurity, making them easier targets for cybercriminals. Close to 30% of businesses encounter a cyberattack at least once per week due to a lack of cybersecurity plans.

The need for continual vigilance and protection against hackers has led many SMBs to complicate cybersecurity matters. Though the percentage of businesses that have adopted formal, business-wide incident response plans has increased from 18% in 2015 to 26% in 2020, the ability to contain an actual attack dropped by 13%. The inability to control a cyber attack occurs because businesses do not consistently test the threat-readiness of incident response plans. Many of them use too many security products that hinder the ability to distinguish and respond to a cyberattack promptly.

Here, a cyber resilience strategy can benefit organizations to protect uptime and recover from incidents quicker. Some people use the terms cybersecurity and cyber resilience simultaneously, but the meanings are different.

While cybersecurity primarily aims at blocking nefarious cyber players from attacking your network, cyber resilience is more about planning, defending, responding to, and recovering quickly from a cyberattack. Endpoint protection, email security, network security, backup and data recovery, identity and access management, and a host of other critical solutions together fuel a comprehensive cyber resilience strategy.

Cyber Resilience: Identify, Protect, Detect, Respond, and Recover

Arm Your Business with Cyber Resilience

The cyber threat landscape is evolving at lightning speed, and traditional security measures cannot keep up with it. Experts have predicted that a ransomware attack will occur every 11 seconds in 2021. The only way forward for businesses, including yours, is to compose a cyber resilience strategy that highlights ways to move forward in the face of a cyberattack.

Your business is cyber resilient when:

  • You’ve implemented measures to guard against cyberattacks
  • Proper risk control measures for data protection get deployed  
  • Hackers cannot severely disrupt business operation during or after an attack

The major components of a cyber resilience strategy are:

Threat protection: By deploying effective attack surface management and risk management, you can easily take your business through the path of cyber resilience. Doing so helps you minimize first-party, third-party, or fourth-party risks arising from data leaks, data breaches, or misconfigurations. Additionally, assessment reports identify key risk areas that require attention.

Adaptability: Cybercriminals are shapeshifters who constantly change their devious tactics. Ensure your business can conform to emerging cyber threats.

Recoverability: To quickly bounce back after a security incident, your business must have all the necessary infrastructure, including robust data backups. Conducting mock drills that let you understand the employee readiness to counter cyberattacks is also imperative.

Durability: Your IT team can improve the business’ durability through constant system enhancements and upgrades. No matter what strategy the criminals use, prevent their actions from overcoming you through shock and disruption.

5 Ways Cyber Resilience Protects SMBs

Adopting cyber resilience proves beneficial before, during, and after cyberattacks. Here are five ways cyber resilience protects SMBs:

Enhances system security, work culture, and internal processes

By implementing a cyber resilience approach within your business, you can easily design and develop strategies specifically for your existing IT infrastructure. Additionally, cyber resilience improves security within each internal process so that you can communicate desired behavior to employees.

Maintains business continuity

Cyber resilience ensures that operations are not significantly affected and business gets back to normal after a cyberattack.

Lessens financial loss

The financial damage caused by a breach can be so severe that businesses go bankrupt or even close. Cyber resilience keeps threats in check, reducing the chances of business disruption and limiting financial liabilities.

Meets regulatory and insurance requirements

Cyber resilience helps keep your business out of regulatory radars by satisfactorily following all necessary criteria. Also, complying with regulations can be advantageous to your company for cyber insurance claims.

Boosts company reputation 

Having cyber resilience by your side gives you better control in the event of a successful cyberattack. It helps you block attacks, bounce back quickly if an incident happens, and lessen the chaotic aftereffects of a breach. This improves your business reputation among partners and customers.

Don’t worry if the concept of cyber resilience is tough to crack. We can guide your business to and through cyber resilience. Start with an assessment to check your business’ cyber resilience level. Contact us now at 855-647-3835 or send us an email at [email protected]. 

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Article curated and used by permission.

Sources:

1. Infosecurity Magazine

2. The 2020 Cyber Resilient Organization Study

3. JD Supra Knowledge Center

Recommended Security Practices

Prevention is always better than remedy, especially when managing data, systems, software, and networks. By proactively utilizing best practices, it is feasible to enhance your supply chain’s security. Some of these practices include: 

• Security Awareness Training: You must train all employees about how even a minor mistake on their part could critically jeopardize security. Since employees are usually the first line of defense against cyberattacks, they must be given sufficient training to distinguish and avoid any possible threats. Planning and implementing an effective security awareness training program should not be a one-time event. It should take place at regular intervals to ensure all stakeholders are on the same page.

• Data Classification: Data classification allows you to identify data, segment it according to its worth and assign security to each data type. The bottom line is that if you do not know your data thoroughly — especially the information that rests in your supply chain — you will struggle immensely at securing it.

• Access Control: Allowing an access control gateway lets only authenticated users access your business data, including users that are part of your supply chain. With robust authentication and authorization protocols in place, you can reduce the chances of sensitive data getting compromised. While authentication verifies whether the user is whom they claim to be, authorization verifies whether a user has access to a particular type of data. Hence, both hold equal importance when implementing a robust access control strategy.

• Monitoring: Given the invasive and inevitable nature of security threats, a quick reaction time is necessary to your supply chain security effectiveness. Hence, automated and consistent monitoring is vital for rapid detection and response to an attack. You must gather and dissect relevant data to recognize suspicious activity or dubious system changes within your organization. You can pre-define acceptable behavior on the monitoring system, and if breached, the system will trigger an alert.

• Endpoint Protection: Endpoint protection ensures that end-user gadgets are protected against nefarious cybercriminals. Cybercriminals are getting more proficient at identifying the most vulnerable point within your network. In most cases, it turns out to be an end-user device on your network or even devices on your third-party partner’s network. Therefore, securing endpoints is crucial to reinforcing the security of your business and your supply chain.

• Patch Management: Security gaps left wide open due to inept patch management can leave your business vulnerable to cyberattacks. Whenever a new patch gets delivered, it is essential that you deploy it immediately. Failing to do so could give cybercriminals a clear passage to circumvent their defenses. 

• Routine Scanning: Routine vulnerability scanning is a collaborative process to test, recognize, examine and reveal potential security threats (internal and external). Automating these scans, so they are conducted accurately and regularly without investing a lot of time and effort will work wonders. 

• Network Segmentation: Once you dissect your business’ network or segment it into smaller units, you can control data movement between segments and secure each part from one another. Moreover, automating the process can help you smartly restrict suspicious entities (both internal and external) from gaining access to vital information or data.

• Managed Detection and Response: MDR is an economically feasible service that helps you with in-depth threat detection and response. Threat hunting, which is part of this service, helps you with deep research and analysis of vulnerabilities, thus allowing you to deal strategically with cyber threats.

Adopt These Best Practices Before It’s Too Late

When it comes to supply chain security, the best practices mentioned above are just the tip of the iceberg of what you should do to avoid security incidents. Enlisting the help of an MSP can help you stay ahead of the curve since they have the experience and expertise to shore up your business’ security. Ensure your business is protected. Contact us for a free network scan to ensure that your data is secure. Give us a call at 855-647-3835 or email us at [email protected]

Article curated and used by permission.