Given their proliferation, cyber threats can no longer be treated as exclusively security management matters. Indeed, cyberattacks are perhaps the greatest business continuity threats out there.
But what exactly can organizations do to mitigate the impact of cyber threats on business continuity? We lay it all out in the following article.
How prolific are cyber threats?
Are we overselling the threat, though? Not in the least.
According to the Identify Theft Resource Center 2023 Data Breach Report, there were 2,365 cyberattacks in 2023. That figure might not seem like much, but the 343,338,964 victims of those breaches probably don’t feel the same way.
What’s worse, trendlines are heading in the wrong direction. The same report shows a 72% increase in data breaches since 2021.
Add to that, a data breach now costs $4.88 million, according to calculations in IBM’s Cost of a Data Breach Report 2024.
Cyber threats the single greatest business continuity threat
For too many companies, that cost is simply unpayable.
In fact, 60% of small companies now close within six months of a data breach or cyber attack according to industry data.
Zooming out to all businesses, one-fifth of firms based in the United States and Europe are in danger of bankruptcy due to cyber attacks, according to a recent report published by one of the world's leading insurance companies.
Key cyber threats to business continuity
The first way to mitigate the impact of cyber threats on business continuity is, therefore, to catalogue the cyber risks you are facing. Some of the key cyber threats to business continuity include:
Ransomware
Ransomware is a type of malware which prevents you from accessing your device and the data stored on it, usually by encrypting your files. A criminal group will then demand a ransom in exchange for decryption.
During an incident, attackers will gain access to your network. They establish control and plant malicious encryption software. They may also take copies of your data and threaten to leak it.
The malware is then activated, locking devices and causing the data across the network to be encrypted, meaning you can no longer access it.
Typically, after that, you will receive an on-screen notification from the cyber criminal, explaining the ransom and how to make the payment to unlock your computer or regain access to your data.
Phishing
Phishing is a technique for attempting to acquire sensitive data, such as bank account numbers, through a fraudulent solicitation in an email or on a web site, in which the perpetrator masquerades as a legitimate business or reputable person.
Denial of Service (DoS)
Denial of Service is the prevention of authorized access to resources or the delaying of time-critical operations. Distributed Denial of Service (DDoS), on the other hand, is a denial-of-service technique that uses numerous hosts to perform the attack.
Insider threats
Insider threats encompass threats that an insider will use authorized access, wittingly or unwittingly, to do harm.
Steps to mitigate cyber, business continuity threats
Understanding the cyber landscape is the precondition to taking steps to mitigate cyber risk. But what are exact steps to take?
Looking at collective best practice, we recommend the following:
Run regular risk assessments
Understanding what cyber threats are out there is part of a risk analysis, but it’s not all that a risk assessment entails.
Indeed, risk assessments cover the end-to-end process of identifying risks to business operations (including mission, functions, image, reputation), organizational assets, individuals, and other organizations, resulting from the operation of an information system.
Part of risk management, regular risk assessments incorporate threat and vulnerability analyses, while considering mitigations provided by security controls planned or in place.
The end-to-end RA process includes the following steps:
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- Identifying critical assets
- Analyzing threats
- Prioritizing risks
Implement common-sense cybersecurity measures
By understanding specific vulnerabilities, organizations can develop tailored strategies to address their most pressing risks.
Beyond tailored strategies, there’s often low-hanging fruit left on the table, as well. Many organizations have yet to adopt common-sense cybersecurity measures, such as the following:
- Firewalls. Gateways that limit access between networks in accordance with local security policy.
- Encryption. Cryptographic transformation of data (called “plaintext”) into a form (called “ciphertext”) that conceals the data’s original meaning to prevent it from being known or used. If the transformation is reversible, the corresponding reversal process is called “decryption,” which is a transformation that restores encrypted data to its original state.
- Running regular software updates. Often, software providers release periodic security patches to address vulnerabilities they’ve detected.
- Multi-factor authentication. Authentication using two or more factors to achieve authentication. Factors include:
- Something you know (e.g., password/personal identification number (PIN))
- Something you have (e.g., cryptographic identification device, token); or
- Something you are (e.g., biometric).
Develop an incident response plan (IRP)
An incident response plan (IRP) documents of a predetermined set of instructions or procedures to detect, respond to, and limit consequences of malicious cyber attacks against an organization’s information systems.
A well-structured IRP will include the following components:
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- Established roles and responsibilities, ensuring team members are trained in incident response protocols.
- Detection and analysis.
- Steps to contain the threat, eliminate it, and restore normal operations.
- Post-incident review.
Promote a security culture
Stanford University researchers estimate that approximately 88% of all data breaches are caused by an employee mistake. What this level of human error reveals is a lack of a security culture at many organizations.
How to address it? Organizations should:
- Conduct regular employee trainings.
- Encourage their employees to prioritize security in their daily activities and report suspicious behavior.
- Conduct simulated phishing attacks to help reinforce training and assess employees’ awareness of cyber threats.
Have backup plans in place
Organizations should also have a digitized plan, stored in their business continuity software solutions, if all else fails. These plans will include effective backup and recovery solutions, such as the following:
- Regular backups
- Backup systems and recovery processes
- Backup and recovery strategies integrated into a broader business continuity plan
Finally, businesses can no longer afford to ignore the threat cyber attacks, of all stripes, pose to business continuity. And to that end, this article has laid out the ways to mitigate these most pressing business continuity threats.
However, the best defense is offense. Organizations should also be investing in robust security management software to proactively safeguard their people, assets, and reputation.
Where to turn? Well, software like Noggin leverages actionable threat intelligence, enhanced situational awareness, and robust incident reporting to restore normal operations quickly and strengthen business resiliency when faced with adverse events.
But don’t just take our word for it. Request a demonstration to see Noggin in action for yourself.
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