How Awareness of Cyber Risks Matured The Approach to Business Continuity

Original iteration of this article was published in CIO Applications. 

Bill leads the Information Technology team at SEH with a focus on strategic leadership, equipping employees with essential resources to enhance productivity and drive innovative solutions. His leadership is pivotal in navigating cybersecurity threats and guiding the firm through technological advancements.

The rising importance of cybersecurity transforms the focus from a mere technical detail to a core strategic concern for every company–a critical issue that impacts each aspect of a company's operations and all its stakeholders. Cyberattacks extend beyond financial losses; they can damage reputations, incur significant legal liabilities and disrupt operations. Given these high stakes, comprehensive oversight and active engagement from a company's board of directors are essential, as they are ultimately responsible for governance and organizational performance. This elevated awareness of cyber risks has significantly matured the approach to business continuity for many organizations, ensuring they are better prepared to manage and mitigate these threats effectively.

The Changing Landscape of Cyber Threats

The cyber threat landscape has evolved significantly in recent years, with cyberattacks becoming more sophisticated, frequent and targeted. These attacks can originate from a variety of actors, including nation-states, cybercriminals, hacktivists and insiders. They exploit a range of vulnerabilities, from weak passwords and phishing emails to unpatched software and human errors. The variety of assets affected is broad, encompassing data, systems, networks and devices. Consequently, the impacts of these attacks are diverse, ranging from data breaches and ransomware to denial-of-service attacks and sabotage.

Recent research has indicated that five key trends continue to influence the cybersecurity landscape:

1. The risks to critical infrastructure have evolved, highlighted by nation-state adversaries increasingly utilizing cyber capabilities to advance their strategic goals. One recent example is when Colonial Pipeline, which supplies about half of the East Coast gasoline supply, went down for days after their SCADA systems became compromised.
2. Ransomware groups have refined their tactics, developing more sophisticated strategies to bypass security measures. One example is DarkSide, a Russion-backed hacking group that has been linked to the Colonial Pipeline incident and many other large-scale ransom attacks.
3. There has been a rise in supply-chain exploitation, compromising victims on a larger scale. There was a 74 percent increase in ransomware attacks in 2023 as compared with 2022.
4. The market for commercial spyware expanded, with invasive cyber-surveillance tools being sold to nation-states by private vendors. This led to the US government placing a restriction on commercial spyware and other surveillance technology known as ‘zero-click’ exploits.
5. Artificial Intelligence has emerged as one of the most influential, widely available technologies, and its ongoing development has created both opportunities and challenges for managing cyber risks. The advancement of AI-powered malware allows bad actors to employ innovative techniques to evade detection by security solutions utilizing ‘self-metamorphic’ mechanisms, rendering them capable of changing their operations based on the environment they operate in.
   
   

The Shifting Role of IT Professionals

As the cyber threat landscape evolves, so too does the role of IT professionals. No longer merely the guardians of an organization's cybersecurity, IT professionals have become crucial enablers and facilitators of business continuity strategies. They are tasked with implementing and maintaining the technical controls and tools that support the organization's cybersecurity goals. They also play a vital role in educating and empowering fellow employees on best practices and behaviors that enhance the organization's resilience and create a culture of responsibility.

No longer merely the guardians of an organization’s cybersecurity, IT professionals have become crucial enablers and facilitators of business continuity strategies
- Bill Kloster, Chief Information Officer 

The Emerging Role of the Board of Directors

As cybersecurity increasingly becomes a business risk, the board of directors holds an essential role in overseeing and guiding the organization's cybersecurity strategy. They are charged with setting the tone and culture of cybersecurity awareness within the organization and are responsible for defining the organization's risk appetite and tolerance levels. They also ensure that the organization possesses the necessary resources and capabilities to manage cybersecurity risks effectively while monitoring and evaluating the organization's cybersecurity performance and compliance.

Awareness Makes Everyone a Cyber Superhero

With the growing awareness of cyber security risks, the role of a user of technology has changed to become more proactive in protecting against cyber threats. Educated and empowered employees demonstrate behaviors that enhance the organization's cybersecurity posture. This means that users of technology are now relied upon to take an active role in protecting themselves and the organization from cyber threats. The result is an organizational culture that understands the importance of cybersecurity awareness, acceptable use guidance and the role each employee plays in protection against cybercrime.

Taking Action To Enhance Cybersecurity Resilience

Cybersecurity presents a complex and dynamic challenge that requires a collaborative and proactive approach from all stakeholders within an organization. Team members, working in complementary and interdependent roles, play a crucial part in strengthening defenses and ensuring the organization's cybersecurity resilience. Essential measures include:

• Conducting regular cybersecurity assessments to identify and remediate vulnerabilities swiftly.
• Developing and continually updating business continuity and incident response plans to ensure preparedness for potential cyberattacks and minimizing their impact.
• Implementing continuous cybersecurity training for all employees to help them recognize and prevent threats, thereby fostering a culture of cybersecurity awareness and responsibility.
• Establishing clear communication channels for reporting potential security incidents, ensuring prompt and effective responses.

By adopting these measures and working together, stakeholders can cultivate a culture of cybersecurity awareness that effectively safeguards the organization and its stakeholders from cyber threats.