Cyber Security Strategy - Explained

Organisations worldwide are experiencing a sudden rise in cyber-attacks; making it a necessity to implement an effective Security Strategy. Cyber-attacks can pose several threats to businesses of any size or scale. Because of cyber-attacks, many companies encounter financial losses and fail to comply with legal or regulatory compliance. This even leads to the shutting down of their operations altogether.   

According to Purplesec, cybercrimes affect up to 7.1 million individuals each year. Similarly, over 50% of all cyberattacks are targeted at small businesses. Therefore, this indicates that the role of sound Cyber Security Strategy is crucial for business success. Cyber Security works as a shield against a data breach or cyber-attack for your business.  To gain a clear understanding of these security strategies, we’ll delve into the following topics: 

Table of Contents

1) An Overlook into Cyber Security  

2) Importance of Cyber Security Strategies 

3) Stages of Creating a Sound Strategy  

4) Cost of Implementing a Strategy 

5) Conclusion  

An Overlook into Cyber Security 

Cyber Security is drafting, choosing, and implementing efficient strategies to shield the business against external or internal cyber threats. Cyber Security helps to minimize the risks of malicious attacks by defending mobile devices, servers, networks, electronic systems, and computers.   

Most importantly, organisations implementing a sound Cyber Security strategy can respond to emerging risks as and when necessary. These strategies outline the day-to-day tasks of individuals within an organisation who deal with cyber threats.   

Due to the rise in Cyber Security threats, organisations should update their Cyber Security policies regularly. These policies should comply with the business’s long-term and short-term goals to ensure efficiency in the organisation. 

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Importance of Cyber Security Strategy

Are you wondering how Cyber Security will help you in the long run, or is it worth spending on cyber security? Then it’s time to understand the benefits of implementing Cyber Security Strategies: 

a) Improves the Safety of Personal Data  

An organisation’s day-to-day operation revolves around user data or any other data generated daily. However, massive digitisation exposes this data to cyber criminals, industrial spies, and hackers. A sudden cyber-attack can harm the privacy of employees, organisations, and customers. Cyber Security minimises the risks of internal threats, either intentional or accidental attacks. Intentional attacks are usually carried out by former employees, related partners, or third-party suppliers. But, with proper cyber security strategies in place, employees don’t have to worry about data breaches.   

b) Improves Cusiness Goodwill 

The goal of an organisation is to drive in more consumers and improve brand loyalty. Data breaches can harm the organisation’s overall goodwill. While most of the reputed organisations work hard to retain consumers, the organisation’s that encounter cybersecurity breaches often remain behind. Therefore, good security strategies will help any organisation improve their goodwill.   

c) Boosts Productivity  

Innovation in technologies is helping cybercriminals to come up with new strategies for data breaches and data attacks. Malware attacks can negatively impact the productivity, network, workflow, and even the overall functioning of an organisation. Consequently, it will force businesses to hold up its operation for a long time.   

A sound strategy with automated backups, virus scanning techniques, and enhanced firewalls will help organisations stay ahead of the hackers. This aims to educate employees on suspicious activities, scams, and email phishing, which in turn can boost productivity.   

d) Safeguards Employees  

An organisation’s workforce should be aware of threats arising from spyware, ransomware and data breaches. Cyber Security creates a layer of protection for the organisation’s everyday operations. Thus, preventing employees from clicking on any harmful links or unknown files.   

Employees should be trained to devise a successful response or take immediate action whenever a cyber threat occurs. Consequently, it will eliminate any error or the wastage of time. After ensuring the implementation of this stage, the organisation’s employees will no longer have to reach out to IT professionals to check if their actions comply with the organisation’s norms.   

e) Reduces Website Crashes 

The website of small businesses often crashes because of unknown threats. This also leads to fewer visitors, as users prefer to browse through quick and easy-to-navigate websites. In addition, due to higher threats on these websites, the slow loading time can discourage visitors. Consequently, this is the primary reason behind revenue loss, miscommunication, and missed transactions.   

The objective of cybersecurity is to improve the accessibility feature of websites and minimize the chances of website crashes down the line.   

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Stages of Creating a Sound Strategy  
 

A good strategy aims to offer cyber protection to an organisation. This helps teams to understand the steps that should be followed whenever there is a data breach. Let's take a look at these steps: 

Risk Inventory 

The first step is to create an up-to-date and organized list of digital assets, vendors, and personnel. Organisations can identify external and internal weaknesses and threats by listing these inventories.  Also, this will help organisations discover issues in the IT infrastructure that arise due to negligence.   

Classification of data  

Firstly, you should categorize the data under titles such as: 

  a) Public data 

  b) Confidential data 

  c) Data for internal uses 

  d) Data for intellectual property 

  e) And compliance restricted data 

Assets Mapping  

Organisations should include authorised software and implement a Central Management Database (CMDB) to create a detailed record of assets. Next, the users should be classified into different groups and updated accordingly. Refer to some cyber security strategy document examples to get a more comprehensive understanding of how to map your assets.

Evaluation of Stack

The process revolves around the evaluation of 3rd party vendors and contractors. Identification of network, entry and exit points should be carried out online and offline. Besides, the organisations that implement cloud infrastructure should have an infrastructure diagram.

Encourage Collaboration and Communication

Businesses have to ensure the flow of communication between employees, vendors, and managers. The collaboration between these parties should be consistent and transparent. Every organisation must ensure maximise collaboration and cooperation between data owners and different departments.   

Cybersecurity Framework 

Building a good strategy requires you to follow an effective cyber security framework that will help you align with the best industry practices. A cyber security framework outlines goals, guidelines, and policies. This will help you to gain an understanding of the organisation’s cybersecurity activities. There are three types of cybersecurity frameworks, namely NIST CSF, ISO/IEC 27001, and ISF.   

Security Policy 

Strengthening the strategy will require you to devise and implement security policies. When creating a cybersecurity policy, you’ll have to consider password requirements, protection of sensitive data, credentials & IAM. In addition, you also have to ensure minimal and zero-trust access permissions, a cyber security incident response plan, and evaluation and identification of suspicious activities.   

Tech Automation and Stack 

Your organisation should be able to minimise threats that are not visible by automating the process of detecting threats. The code security threats should be detected in real-time. Detecting code secrets, credentials, and PIIs become challenging when carried out with the help of conventional methods or code reviews. 

Several layers of Defence 

Your organisation’s strategy should include several layers of defence as your data and code are vulnerable to external and internal threats. Implementing defence tactics such as automated scanning and monitoring would be best to ensure this. 

Block Access Control  

Attackers easily attack the organization’s infrastructure by misusing access privileges through an easy-to-access entry point. The number of such threats has increased due to the popularity of remote work post-pandemic. So, it is essential to revisit the user directory frequently to manage user privileges and segmentation better. This should be done in both hybrid and cloud-based work environments.
 

Cost of Implementing a Security Strategy  

The expenses incurred to implement and develop a strategy can vary depending on various factors. One of the most critical factors behind cost variability is the availability of resources. Organisations often lack the internal resources required to assess risks or conduct reviews. If you want to get your Cyber Security Action Plan drafted, you should be willing to spend £12,000 and £82,000.   

Conclusion  

Almost all businesses are vulnerable to cyber-attacks regardless of their size or operation. Companies can enhance their devices and data security by following a few fundamental practices. Some standard methods are training and educating employees, implementing strengthened passwords, regular data backup, installing the latest antivirus software, and using multifactor identification tools.   

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