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Empowering Operational Resilience: The Power Of Cyber Resilience

Jun 28, 2023 9:10:15 AM

Background

In today's digital landscape, organisations face a multitude of cyber threats that can disrupt their operations, compromise sensitive data, and damage their reputation. To navigate this evolving threat landscape, businesses must embrace cyber resilience as a core aspect of their operational resilience framework. 

Cyber resilience involves implementing proactive measures to prevent, detect, respond to, and recover from cyber incidents. By integrating cyber resilience into their operations, organisations can better withstand and recover from cyber-attacks, safeguard their critical assets, and maintain business continuity. Cyber resilience should therefore be an integral part of a firm’s operational resilience arrangements.

But what’s the Link between Cyber Resilience and Operational Resilience?

Operational resilience encompasses an organisation's ability to withstand and adapt to various disruptions while delivering critical services and maintaining customer trust. In an increasingly interconnected and digitised world, cyber threats have emerged as a significant source of disruption. Therefore, cyber resilience plays a crucial role in achieving operational resilience.

Cyber resilience goes beyond conventional cybersecurity measures. While cybersecurity focuses on preventing unauthorised access and protecting against threats, cyber resilience takes a holistic approach. It acknowledges that breaches may occur despite preventive measures and places equal emphasis on rapid response, effective recovery, and continued operations.

So what steps should does your firm need to take to unleash the power of cyber resilience?  Below we explore what firms should focus on when developing a strategy for building cyber resilience? 

  1. Risk Assessment and Mitigation: Conduct regular risk assessments to identify vulnerabilities, potential threats, and their potential impact on operations. Implement robust security controls and measures to mitigate identified risks, ensuring that they align with industry standards and best practices.

  2. Incident Response Planning: Develop and regularly test an incident response plan to ensure a swift and effective response to cyber incidents. This plan should outline clear roles and responsibilities, communication protocols, and steps to contain and mitigate the impact of an incident. Regular training and simulations will help build a proactive incident response capability.

  3. Data Protection and Backup: Implement strong data protection measures, including encryption, access controls, and regular backups. This ensures that critical data remains accessible even in the event of a cyber incident. Regularly test data restoration processes to verify their effectiveness.

  4. Continuous Monitoring and Threat Intelligence: Deploy robust monitoring systems to detect potential threats in real-time. Utilise threat intelligence sources to stay updated on emerging cyber threats and vulnerabilities. Automated systems and security analytics can help detect and respond to threats promptly.

  5. Employee Awareness and Training: Educate employees about cybersecurity best practices, emphasising the role they play in maintaining cyber resilience. Regular training sessions and awareness campaigns can empower employees to identify and report potential threats, such as phishing attempts or suspicious activities.

  6. Third-Party Risk Management: Assess and manage the cybersecurity risks associated with third-party vendors, suppliers, and partners. Conduct due diligence, contractual agreements, and periodic audits to ensure their security measures align with your organisation's cyber resilience objectives.

  7. Business Continuity Planning: Integrate cyber resilience into broader business continuity plans. Identify critical processes and prioritise their restoration in the event of a cyber incident. Test and update these plans regularly to adapt to changing threats and business needs.

In conclusion, as organisations become increasingly dependent on digital systems and technologies, cyber resilience is crucial for maintaining operational resilience. By adopting proactive strategies to prevent, detect, respond to, and recover from cyber incidents, businesses can protect their operations, data, and reputation. Building cyber resilience requires a comprehensive and holistic approach. By embracing cyber resilience as a core component of operational resilience, organisations can navigate the ever-changing threat landscape with confidence and ensure the continuity of their critical services.

Author: Lorraine Mouat - Connect with Lorraine Mouat on LinkedIn

How can we help you?

Thistle Initiatives has supported firms for a number of years as a trusted compliance and regulatory risk advisor. In addition to assisting, you as-and-when, our team of specialists can serve as your right hand in meeting and complying with regulations. We understand the importance of staying up-to-date and compliant and are dedicated to providing the guidance and support needed to do so.

Are you looking for help with Operational Resilience, Cyber Resilience arrangements or more general regulatory questions? Contact our specialist team now to schedule a free consultation. Get in touch with us by calling 0207 436 0630 or sending an email to info@thistleinitiatives.co.uk.