In today's modern world, cyberattacks like malware, phishing, password and SQL injection attacks have increased enormously. The main target of hackers is stealing or deleting confidential data from a computer network, database, or personal devices. According to Cybersecurity Ventures, it is said, by 2025 cybercrime will cost the global economy $10.5 trillion every year. And it is very vital to develop a strong reaction to this issue given the scope of this criminal conduct. Cyber-attacks are so crucial that they can disable, destroy or disrupt computer systems. They can even control the entire system and can change, modify, block, erase, or steal the data stored within. Normally created and initiated by a person or group using one or more attack tactics via the internet.
Some of the major factors that affect business due to cyber-attack are:
Cyber resilience implementation is one method of securing systems from cyber threats.
It is crucial for an organization to create a more robust cyber strategy to resist the flood of threats and attacks from all over the world. Cyber resilience is the capacity to foresee, tolerate, and recover from any cyberthreats and data breaches. They also control system attacks through online resources. The main aim of cyber resilience is to secure organizational functionality and endure all the crises, dangers, adversities, emergencies and difficulties that are both known and unforeseen. Cyber resilience is a new security paradigm that stimulates a proactive security strategy including planning, responding, and recovering from cyber-attacks without affecting regular business operations, business continuity and business acceleration.
Five key pillars of cyber resilience:
Identify:This phase involves getting to understand the various cybersecurity flaws that exist inside the networks, systems, users, and data, as well as your ICT skills that might be in danger.
Protect: It is very important to provide the best tiers of security regarding the confidentiality, integrity, and availability of data privacy, benefiting from providing the best protection against cyberattacks, unauthorized access, and systemic failure.
Detect:It is very important to identify beforehand if someone is getting ready to act maliciously against you. And this can be availed by continual monitoring of network and data systems, which enables recognizing anomalies, unexpected issues, and potential cybersecurity incidents.
Respond:In this phase, implementation of proper disaster planning and appropriate actions to resolve a real-time cyber security incident must be ensured, so that it doesn’t affect business continuity even though you are the victim of a cyber-attack.
Recover:This is the final phase where the main objective is to identify appropriate actions in restoring the service or operations affected by a cyber security breach and mitigate its consequences. If the attack had been prevented, it would have been much easier to restore the integrity of the system at the earliest. This phase also identifies the future activities involved in supporting the resilience of an organization's cybersecurity infrastructure.
Nowadays the security environment is changing persistently. Organizations and individuals are targeted by hackers and disasters and hence it is a major aspect to keep the data and credentials cyber-safe. Cyber security is the best way to achieve business continuity. Implementing resilience of the information architecture of an organization reduces the likelihood of an attack, in turn minimizing and reducing the damage. Cyber resilience not only reduces existing threats but also lowers long-term threats from various hi-tech technologies like artificial intelligence, quantum computing, memcomputing or IoT.
Benefits of having Cyber Resilience:
Augmented Systems Security:Cyber resilience is not only used for responding to and surviving an attack, but also helps in developing strategies for improvising IT governance, critical asset security and data privacy. Resilience also helps in avoiding the various outcomes faced due to natural disasters or reducing human error.
Minimal Financial Loss:One of the main advantages of cyber resilience is decreased downtime and financial losses. Cyber resilience provides a plan which helps minimize business disruption and hence reduce financial losses in a timely and accurate manner.
Swift Recovery Time:Apart from these, cyber resilience also accelerates the recovery process, supporting you to get your business back up and running as quickly as possible.
Reputation Protection:Each employee is liable for protecting sensitive data and hard assets of the organization, ensuring an appropriate incident response, in turn reducing the risk factors. Poor cyber resilience can irreversibly damage an organization's reputation.
Better IT Team:Cyber resilience improves IT department operations, enabling them to respond to threats and helping them to run daily operations smoothly.
Improved Customer Confidence:Cyber incidents damage a company’s reputation. Cyber resilience can reassure customer confidence by providing the assurance of keeping their data secured. This increases customer confidence and in turn increases the sales of the organization.