Now more than ever, cybercrime is top of mind as the severity and commonality of breaches continue to rise. In fact, a recent report indicates cybercrime damages are expected to hit $6 Trillion by 2021. In 2017 alone, there were more than 1,500 reported data breaches that exposed about 179 million records. That’s up from 321 reported breaches that exposed 19 million records in 2006. Although many technological advancements bring more convenience – cloud-based storage, online banking, etc. – it also makes organizations more vulnerable to cyber-attacks. Is your organization prepared for the increasing likelihood of a cyber-attack?
Here are just 5 of many reasons why your business continuity plan (BCP) should include a cybersecurity plan:
- Preparing for a cyber-attack before it happens will add another element of safety to your BCP.
How is your organization’s secure information governed? Many tools focus on only one risk, but it’s far more effective to use an all-hazards approach and include cybersecurity plans within your BCP. By doing this, your planning is based on a critical resource, function, or operation that could be affected by an array of potential business disruptions.
Think of it this way. It’s better to lead a healthy and active lifestyle to prevent heart attacks than relying on a defibrillator. Don’t get me wrong. A defibrillator will indeed help should you have a heart attack, but it’s better to take precautions in preventing a heart attack than having to experience and recover from one. The same goes for an all-encompassing cybersecurity plan within your BCP.
- It’s important to protect sensitive information for your organization internally as well as for your clients.
Training employees on how to protect your organization internally is crucial. Develop and communicate a risk management plan that educates employees on different risks, which could include procedures for secure passwords, phishing, suspicious activity to be on the lookout for, etc. Not only is it important to have a cybersecurity plan in place to protect internal information, but to protect sensitive client information as well.
Many recent cyber-attacks have occurred through vendors, and this is no secret to your clients. The number of client audits is rising alongside the rise in cybercrime, and your organization needs to be ready to present your BCP and cybersecurity plans to clients and vendors.
- Cybercrime is at an all-time high and it’s only getting worse.
Most organizations are shifting from filing cabinets to cloud-based alternatives. With this change and the increasing sophistication of cybercriminals, the growth of cyber-attacks is essentially inevitable. And thinking that your organization is outside the risk of a breach makes your even more vulnerable.
- Cybercrime can damage your organization’s reputation.
Let’s face it. No one wants to do business, shop at, or even associate with a company that has just experienced a cyber-attack. Reputational damage is hard and sometimes impossible for organizations to recover from. Clients and partners need to trust the companies they’re dealing with. Failure to acknowledge your vulnerability to cybercrime could diminish that trust and ultimately impact your bottom line.
- A cybersecurity plan will prepare your organization for compliance investigations and client audits.
With a shift in focus towards cybersecurity regulations, it’s crucial that your organization is ready to present an actionable, tested plan to regulatory bodies and/or clients who are performing audits. Some questions to ask yourself: “Do you have plans in place to present when the time comes?” “Are your employees trained to prevent and respond to a cyber-attack?”
Recovering from a cyber-attack is challenging. But having plans in place to help prevent, respond to, and recover from a breach will make your organization less of a target, mitigate the risk of an attack, and/or lessen the impact of an attack.
If you don’t have an actionable plan in place or your plan is old and dusty, we can help. Preparis’ all-in-one approach to business continuity, cybersecurity, and compliance ensures your organization is prepared for a cyber-attack or other disruptive incident. Click here for more information.