Cyberattacks are horror stories for companies of any size, but for small and medium businesses (SMBs) they can be devastating. An estimated 60% of businesses that fall victim to a successful cyberattack go out of business within 6 months. No one wants their organization to join those ranks, but in today’s hazardous cybercrime landscape, that’s a real possibility for every business. That’s why it is essential that companies make sensible choices that strengthen their organization’s ability to defend against cyberattacks or even just survive a damaging cybersecurity incident by increasing that company’s cyber resilience.

IBM defines cyber-resilience (called cyber resiliency in the UK) as a crucial component of IT for every modern business. A cyber resilient organization is able to stand in the face of rising threats from a variety of sources like supporting a remote workforce in volatile conditions, escalating credential compromise risk, and cloud data security failures. In a cyber-resilient company, business operations don’t grind to a halt in the event of a cyberattack. Instead, a cyber-resilient organization can weather the storm to continue operating, respond to emergencies and quickly mitigate damage in the event of a cyberattack. Companies that are cyber resilient can increase customer confidence easily to position themselves as a secure, trustworthy partner and a model for data protection that customers can trust. 

In a report released in March 2021 in MIT’s Sloan Management Review, researchers took that assessment a step further. The key insight from their research showed how cyber resilience had evolved with cybersecurity.  Managing cyber resilience is no longer exclusively the responsibility of IT and security teams. Instead, as risk becomes more pervasive across company operations and functions, so has the impetus for employees to practice good security habits. following procedures and taking actions that maintain or improve cyber resilience has become part of every employee’s job, especially when it comes to things like maintaining strong credential security or handling phishing threats, today’s fastest-growing cybersecurity risk. That means that organizations need a comprehensive approach to cyber resilience – including a clear plan for how to manage risk across all aspects of the business.   

How Can You Boost Your Company’s Cyber Resilience Fast?

It’s clear that cyber resilience must be a key priority for every business. But where should you start? This list of steps to take can give businesses a solid starting point for building their cyber resilience. 

• Protect everyone’s credentials with multi-factor authentication 
• Implement a security-focused procedure for data handling  
• Adopt a zero-trust security model 
• Determine and define cross-functional responsibilities for keeping data safe 
• Set and enforce BYOD policies that prioritize information and system security 
• Make a formal incident response plan with playbooks for every scenario 
• Drill your incident response plan regularly and adjust it as needed to keep it current 
• Automate security processes whenever possible 
• Engage in regular security awareness training for every employee  
• Utilize cutting-edge technology to strengthen your defenses 
• Do not neglect basic maintenance like patching, auditing, or configuration 
• Stay current on the risks that your organization faces

Source: ID Agent