Fighting Cyber Threats with Risk-Led Cyber Resilience
How to Build Digital Immunity in a Fragile World
Fighting cyber threats is becoming increasingly challenging as technology evolves. There is no single technology that can combat all cyber threats. Threats are getting more advanced, and cybercriminals are more skilled in exploiting vulnerabilities. It’s no longer enough to rely solely on traditional security methods like antivirus and firewalls.
To keep your organization safe, you need to take a comprehensive approach to cybersecurity. That approach should involve both cyber resilience and cyber risk management. Together, these two concepts offer businesses a powerful defense against cyber attacks. In the following we’ll explore the benefits of each and how they work together to keep your organization secure.
Cyber Resilience
Cyber resilience is an organization’s ability to operate and recover quickly after a cyber incident. In other words, it’s the ability to bounce back after an attack. The goal of cyber resilience is to minimize the impact of an attack on your business. If your organization is cyber resilient, it will be better prepared to respond to a cyber attack and continue operating despite the damage.
To achieve cyber resilience, organizations need to implement measures to reduce the risk of an attack, such as backups, redundant systems, and disaster recovery plans. Recently, advanced concepts like network segmentation or the implementation of Zero Trust Architectures are significant contributors to improve the cyber resilience posture. It’s important to regularly review and test these measures to ensure they work when needed. On the soft-skill side, Cyber resilience also involves training employees to be aware of the threats they face and how to respond in case of an attack.
Cyber Risk Management
Cyber risk management is the process of identifying, assessing, and addressing cyber risks to an organization. This involves evaluating the potential impact of cyber risks and prioritizing them based on their severity. The goal of cyber risk management is to prevent cyber attacks from occurring by taking steps to eliminate vulnerabilities.
To manage cyber risk, organizations need to understand their assets and their value, the threats they face, and the potential impact of those threats. It’s important to implement appropriate security measures based on the identified risks and regularly monitor and update those measures as needed. When it comes to the assessment of vulnerabilities, a great start is the adoption of Exploit Prediction Scoring System (EPSS) to assess the likelihood of a vulnerability to be exploited. Using this methodology next to a the adoption of a sophisticated Risk Management Framework (say hello to NIST SP 800–30) gives you a personal powerful tool to reduce cyber risks dramatically.
Cyber risk management also involves compliance with applicable laws and regulations related to cybersecurity.
Compete Against Attackers using Risk-based Cyber Resilience
Combining cyber resilience and cyber risk management provides a powerful defense against cyber attacks. While cyber risk management proactively identifies and addresses threats, cyber resilience focuses on an organization’s ability to recover quickly from an attack. Together, these two concepts ensure that your organization is prepared for the worst-case scenario.
So, what are the benefits of combining cyber resilience and cyber risk management?
1. Comprehensive Protection
As already outlined, cyber resilience and cyber risk management cover different aspects of cybersecurity. Combining the two provides a comprehensive approach to protect against cyber threats. Organizations can address vulnerabilities before an attack occurs and reduce its attack surface. In the event of an attack, it has measures in place to minimize the impact.
2. Maintain Reputational Status
A cyber attack can cause significant damage to an organization, including downtime, data loss, and reputational damage. With efficient recovery mechanisms in place, an organization is able to recover quickly from an attack, reducing the impact of the damage to customers and other stakeholders.
3. Better Investment Opportunities
Cyber risk management enables organizations to identify and prioritize threats based on their potential impact. By managing risks effectively, organizations can allocate budgets more efficiently, invest in other areas and reduce the likelihood of an attack at the same time.
Final Thoughts
In conclusion, the dynamic landscape of cyber threats requires a multifaceted defense strategy, and the combination of cyber resilience and cyber risk management emerges as a potent shield against these challenges. As technology advances, relying solely on traditional security methods becomes insufficient, making it crucial for organizations to adopt a comprehensive approach to cybersecurity.
Cyber resilience, emphasizing the ability to rebound swiftly from cyber incidents, complements cyber risk management’s proactive identification and mitigation of threats. Together, they create a robust defense mechanism, preparing organizations for worst-case scenarios and ensuring operational continuity.
The benefits of integrating cyber resilience and cyber risk management are evident. Firstly, this approach provides comprehensive protection by addressing vulnerabilities before an attack occurs and minimizing the impact in the event of an attack. Secondly, it safeguards an organization’s reputational status, allowing for swift recovery and reducing the fallout on customers and stakeholders. Lastly, it offers better investment opportunities, as effective risk management allows for efficient budget allocation, fostering investments in other crucial areas while simultaneously reducing the likelihood of a successful cyber attack.
In a world where cyber threats continue to grow in sophistication, the synergy between cyber resilience and risk management not only fortifies an organization’s defense but also paves the way for sustained growth and resilience against the evolving cyber threat landscape.
About Tobias Faiss
Tobias is a Senior Engineering Manager, focusing on applied Leadership, Analytics and Cyber Resilience. He has a track record of 18+ year in managing software-projects, -services and -teams in the United States, EMEA and Asia-Pacific. He currently leads several multinational teams in Germany, India, Singapore and Vietnam. Also, he is the founder of the delta2 edventures platform where its mission is to educate students, and IT-Professionals to transition into an IT-Management role.
Tobias’ latest book is ‘The Art of IT-Management: How to Successfully Lead Your Company Into the Digital Future’. You can also contact him on his personal website tobiasfaiss.com
