While cybersecurity has become more prevalent over the last several years, does your organization have a solid plan in place to prevent an attack? A recent study revealed that 90% of security leaders believe their organization is falling short in addressing cybersecurity risk. Many organizations have experienced a cyberattack at some level and we learn through the news headlines about companies suffering severe consequences of various attacks — resulting in tremendous financial loss.

It’s not surprising that CEOs rank cyber risk as the top threat to growth over the next three years, according to a KPMG report. Even amid an economic downturn as executives are making tough decisions to tighten their budgets, the best way to protect your organization is to make cybersecurity a top priority, starting with a solid plan. Here are a few key areas to incorporate into your plan:

• Risk Assessment — It’s important to identify, assess, and prioritize potential security risks as part of your plan. What are the most immediate risks and how are they prioritized? There are numerous frameworks, methodologies, and resources to leverage as part of the assessment, which will help you identify your current state of risk. This will help you understand where immediate attention is needed as you formulate a plan and develop processes to mitigate the risks.
• Compliance — Compliance is critical to any security plan. This includes company policies, laws, regulations, and more. Many government regulations are in place to help protect organizations, and some are unique to specific industries, such as health care and the financial sector. Legal trends, including specific reporting requirements, will continue to evolve. It is important to ensure your organization is up to date on the current regulations as part of your overall cyber resilience plan.
• Cyber Insurance — This type of insurance helps reduce the financial impact of a cyberattack. It is more widely used today, but rising premiums are making it more cost-prohibitive to some organizations — especially those with low cyber maturity. Reach out to insurance carriers to understand their policies — what is covered and not covered, what are the requirements, and what are the costs. Identify a policy that best aligns with your organization’s security maturity to ensure an adequate payout if an attack does occur.
• Continuous Testing, Monitoring, and Reporting — A plan should incorporate in detail these three vital aspects of security which are closely aligned. Build in strong testing protocols and procedures in the early stages of the software and/or product development process so any vulnerabilities can be identified and addressed right away. Many security teams leverage pentests, which are simulated ethical hacks, as a key safeguard. Continuous monitoring of your environment is crucial to detect and prevent potential attacks, and reporting on specific metrics will keep your executives and board members informed about the effectiveness of your cybersecurity resilience plan.
• Organization-Wide Awareness and Education — As highlighted in Week 1 of our series, prevention starts with your employees. They all play a critical role when it comes to cyber resilience. Just one click can send your entire organization into a tailspin, causing significant productivity and financial burdens. Employee awareness and education are key to ensuring your organization is protected from the inside out.