A company-wide approach to cyber security preparedness and risk management

We’re long past the days when cybersecurity was just an IT issue. Now, it’s a company-wide imperative that requires everyone to be hypervigilant and proactive. With cyberattacks becoming more frequent and sophisticated, organizations must adopt a holistic approach to protecting their digital and physical assets.

By building robust defense systems, and by executing thorough risk management protocols across the entire organization you can help safeguard your operations, employees and customers from cyberthreats.

Identify key cyber security threats

Cyberthreats are one of the most significant challenges businesses face. Common threats, like the following, causing severe financial, reputational and operational damage:

Phishing attacks: Cybercriminals use fraudulent emails or messages to trick employees into revealing sensitive information.

Ransomware: Malicious software encrypts a company’s data, demanding payment to restore access.

Insider threats: Employees—whether through maliciousness or negligence—can unintentionally compromise systems.

Data breaches: Hackers exploit vulnerabilities to steal sensitive customer or business information.

But, just how much damage can one hacker cost a business? To keep things in perspective, remember the infamous 2017 Equifax breach that affected over 147 million people. It cost the company $1.7 billion in settlements and remediation efforts.

High-profile incidents like these underscore the need for robust cyber security measures that protect your digital assets and keep your entire business secure.

The importance of emergency planning

During the 2021 Colonial Pipeline ransomware attack, the company’s inability to quickly recover from encrypted systems led to nationwide fuel shortages and financial losses.

Proactive planning is vital to mitigate the impact of a cyberattack or system failure. You should prioritize creating detailed disaster recovery plans, securing backups, and implementing secure storage solutions. [EDITOR’S NOTE: Need help creating a disaster recovery plan? PIA Northeast members can access the Agency preparedness and recover plan (disaster manual), which is part of the Steps to Success tool kit.]

Having a clear plan ensures business continuity and minimizes downtime during emergencies.

Leverage digital transformation for cybersecurity

Digital transformation is about using new technologies strategically to enhance operations and security. By embracing advancements like artificial intelligence and machine learning, you can improve threat detection, enhance employee productivity and enable scalability. Integrating these advancements enables you to stay ahead of cybercriminals.

Implement a comprehensive risk management strategy

The following steps will ensure you have a solid risk management strategy that reinforces your cyber security preparedness:

1. Identify vulnerabilities: Conduct regular assessments to uncover weak points in systems, networks and processes.
2. Develop a response framework: Establish protocols for responding to minor breaches and major attacks.
3. Get cyber liability insurance: Consider cyber liability insurance to offset potential financial losses. Doing so can save your company in the event of a catastrophic cybersecurity incident. Note that insurance doesn’t cover everything, so a secure network is still vital. [EDITOR’S NOTE: For insurance professionals who are interested in cyber liability insurance, click here.]

In addition to the above steps, cloud security has become paramount. It differs from typical cybersecurity by emphasizing access protection. For example, strong passwords and multifactor authentication are integral layers of the security onion. Be sure to integrate cloud-specific risks—such as data breaches and misconfigurations—into your overall cyber security strategies.

Measures like implementing access controls to prevent unauthorized data access, or using encryption to protect data will reduce risk, and build customer trust by demonstrating a commitment to safeguarding sensitive information.

Build a proactive defense

Proactive cyber security measures are essential to staying ahead of potential threats. Encryption, firewalls and multifactor authentication are a good start to protecting sensitive data and barring unauthorized access.

In addition, you should monitor your systems continuously for vulnerabilities, and implement patches promptly. The unexpected is expected in the shifting world of cybersecurity.

Conclusion

Cybersecurity is a dynamic and complex challenge, but it’s one that you cannot afford to ignore.

Adopt a company-wide approach to preparedness, leverage digital transformation, and implement comprehensive risk management strategies to build a robust defense against evolving threats.