According to the Identify Theft Resource Center, the number of data compromises reported in the first half of 2024 increased 14% compared to the same period in 2023. With cyberattacks increasing and impacting businesses of all sizes, more and more often the everyday consumer is feeling the effects – from Ahold Delhaize, parent company of Stop & Shop and other grocery chains, experiencing a cybersecurity issue that left grocery stores with empty shelves right before Thanksgiving to the Change Healthcare cyberattack compromising critical healthcare systems. These cyberattacks left consumers in some instances without a Thanksgiving turkey – and more detrimental, resulted in providers not able to submit new claims, pharmacies unable to charge appropriately for prescriptions, and prior authorizations not going through for essential medications.
Cybersecurity incidents do not always have these dire consequences, but they can erode customer confidence in an organization’s ability to serve them and protect their sensitive information. Organizations across industries must ensure they take the proper steps to prepare, mitigate and quickly recover from a cyberattack as it is no longer a matter of if one will happen – but a matter of when.
Identifying Potential Threats & Vulnerabilities
One of the first steps organizations can take to increase their cyber resilience is identify any potential system threats and vulnerabilities before bad actors can exploit them. To do so, many organizations rely on human led penetration testing which simulates attacks on a network and identifies weaknesses and vulnerabilities in real-time. Autonomous penetration testing is designed to provide companies with an unbiased and comprehensive view of their system. As new weaknesses emerge, they are identified immediately which enables a proactive approach to risk management.
Organizations should also conduct regular risk assessments to gain insights into their current security posture. Implementing continuous monitoring and threat detection allows organizations to analyze network traffic and detect unusual activity that may pose a security threat. Automated alerts and real-time responses help quickly address any suspicious activity so organizations can help mitigate potential damage and do so before it impacts customers.
Implementing a Business Continuity Plan
When cyber incidents do inevitably occur, organizations must be prepared to respond – which is where business continuity plans come in. Business continuity plans test and validate how to keep operations running if a particular technology or vendor shuts down, enabling organizations to continue operations and save critical data. There are a few key areas these plans should cover, including:
- Redundancy and Backup Solutions: Redundant systems, including regular data backups, ensure continuity in case a vendor’s services become unavailable.
- Specific Incident Response Procedures: Implement a plan for vendor-based incidents, and regularly test them.
- Reinforce Communication Protocols: Develop communication lines and protocols to seamlessly coordinate with discovered vendors in the event of a security incident.
- Periodic Exercises with Updates: Perform periodic tabletop exercises and simulations that validate current processes, and update business continuity plans based on lessons learned and evolving threats.
Business continuity plans are a critical component of a comprehensive cybersecurity strategy. By implementing a comprehensive plan, organizations can reduce the overall downtime from a cyber incident. This not only limits financial losses, but also preserves the organization’s reputation and instills greater trust with customers.
Investing in Employee Training
Employees are the backbone of any organization, but when it comes to cybersecurity, they can also be a vulnerability. Investing in regular cybersecurity awareness and training programs is one of the most effective ways to mitigate this risk and cultivate a well-informed and vigilant workforce. Employees should receive continuous education and training on emerging threats and best practices as the cybersecurity landscape is constantly evolving. This includes ensuring all employees know how to recognize phishing emails, avoid suspicious links, understand the importance of strong passwords, and report suspicious activity as soon as it happens. Every person in the organization, from entry-level to executives, should be involved in these trainings to build a culture of security throughout the entire workforce.
A comprehensive training program should involve simulations of different types of cyberattacks, so employees are properly prepared to respond to any threat. This involves running phishing drills and other real-world scenarios so organizations can test employees’ responses and improve their readiness. Simulations also give employees a chance to put their skills into practice and have greater awareness of potential threats when navigating online spaces, building important habits for the future.
While cyber threats are always looming, there are steps organizations can take to be better prepared. Investing in solutions like penetration testing, conducting regular risk assessments, and educating employees can all greatly mitigate business disruption. Being proactive when it comes to cybersecurity is critical for organizations to avoid being the next cyberattack making headlines – and more importantly, demonstrates a commitment to security for their customers.
