Small and Medium Businesses (SMBs) tend to invest less in cybersecurity, making them an easy target for cybercriminals. Close to 30% of businesses experience a cyberattack at least once per week.1
It is no longer a question of if you will be a victim, but when you will be a victim. With the right cybersecurity strategy in place, you can recover quickly and avoid lasting damages. The need to be able to defend businesses against threats, protect assets, deter criminals, continue to develop skills and respond to hackers has led many SMBs to complicate cybersecurity. While the amount of businesses that implemented a cybersecurity strategy including a formal, business-wide incident response plan has increased from 18% in 2015 to 26% in 2020, the ability to contain an actual attack dropped by 13%.2
Why is this?
- There is No testing of the actual plan in place, so it fails.
- Too many security products are added to an infrastructure that impedes the ability to identify and respond to an attacks.
It is critical to have layers of protection to deter cybercriminals and block attacks. It is equally important have a strategy that includes a plan to identify, respond to and recovery quickly from a breach. 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 security strategy implementation.
Combat Cybercriminals in 2021 and beyond
Cybercriminals are becoming more sophisticated than ever; evolving their skills and techniques at lightning speed, while traditional security measures cannot keep up. Experts have predicted that a ransomware attacks will occur every 11 seconds in 2021.3 The only way to combat these criminals and be productive in this online ecosystem, is to draft a cybersecurity strategy that highlights ways to move forward in the face of a cyberattack.
Your business will mitigate risk when:
- You’ve implemented measures to guard against cyberattacks
- Proper risk control measures for data protection are deployed
- Hackers cannot severely disrupt business operation during or after an attack
The major components a cybersecurity strategy include:
By deploying a first layer of defense at a hardware and software level with a risk management policy, you can easily identify weakness and protect critical data and access points. Doing so helps you minimize first-party, third-party or fourth-party risks that arise because of data leaks, data breaches or misconfigurations. Assessment and audit reports identify key risk areas that require attention.
Cybercriminals are shapeshifters who are constantly improving their tactics. Ensure your business can adapt to emerging cyber threats with regular testing, training, and skill development.
To quickly bounce back after a security breach, your business must have all the necessary infrastructure, including robust data backups in place. Conducting mock drills that let you understand the employee readiness to counter cyberattacks will help you work out any bugs. Security training for your entire staff, not just IT, to identify, communicate, and react, will expedite your recovery.
Your IT team can improve the business’ durability through constant system enhancements, upgrades, and employee development. No matter what strategy the criminals use, prevent their actions from overwhelming you through shock and disruption with employee readiness.
How a Cyber Security Strategy Protects Businesses
Adopting cybersecurity strategy proves beneficial before, during and after cyberattacks.
Enhance system security, work culture, and internal processes
By implementing a cybersecurity strategy within your business, you can easily design and develop tailor-made plans and tactics for your existing IT infrastructure. This allows for security improvements within each internal process, so you can communicate desired behavior to employees.
Maintains business continuity
Insure that operations are not significantly affected, data is not compromised, and business gets back to normal after a cyberattack. Know the point of breach, learn from the compromise, and add additional securities to prevent future breaches.
Reduces financial loss
The financial damage caused by a breach can be so severe that it forces a businesses to go bankrupt or even close. A cyber security strategy can keep threats in check, reducing the chances of business disruption as well as limiting financial liabilities.
Meets regulatory and insurance requirements
A cybersecurity strategy with an implemented plan helps keep your business out of regulatory radars by following all necessary criteria and overall best practices. Complying with regulations can be beneficial to your business for cyber insurance claims.
Boosts company reputation
Having a cybersecurity strategy and enforced policies 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 cybersecurity is tough to crack. We can guide your business to and through it all, every step of the way.
1. Infosecurity Magazine
2. The 2020 Cyber Resilient Organization Study
3. JD Supra Knowledge Center