As the world moves increasingly online, risk management professionals and business owners must continue to invest in the prevention of cyber threats. It’s surprising, to see just how many businesses have plans in place for all sorts of things such as fire, flood and COVID-related issues, yet don’t have any action plans in place should a cyber attack occur.
What happens in the minutes, hours and days after an attack is crucial. This is where business continuity planning can be vital lifeline, with a sound plan saving time and money whilst a threat is addressed.
Why is a strong cybersecurity policy so important?
A detailed cybersecurity policy is an essential part of any business continuity plan. It ensures that businesses are adequately addressing any weaknesses, are prepared for potential threats, and are ready to mitigate an attack should the worst happen.
Organisations need to be able to detect and respond quickly and effectively to a cyber incident to reduce the financial, operational and reputational harm it can cause. It is crucial that a team has effective cyber security and robust incident response plans in place to follow.
A poor cybersecurity policy can disrupt business continuity making a cyber-attack more likely as defensive measures aren’t in place. It can also make attacks worse as policies necessary for recovery aren’t established and ultimately impact revenue and productivity, all of which affect the bottom line.
1. How poor cyber policies can cost businesses money
A data breach can result in a variety of costs, such as fines, lawsuits, and extra staff wages. This includes direct costs paid to IT consultants or the attackers, long term costs such as hiring new staff or improving ..
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