Resilience and the bigger picture
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A good cyber risk management strategy is based on the assumption that your company will suffer a cyber-attack. When that happens, there is ideally a process already in place (cyber resilience). However, resilience is just one aspect of a broader risk management strategy. What does the bigger picture involve?
A fully-rounded plan will have four core features: preparation, protection, detection and improvement. Preparation is establishing a risk culture throughout the organisation and prioritising threats. You’ll know this has been done properly when all the departments understand each other and have the same cyber security goals.
Once you have mapped out your IT assets, you can plan how to protect them. Organise cyber-attack simulations and review your vetting process for those employees who could do the most damage. Have another look at your incident response plan and check it’s up to date. How well-prepared are your staff? Did they all pass the last IT security course?
Risk management has traditionally focused on the first two stages. But as the cyber threat has grown, detection and improvement have become equally important. Monitor your IT infrastructure for known threats and unusual behaviour, you can work with an external provider if the resources aren’t available in-house. Employees are also a valuable monitoring resource when they know what to look for.
Improvement comes from keeping a database of all cyber incidents, including minor ones. You can use this information to calculate attack frequencies and establish any vulnerabilities in your defences. Sharing information with other companies is also a useful exercise and should be encouraged at an industry level.
The final piece of the jigsaw is insurance. Working with an insurance partner can be invaluable in bringing your risk management to the next level. Besides, in today’s interconnected world, standing alone makes for a poor business model.
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