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Cybersecurity Vs Cyber Resilience! What Business Leaders Must Know!

Cybersecurity Vs Cyber Resilience! What Business Leaders Must Know!

Some of the potential and enormous problems for any organization are cyber threats that include ransomware, phishing, hacking, and distributed denial-of-service attacks. Such attacks can also cause gigantic organizations leading to its reputational damage, disruption in services, as well as the loss of personal data. In some extreme cases, they might also result in huge fines from the regulators.

On March 31st, 2020, Marriot, one of the biggest chains of luxury hotels disclosed a security breach impacting transactional data of more than 5.2 Million guests using their loyalty application. Hackers were able to access the login credentials of accounts used by users and as well as the Marriot employees. That data accessed in the breach involved having personal details such as travel information, loyalty program information, name, etc.

As the pandemic forced employees to accept the work from home policy, various companies, organizations, institutions, started using the Zoom video conferencing app for virtual meetings. In view of the situation, it started becoming popular among cybercriminals too. Sadly, in just a short span of time, the Zoom application became vulnerable to such cybersecurity threats. Additionally, leading to a victim of a data breach involving more than 500,000 stolen zoom passwords. Eventually becoming available for sale on the dark web. Login credentials, personal meeting URLs, HostKeys were up for sale.

With more and more increasing cyberattacks, headlines are completely packed with the increasing frequency of cyberattacks. However, big companies like Marriot can swallow huge amounts of fines, however, if compared with other businesses, the situation can really be devastating and impacting with a few permanent effects on the same. Therefore, it’s extremely important for a company to invest in cybersecurity and cyber resilience.

What Is The Difference Between Cybersecurity And Cyber Resilience?

When it comes to these two fancies and most commonly used terms, cybersecurity and cyber resilience have different meanings. Cybersecurity eventually describes a company’s ability in order to protect themselves against the increasing threat happening due to cybercrime.

However, cyber resilience refers to a company’s ability to recover damaged systems, processes, and regain its reputation by carrying on once the data or systems have been compromised. Adversarial threats such as malicious actors are covered under cyber resilience, in addition to this, simple and human error is considered as non-adversarial threats.

Putting forward a different perspective of thinking, cyber resilience involves accepting the fact that no cybersecurity solution present is capable of protecting from any possible form of Cyberthreat. Therefore, having both aspects are extremely crucial for every company.

Most importantly a strategy for cybersecurity helps to minimize the risk of attacks happening on an organization, along with this, a strategy for Cyber resiliency helps to minimize the impact of the same.

Cyber Security And Cyber Resilience:
Practical Implementation

You might be wondering, what does all this mean in practicality? Or when it’s in practice? Practical steps for cybersecurity are more often obvious than for cyber resilience.

Moreover, cybersecurity should at least ensure;

That all your devices are having the most up-to-date software and firmware.
Softwares and tools must be fixed with the latest security patches.
That all your VPNs, anti-virus malware protection, and Firewall protections are running precisely and up-to-date.
Employees of the organization should be trained and educated on the potential threats that lead to their action in helping to defend the organization’s crucial data.

There might be several steps involved in cyber resilience. These steps may also vary and differ from businesses to businesses and organizations to organizations. However, one of the most important points to work on the incidents where the effects of cyberattacks happen the most. In addition to this, formulate a list that is comprised of operations that are completely reliant on technology and locations where valuable and sensitive data is stored and used. Apart from this, formulating a list will also provide you broader aspects and understanding of how continuity of service could be affected.

Secondly, having a digital and simulated model of your organization can also help you in understanding the overall efficiency and output. The concept of “Digital Twin” comes in handy here. This concept plays an important role in cyber resilience.

Cyber resilience mostly involves putting measures that help to recover the damages in the best possible solution in case any attack happens. In certain cases, in case a breach is getting fixed, a company might develop emergency processes in order to keep the essential functions such as the finances, quality assurances, customer services running.

A solid cyber incident response plan must always clarify the below points:

What steps need to be taken in the event of breach or failure?
Who would be responsible for taking those steps and how?
How the incident is been communicated to the stakeholders. Customer services play a crucial role here.
The way failures should be reported to the regulators is in your jurisdiction.
Assessing the report and impacting the resilience measures
Getting back to normal operations as small as possible

Creating a response team in such events of an incident helps organizations in coordinating the first responses. Representatives from every business department are part of the response team who are concerned for declaring the state of emergency.

With the help of technology, we get various business advantages and incredible new opportunities. However, even with new technology and business advantages, threats may also occur. Cyber resilience as well as cybersecurity requires investment in time, educational training, and resources. Without any doubt, the investment will be completely recovered and repaid a lot of times once your company has successfully withstood the first cyber attack.