Small and Medium Businesses (SMBs) usually invest less in cybersecurity, making them easier targets. Close to 30% of businesses experience a cyberattack at least once per week . And, if you have an accounting or financial services business, the data that you keep on record is even more valuable to cybercriminals.
The need for constant vigilance and defense against hackers has led many small businesses 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% .
This is because: (1) businesses do not consistently test the threat-readiness of incident response plans and (2) many of them use too many security products that hamper the ability to identify and respond to a cyberattack. It is here where a cyber resilience strategy can help organizations protect uptime and recover from incidents faster. 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.
Prepare Your Financial 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 draft a cyber resilience strategy that highlights ways to move forward in the face of a cyberattack.
Your accounting 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:
By deploying efficient 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 that arise because of data leaks, data breaches, or misconfigurations. Additionally, assessment reports identify key risk areas that require attention.
Cybercriminals are shapeshifters who constantly change their devious tactics. Ensure your business can adapt to emerging cyber threats.
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 important.
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 overwhelming you through shock and disruption.
5 Ways Cyber Resilience Protects all small businesses
Adopting cyber resilience proves beneficial before, during, and after cyberattacks.
1. Enhances system security, work culture, and internal processes
By implementing a cyber resilience approach within your business, you can easily design and develop strategies tailor-made for your existing IT infrastructure. Additionally, cyber resilience improves security within each internal process, so you can communicate desired behavior to employees.
2. Maintains business continuity
Cyber resilience ensures that operations are not significantly affected and business gets back to normal after a cyberattack.
3. Reduces 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 as well as limiting financial liabilities.
4. 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 beneficial to your business for cyber insurance claims.
5. 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 minimize 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.
1. Infosecurity Magazine
2. The 2020 Cyber Resilient Organization Study
3. JD Supra Knowledge Center