Many businesses are becoming aware of the threat that cyberattacks pose to their operations, reputation, and revenues.
We see the new wave of companies investing in security controls such as monitoring tools, multifactor authentication, security awareness training, and other security best practices that have their advantages.
A truly secure company has a solid cybersecurity strategy in place, as well as a well-defined path to address future security needs. But most of the companies out there don’t know how to put together effective cybersecurity policies.
In this article you’ll find all the knowledge you need to develop the foundation of your security strategy whether you’re a small business or enterprise.
What is a cybersecurity strategy?
When we hear “cybersecurity strategy” we think it is dense and technical knowledge reserved only for IT experts. Well, this concept is simpler than we think.
A cybersecurity strategy is a plan that entails selecting and implementing best practices to protect a company from both internal and external threats.
The cybersecurity strategy also establishes a baseline for a company’s security program, allowing it to adapt to new threats and risks on an ongoing basis.
To effectively manage emerging threats and risks today, cybersecurity strategies should consider implementing defense in depth. The goal of putting this strategy in place is to layer security defenses.
When properly implemented, this strategy improves an organization’s ability to minimize and limit the damage caused by a threat actor.
To protect their endpoint devices, a company may use a combination of tools such as antivirus, anti-spam, VPN, and a host firewall.
The importance of having a cybersecurity strategy
Developing and implementing a cybersecurity strategy is more important than ever, as the number of security-related breaches increased by 600% during the pandemic.
Furthermore, the average ransomware payment increased by 82% in 2021, to US $572,000, compared to the previous year. There is no indication that these attacks will slow down, and evidence suggests that threat actors will continue to target vulnerable systems.
Cyberattacks are rapidly growing and becoming more disruptive to businesses, and the situation is only getting worse as threat actors develop new methods of attack.
Here are a number of recent cyberattacks that are a strong indicator of this trend:
- The Kaseya Ransomware Attack
- Saudi Aramco’s $50 Million Data Breach
- SolarWinds Attack
- Accellion FTP Data Breach
- Pulse Secure VPN Breach
Attacks are increasing in all industries, with a recent study determining that the retail industry is the most vulnerable to cyberattacks using social engineering methods.
89% of healthcare organizations have also experienced a data breach in the last two years, despite the implementation of security measures. This is due to the vulnerability of web applications connected to critical healthcare information to cyberattacks.
Small businesses in almost every industry face the same threat. 43% of cyberattacks target small businesses, a problem that small business owners cannot afford to ignore.
As a result of the increased use of online and cloud-based applications, it is critical to address your company’s cyber risk and define a strategy.
8 steps to create a successful cybersecurity plan
When developing a cybersecurity strategy, there is no one-size-fits-all approach because each business’s needs are unique.
Here are eight steps that your organization can use as a template to develop and implement a successful security strategy.
- Conduct a security risk assessment
- Set your security goals
- Evaluate your technology
- Select a security framework
- Review security policies
- Create a risk management plan
- Implement your security strategy
- Evaluate your security strategy
The success of the cybersecurity strategy is dependent on careful planning and executive management. The strategy will falter and eventually fail if leadership does not support it.
The most important factor in the success of the cybersecurity strategy is senior team leadership or having an IT managed services provider qualified to cover your company’s needs.
There may still be pitfalls or roadblocks in the way to identify, avoid or mitigate. But it is still easier to avoid being a victim of a security breach when you have a plan.
Conclusion
Cybercrime and data theft can harm a company’s reputation and development by leaving financial information, classified documents, employee data, and customer information vulnerable. A cybersecurity policy clarifies the guidelines for transferring company data, gaining access to private systems, and using company-issued devices.
Create and implement a comprehensive cybersecurity strategy to ensure your company has proper security measures in place.
Still don’t know how to properly do it? Don’t worry, we’ve got you! You can contact EmpowerIT to help you.
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