Cyberattack risks increase when companies digitize their businesses and further automate different processes. With businesses dramatically undergoing digital transformation, it has become essential for IT to bring innovation within the enterprises to give a protective cover of cybersecurity. Without a doubt, cybersecurity is the need of the hour for every digital enterprise. With the existing aggressiveness of cyberattacks, it is vital to include cybersecurity in businesses and to catalyze this cybersecurity transformation within the company.
To do the same, it is crucial to engage in quantitative risk analytics to help in decision-making, embed cybersecurity practices within the value chain of the business and use new technology in combination with innovations like cloud and robotics services. After introducing cybersecurity practices, companies should try to catalyze the process and here is how they can do it. Firstly, it is crucial to define the cybersecurity scope and objectives and ensure common cybersecurity standards across the company. After this phase, businesses can follow these three steps to catalyze the cybersecurity transformation within the business.
1. Avoid Patchwork Solution
Any cyber risk solution should not be a patchwork solution. It needs to be comprehensive to give overall security to the business. Even though it is okay to have various maturity levels of cybersecurity in different business units, the system as a whole should be complete. Even though businesses should avoid patchwork solutions, they need to engage in frequent patching of varying software for an added layer of security.
2. Consistency In Implementation
Cyberattacks are changing with each passing day; therefore, staying updated with cybersecurity methods is vital. Furthermore, it is only possible to remain updated when businesses maintain consistency in the cybersecurity transformation. For example, having regular backups of essential data ensures faster recovery of lost or compromised data.
3. Risk-Based Approach
When a business implements a risk-based cybersecurity approach, its primary focus is on the company’s most vital asset and the most significant threat it can face. After identifying both, the decision maker of the business allocates the required investment accordingly without going above the cybersecurity budget. The risk-based approach should also include a disaster recovery plan which houses procedures, policies and responsibilities which should immediately come into action if the disaster strikes.
Companies should club the above three steps with an internal strategy which includes creating cybersecurity awareness amongst the employees to fortify the asset of the business. Developing cybersecurity awareness through training sessions, guidebooks, virtual tutorials, and awareness campaigns is possible. For example, it is possible to create tutorials for the employees to show how they can use What Is My IP to find their IP addresses or identify the red flags in an email to identify whether it is a phishing email.
How To Implement Cyber Risk Management For Cyber Security Transformation?
Businesses new to cybersecurity transformation should start with a top-down risk approach. It is because it ensures the implementation of cybersecurity with fewer data and provides more insights in less time.
However, as the organization matures in cybersecurity, it is essential to replace the top-down approach with a bottom-up approach. When more data is available, businesses should consider this approach. The bottom-up approach helps mitigate cybersecurity risk by bringing in more transparency to engage in risk-management decisions.
Have A Cybersecurity Transformation Plan
Having a proper transformation plan to engage in the different stages of cybersecurity is crucial. Most businesses take two to three years to complete a total cybersecurity transformation. Therefore, a plan should be created based on this to keep it realistic. Phase zero, which includes the first six months, should go into the preparation of cybersecurity implementation by understanding the different challenges of the business.
The first phase includes the mobilization of different resources into the cybersecurity framework. This phase mostly lasts for a year. Then, in the second phase, the enterprise should catalyze the cybersecurity transformation with the three steps discussed above. Only after this stage should businesses allow the integrated cybersecurity system within the company to undergo an incremental evolution.
It is possible to bring cybersecurity transformation to the business when cybersecurity aligns with its objectives. This alignment needs to occur at two different levels. The first level includes the leadership level, and the second at the execution and management level. Catalyzing cybersecurity transformation is logical and necessary for digital enterprises of any size.