GURJIT SINGH
Chief Information Officer, Prager Metis
[email protected] | pragermetis.com
Most organizations in the United States are at risk of becoming the victim of cyber attacks. 94% of organizations1 report incidents related to email security, with an average cost of a data breach of around $4.88 million2, making cybersecurity a crucial part of sustainable business practices.
The most common types of attacks included phishing, impersonation scams, and viruses or malware. These threats create a dangerous environment for organizations that don’t have proper cybersecurity procedures in place.
An effective cybersecurity system will have many parts that work together, including preventative tactics, incident planning, business continuity strategies, and third-party risk management.
PREVENTION
The first step to securing your organization is to implement systems that help prevent cyberattacks before they occur. Real-time threat detection is essential for minimizing potential damage by reducing the time a threat can access your network, including cloud environments and remote devices. Many systems use AI to adapt and improve detection algorithms over time.
A customized security solution can help protect various parts of your organization, depending on your specific needs. It might include services like system backups, risk assessments, dark web monitoring, policy creation, compliance management, and more.
Skill development within your organization is one of the most beneficial preventative measures you can take. Put a plan into place to offer workshops, educational resources, and pathways to cybersecurity certifications that help your employees take on leadership roles.
INCIDENT RESPONSE
Every organization should have policies in place that guide their team through various types of cyberattacks. Your incident plan may need to comply with government or industry regulations to start with the preventative activities mentioned above.
Other information may include contact information for leaders within your organization, indicators of risk, response steps for common attacks, information for notifying regulatory bodies, and how to contain and recover from an incident.
BUSINESS CONTINUITY
A business continuity plan is helpful during the recovery of a cyberattack meant to target systems, assets, and teams that are essential to the operations of your business. Many continuity plans rely on prevention and a solid incident response plan. Without those policies in place, your organization could face much more damage.
A continuity plan should help you assess how much damage your organization can handle and how much damage a specific threat can cause. It should also have an in-depth plan for recovering access to technology and data once a threat has occurred.
Communication during a threat is critical to ensuring an efficient response. Your incident plan and business continuity plan should include communication protocols highlighting who to contact (IT, legal, and management) and when.
THIRD-PARTY RISK MANAGEMENT
Data protection strategies need to include policies for handling external risk assessment in addition to internal threat detection. Your supply chain might include various third parties, and you should use risk assessment tools to understand how cybersecurity attacks could
impact both the vendor and your organization.
Having an entire supply chain security system in place can help reduce the risk of cybersecurity threats that stem from vulnerabilities in third-party systems or the connections between members of the supply chain. It requires technology to provide threat detection as well as cooperation between vendors. Supply chain security might include vendor assessments, in-person inspections, vulnerability testing, cybersecurity requirements, shipment tracking, and regular audits.
As technology becomes more advanced, many supply chains are leveraging artificial intelligence (AI) to create blockchains that help secure their data and offer valuable insights into security risks. AI can be an extremely beneficial tool in cybersecurity decisions and creates stronger connections within your supply chain.
MAKING CONTINUOUS CYBERSECURITY EFFORTS
Cybersecurity threats are here to stay, and organizations cannot afford to let their guards down. It takes continuous effort to ensure that your organization’s data is safe. The three principles of cybersecurity include vigilance, education, and adaptation.
Your prevention strategies should help you know your risk level at all times. If you are unaware of what is happening in your organization, that is when issues tend to arise. Your entire team should be informed as to how to react to threats and how to prevent them. And finally, your cybersecurity policies and protocols should be adaptable as more information is gathered.
Gurjit Singh is chief information officer for Prager Metis.
Sources: 2024 Email Security Risk Report. pages.egress.com/whitepaper-email-risk-report-01-24.html; Cost of a Data Breach 2024 | IBM.
www.ibm.com/reports/data-breach
