TLDR:

With ransomware attacks on the rise, companies need to prioritize cyber resilience beyond compliance. Accepting the inevitability of breaches can help organizations become more resilient. Cyber resilience involves a holistic approach that considers all aspects of a business, from operational continuity to software supply chain security. Regulations like DORA and SEC rules are changing how companies approach cyber resilience globally. The role of people, training, exercises, and crisis simulations are crucial elements of building a resilient cyber defense.

Cyber resilience: A business imperative CISOs must get right

In May 2021, the Colonial Pipeline ransomware attack highlighted the importance of cyber resilience in today’s business landscape. CEO Joseph Blount’s controversial decision to pay the ransom shed light on the critical need for organizations to go beyond compliance when it comes to cybersecurity.

Accepting that cyber attacks are inevitable can help companies prepare for such incidents and bounce back quickly. This mindset shift is crucial in building a strong cyber defense strategy. Many organizations view resilience as a mere box-ticking exercise for regulators, but this approach falls short of equipping CISOs with the tools needed for a true rebound after an attack.

With ransomware payments reaching record highs, it’s clear that leaders must be proactive in enhancing their organization’s cyber defenses. Financial services organizations appear to be more prepared than others, with 55% rating their security posture as highly effective.

Companies must adopt a holistic approach to cyber resilience, considering all aspects of the business and involving all teams, from employees to the board of directors. Integrating cyber resilience into enterprise risk management processes and taking proactive measures to identify vulnerabilities and implement controls are key steps in building a resilient defense.

Another critical aspect of cyber resilience is analyzing the software supply chain. Organizations should conduct thorough penetration tests, implement cybersecurity requirements for suppliers, and establish contingency plans to mitigate disruptions caused by supply chain issues.

The rise of generative AI as a tool for hackers adds complexity to organizations’ resilience strategies. While AI can assist in threat detection and analysis, it remains an aid rather than a substitute for human oversight in cybersecurity.

Regulatory changes like DORA and SEC rules are shaping how companies approach cyber resilience globally, with a focus on transparency and compliance. Adhering to these regulations can help mitigate risks and maintain an organization’s reputation.

Investing in the right people, training programs, exercises, and crisis simulations are essential elements of building a resilient cyber defense. Developing robust sourcing strategies for talent and fostering a culture of security awareness among employees are crucial in enhancing cyber resilience.