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 info@phxtc.com. 

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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

How Backup and Disaster Recovery Protects SMBs

Many small businesses operate with a sense of unrealistic optimism regarding data loss and disaster recovery. However, the actuality can be considerably different and can negatively affect your business if you’re not vigilant. As technology increases, so do the risk of data loss. Can your business afford such a costly incident?

It doesn’t matter if data loss happens because of human error, cyberattack, or natural disaster. It can have far-reaching consequences such as:

  1. Severe downtime:
    For SMBs, per-hour downtime costs vary from $10,000 to $50,000.1
  2. Damage to your company’s reputation:
    One-third of customers will end their association with a business following a severe data loss.2
  3. Regulatory penalties:
    Failure to protect data can draw penalties worth 2% to 4% or more of company turnover.
  4. Permanent closure:
    Some businesses are unable to recover financially from an incident and close permanently.

Prioritizing backup and disaster recovery for your business is significant. A robust backup and disaster recovery plan implements secure, uninterrupted backup and quick data recovery — with a cloud-based structure that assures the company runs seamlessly in the event of any disaster.

Key Terms Used in Backup and Disaster Recovery

The following terms will give you an idea about the type of actions and processes you should aim to implement within your business:

• Minimum Business Continuity Objective (MBCO)
MBCO signifies the minimum level of output needed after severe disruption to achieve business objectives.

•Maximum Tolerable Period of Disruption (MTPD)
MTPD is the duration after which the impact on a business caused by minimal or zero output becomes intolerably severe.

•Recovery Time Objective (RTO)
RTO is the time it takes before employees can start working after a data-loss event. (Measured in minutes)

• Recovery Point Objective (RPO)
RPO is the amount of work that can be lost and will need to be done again after a data-loss event. (Measured in seconds)

Deploy Backup and Disaster Recovery Today

Having an effective backup and disaster recovery solution provides several benefits. Here are the six advantages:

  1. Shield your business against natural disasters
    The first half of 2020 alone had close to 200 reported natural disasters. While it’s impossible to stop a natural disaster, you can ensure your data is protected and take the necessary measures to prevent downtime. In Texas, predominantly South Texas, hurricane season is a big issue.
  2. Decrease the result of a cyberattack
    With the rate of cyberattacks going through the roof and small businesses being a constant target of attacks, it is necessary to have a robust backup and disaster recovery solution to protect your business.
  3. Safeguard sensitive data
    If your business handles sensitive data like Personally Identifiable Information (PII), measures must be taken to ensure it never ends up in the wrong hands. Safeguarding all crucial data can establish your business’s reputation and prevent regulatory penalties.
  4. Quick recovery
    It doesn’t matter how a disaster strikes. What matters is how quickly your business bounces back. A good backup and disaster recovery solution helps your business get up and running as soon as possible.
  5. Lessen the impact of human error
    From accidental or intentional misdelivery or deletion to data corruption, employees can pose a considerable security threat to your business. Deploying backup and disaster recovery is, therefore, imperative. You must also train your employees on the difference between acceptable and unacceptable behavior. By training your employees, data loss can be prevented and save substantial business money.
  6. Get ahead of system failure
    Sudden system failure can lead to costly downtime if you don’t implement a backup and disaster recovery plan for your business.

Remember, it’s your responsibility to protect your business from data loss and its turbulent aftereffects. If you can’t handle this alone, don’t worry. We’re here for you. With our backup and disaster recovery solutions, we can help build a resilient strategy to protect your business against data loss and give you much-needed peace of mind in the event of a disaster. Give us a call to find out how your business can benefit significantly from our backup and disaster recovery plan.

855-647-3835 or info@phxtc.com

Article curated and used by permission.

Sources:

  1. TechRadar
  2. IDC Report
  3. GDPR Associates

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