Three Steps to Integrating Cybersecurity With Business Continuity
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Cybersecurity as a Major Threat to Business Continuity
As we move into 2024 and beyond, cyberattacks continue to affect organizations worldwide. These threats are rapidly elevating cybersecurity as one of the most critical aspects of business continuity to focus on in the next few years.
National Security Council Guidance
Cyberthreats are not a new phenomenon. In fact, cybercrime has seen a sure-but-steady uptick in the past few years. Following back-to-back ransomware attacks all the way back in 2021, the head of cyber and emerging technology at the National Security Council, Anne Neuberger, wrote a letter to private sector companies urging leaders to review their cybersecurity posture as a significant risk to business operations and resilience. Examining more recent data, cybercrime has grown by as much as 38% in 2022, and these figures are likely to be even higher by the end of 2023.
The letter outlined immediate steps companies can take to protect themselves from ransomware attacks, including best practices such as multifactor authentication, endpoint detection and response, encryption, and a skilled security team. In addition, companies should back up data and regularly test systems, as well as update and patch systems promptly. Neuberger also advised that companies test incident response plans and use a third party to test the security team's work.
Top Challenges to Cybersecurity Programs
Executive buy-In
Many organizations tend to take a reactive approach to cybersecurity, only addressing issues after a significant breach occurs. This often results in costly damage to finances and reputation. While investing in proactive cybersecurity measures may seem expensive upfront, the potential losses from a breach—whether through downtime, data loss, or customer trust erosion—are typically far greater. By prioritizing prevention, companies can avoid the severe financial and operational consequences of cyberattacks.
Increase in Remote Work
According to Forbes, the rise of remote work has brought about a significant increase in cybersecurity threats. With employees accessing company networks and data from various locations and devices, the attack surface has expanded, providing more opportunities for cybercriminals. Phishing attacks, ransomware incidents, and data breaches have surged as attackers exploit vulnerabilities in home networks and unsecured devices.
Skill Shortages
There is currently a severe shortage of skilled cybersecurity workers. According to recent data, there are roughly 700,000 unfilled cybersecurity positions in the U.S. Surveys suggest that only one percent of Fortune 500 companies have enough in-house digital talent, which is a 10% reduction from figures produced in 2020. When a cyberattack hits, that means that a significant amount of organizations may be unprepared to respond to or prevent it.
Shifting to the cloud
The pandemic forced many companies to move both internal and external operations online, rapidly increasing their reliance on digital infrastructure. This sudden shift exposed vulnerabilities that hackers were quick to exploit, targeting weak points in remote work setups, cloud services, and digital communication tools.
As a result, businesses faced heightened cybersecurity risks, making it more crucial than ever to identify and address these gaps to protect sensitive information and ensure operational resilience.
Steps Businesses Can Take
Here are ten steps provided by ISACA that businesses can take to be better prepared for and help prevent ransomware attacks.
- Understand risk profiles
- Realize data responsibilities
- Test for incoming phishing attacks
- Assess all cybersecurity roles on a regular, event-controlled basis
- Evaluate patches on a timely basis
- Perform regular policy reviews
- Leverage threat intelligence appropriately
- Protect end-user devices
- Communicate clearly with executive leadership and employees
- Comprehend organizational cyber-maturity
Protecting Your Business
Building an incident response team with specialized cybersecurity training, educating employees on best practices, and regularly testing emergency plans are key steps to minimizing the risk and financial impact of a data breach.
These actions form an essential part of a comprehensive business continuity strategy, ensuring that your organization is prepared to respond effectively to cyber threats. Integrating these components into your business continuity plan will help safeguard operations and promote long-term resilience.
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