Cybersecurity is a vital aspect of any business. However, many organisations are still vulnerable to cyberattacks that can cause significant financial and reputational damage. In this blog, we will explore the two sides of a complete cybersecurity strategy: prevention and recovery plan. Prevention is all about the measures that your business can take to reduce the risk of a cyberattack, such as using strong passwords, encrypting data, and updating software. Recovery plans are the steps that can help your organisation recover from a cyberattack, such as restoring backups, notifying stakeholders, and investigating the root cause.
The cost of security failures
According to the UK government’s official statistics for 2023, the average cost of a disruptive cybersecurity breach across all businesses was £1,100. However, this figure becomes greater as the size of a business increases. For medium and large enterprises, the average cost was approximately £4,960. Additionally, UK organisations took on average 181 days to discover a breach and a further 75 days to contain it. The same UK government report also clearly states that most cyberattacks could be prevented by taking basic security precautions.
Heads: it’s prevention
The first half of a complete cybersecurity strategy involves taking steps to protect your business from cyber threats. This includes implementing measures such as firewalls, antivirus software, and intrusion detection systems. It also involves educating your employees on how to identify and avoid potential threats, such as phishing emails and social engineering attacks. By taking these precautionary steps, your business can significantly reduce its risk of falling victim to a cyber-attack.
Prevention plans include:
- User education and security awareness training
- Robust access controls and authentication
- Regular software updates and patch management
- Network security and firewalls
- Regular security audits and vulnerability assessments
- On-going monitoring and support.
Tails: recovery
Despite taking all necessary precautions, there is always a possibility of a cyber-attack succeeding. This is where the second part of the strategy comes in – a recovery plan. A recovery plan is the other side of the same coin. It outlines the steps that your business will take to recover as quickly as possible in the event of an attack. This includes data backups, disaster recovery and incident response plans. By having a recovery plan in place, your organization can minimize the damage caused by an attack and resume normal business operations as soon as possible.
By implementing appropriate controls designed to strengthen data protection and improve security, you can reduce your organization’s risk and lower its insurance premiums. Working together, a cyber recovery plan will help reduce the impact of an operational outage from weeks to hours or days, while cyber insurance will help cover the cost of any lost revenue during the recovery period.
Recovery plans include:
- Incident response plan
- Data backup and disaster recovery
- Forensic analysis and learning
- Legal and regulatory compliance
- Cyber insurance.
Don’t leave things to chance
Cybersecurity is not a matter of chance, but a matter of choice. You should never leave your business’s security to the luck of a coin toss, as the consequences of a cyberattack can be devastating. Instead, you need a cybersecurity strategy that is like two sides of the same coin. One side is the preventive measures that you can take to avoid becoming the victim of an attack, such as using strong passwords, encrypting data, updating software, and educating employees. The other side of the coin is the recovery plans that you should put in place, including insurance coverage, backup systems, and incident response teams, so you can quickly recover should the worst happen. By having both sides of the same coin, your business can reduce the risks and costs of a cyberattack and protect its reputation and assets.
To learn more about how Modern Networks can help you develop and implement a complete security strategy for your business, contact us now.
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