Crafting Your Cyber Security Strategy: Key Steps
In today's world, a strong cyber security plan is a must-have, not a choice. A good plan helps to protect important information, position you for diverse clientele, and keep your business safe, even when facing new and complex cyber threats.
Creating a solid cyber security strategy involves many steps. First you will need to understand where you currently are in your security journey. You need to develop a culture of security awareness to help identify and prevent risks. You will also need a strong understanding of your critical assets and data. Once you develop the baseline of understanding, you can prioritize controls to implement and prioritize detections to fill the gaps of the missing or inadequate controls. These steps are key in ensuring your cyber defense is well structured to face modern threats. Additionally, fine-tuning your plan to meet specific compliance requirements can not only make the program stronger but can also help you meet cyber insurance requirements, industry expectations, and qualify for new business.
Key Takeaways
A well-designed cyber security strategy is essential for businesses to mitigate the growing threat of cyber attacks and data breaches.
Key elements of an effective cyber security strategy include security awareness, risk prevention, data management, network security, and continuous monitoring and adaptation.
Aligning your strategy with industry standards and regulatory compliance helps ensure comprehensive protection and maintain business continuity.
Implementing a layered security approach, such as the Zero Trust model, enhances your cyber resilience and safeguards your critical assets.
Regularly reviewing and updating your cyber security strategy is crucial to stay ahead of evolving cyber threats and maintain a strong security posture.
What is a Cyber Security Strategy?
Today, all businesses need a strong cyber security strategy. This plan shows the roadmap for how a company is currently and will in the future guard against cyber threats. It lays out which security steps are most important, how to spend resources, and meet business goals. The strategy should focus on information security principles aligned with your specific assets and business goals to ensures the smart use of resources. Without clear plans, fighting cyber threats will be scattered and less effective2.
Importance of a Cyber Security Strategy
A good cyber security strategy is key to avoid major harm from cyber incidents. When it comes to cyber incidents, likely its a matter of when, not if. This may sound like FUD or perhaps a defeatist mentality but having the plan to address risks will not only make your business more resilient but also prepare you for how to respond when something bad does happen. One of the goals of a cyber security strategy should be to lessen the impact of financial loss caused by a cyber attack. A detailed plan cuts down the chances of cyber attacks and reduces their impact2. Once you develop and begin regularly reviewing your strategic plan, it also helps keep your business up with new cyber threats and trends2.
"A strong cyber security strategy is essential for avoiding the worst of cyber incidents."
In brief, a reliable cyber security strategy is vital. It helps organizations protect their digital assets and handle cyber risks well. It's by focusing on such strategies that companies build up their cyber resilience and preempt cyber threats234.
Cyber Security Threats and Risks
The world of cyber security always changes. There are many dangers and risks that companies need to deal with. This includes attacks like ransomware and mistakes that lead to data leaks. These problems can cause big money loss and harm a company's reputation. Not only will the business have to handle the repercussions of a cyber attack, it’s likely they will face legal troubles from clients, partners, or regulatory bodies5.
Understanding Your Cyber Risk Landscape
It's important for companies to know exactly what their cyber risks are. This means looking at what parts of the business could be vulnerable. It also means checking the tools and devices that handle private information, looking at security measures already in place, and testing for weak points5.
Your attack surface includes external and internal assets that are kept outside the firewall, like company servers, and older websites that might have been forgotten about. Your physical attack surface involves things threat actors might choose to target if they can get physically inside your organization5. With the modern way we do business, organizations must also look at their supply chain as an attack surface as well. A recent study found the average company shares data with 583 other organizations. This shows how large an attack surface can become when you consider the potential risk that comes from working with 3rd parties6.
To deal with cyber threats, businesses can follow helpful guidelines like the NIST Cybersecurity Framework or if you need help developing a security strategy please feel free to get in touch.
Assessing Your Cyber Security Maturity
Gauging your organizations current level of security maturity is the basis for where and how to focus your resources. The assessment shows where your company's IT security is strong and where it needs improvement. This type of evaluation looks at what kind of data your company controls, asset inventory, software inventory, critical business processes and controls in place. It also checks the risks you face to keep that information safe7.
Conducting a Cyber Security Maturity Assessment
Using rules, guides, and markers from the field can help a lot. They let you look at your security to see if it's adequate and what can be done better8.
Just how much businesses look into their security is eye-opening. For example, a significant amount of finance companies are checking for how safe they are. This is because of laws like GDPR or PCI DSS. But, not many are good at picking out the biggest risks. This leaves some dangerous gaps7.
Cyber Maturity Assessments look at more than just tech. They also check processes, procedures, and even people. This helps focus on what's most important to fix first8.
Sticking to proven methods of security and checking how you compare to organizations of relevant size in your industry is another key aspect of an overall security strategy. But, not many do it. It's shown that only S% of companies see how they measure up to important security guidelines7.
Taking a real close look at how secure your company is online has become table stakes. You must have a full view of the current risks and strengths present in your organization. This allows for effective communication to upper management and effective resource utilization.
"Cybersecurity maturity assessments are key in understanding how secure a company is. They show a clear path to get stronger against cyber threats and keep digital assets safe."
A study by Deloitte Insights found that 10.9% of the total IT budget is used to improve cybersecurity9. At a time when the FBI is reporting over 800,000 cybercrime incidents per year, the amount of resources spent on cyber defense is not meeting the demands of the current threat landscape. However, this illustrates the need for effective use of resources and further highlights the need to develop and evolve a cohesive cyber strategy.
Leveraging Security Frameworks and Standards
Creating a good cyber security plan may seem hard, but there's help available. Many security frameworks and standards are ready to provide advice. They help organizations use the best methods and strengthen their defense against cyber threats.
Some rules, like HIPAA, PCI DSS, and GDPR, list specific steps to keep data safe10. Meeting these rules not only avoids big fines but also proves how serious a company is about keeping data private and secure.
Industry-Specific Frameworks
Aside from those rules, each field has its own framework to follow. The NIST Cybersecurity Framework stands out, organized around five functions: Identify, Protect, Detect, Respond, and Recover10. It helps break down risk and boost cyber “survivor skills”.
There's also the CIS Top 20 Controls for addressing common cyber attacks. For a deeper dive, frameworks like MITRE ATT&CK and Lockheed Martin's Cyber Kill Chain list hundreds of attack tactics for protection by explaining the typical attack methods11.
To showcase cyber security efforts, getting certified in ISO 27001 and SOC2 is key. ISO 27001 shows a strong cyber defense program. SOC2's checks are rigorous, but highlight a dedication to security especially for financial services organizations11.
Using these frameworks and standards make strategic cyber security plans more aligned with industry standards and regulations. The NIST Framework is quite popular. About 39.13% of a 2019 survey's group used it12. But, 28.99% of the same survey skipped using any guide at all, showing more work must be done in this area12.
"Leveraging established security frameworks and standards can provide a solid foundation for an organization's cyber security strategy, ensuring compliance, mitigating risks, and enhancing the overall security posture."
Cyber Security Strategy
Prevention vs. Detection Approach
First, let's talk about preventions a.k.a. controls. Your security preventions are the tools or mechanisms in place to prevent attacks before they can happen. You can think of these proactive controls as locks on a door that block someone from easily walking in. Security controls reduce your risks of a breach and help to limit impact.
On the flip side, detections find threats and makes it possible to effectively respond to them. It's about reacting swiftly to stop or limit the harm of an attack. A good strategy uses both these methods to stay strong against various threats13.
In the recent past, the primary approach of security programs leaned heavily toward robust preventions. However, preventions are not able to stop all security incidents. In our experience, a combination of preventions and detections is a must to build an effective security strategy.
"Preventions help to limit the amount of security events while detections help to identify, respond, and limit the impact of the security events not stopped by in-place preventions."
Designing a Cyber Security Architecture
A strong cyber security design includes zero trust and defense in depth. Zero trust means everything requesting access is verified, no trust is given automatically. Zero Trust flips the old saying of “Trust but Verify” on it’s head. With Zero Trust the cliche is, “Verify then Trust.” In doing so you will have a more effective method of blocking unauthorized access to data or systems14.
Then, there's defense in depth, which involves many security layers. This stops attacks on different fronts, making it harder for cybercriminals to succeed. By doing this, firms lower their risks and recover quicker from cyber attacks13.
Using a strong, security-minded architecture, businesses can spot and stop threats, reduce the damage of a breach, and keep running even in the midst of an attack. This multi-faceted approach is key for all enterprises as threats evolve and become more common13.
"Cybersecurity responsibilities are shared by everyone at the organization, this fulfills diverse and vital missions on behalf of our colleagues and clients."14
Implementing Defense in Depth
As previously mentioned, a good cyber security strategy uses a layered approach known as defense in depth. It adds many security controls to block threats16. A simplistic view is thinking of this as concentric rings of security where the most critical data has the most layers of protection.
We get asked, “How much security is enough?” Well the answer might sound silly but it’s pretty simple, it’s just enough! For instance, if an asset is only worth $10,000 to your business it would be too much security if you spent $100,000 to protect it. For this reason you need to have a good understanding of your critical processes, business applications and assets. This will allow you to define risk zones and apply appropriate controls to specific areas to ensure you are protecting all assets but particularly those that matter most.
Layered Security Controls
Defense in depth should be a holistic framework for protecting the organization. A focal point of defense in depth is strong access control methods as well as:
Administrative controls: Procedures and policies that restrict permissions and guide users on maintaining security17.
Technical controls: Specialized software and hardware such as antivirus or firewall solutions17.
Physical controls: Infrastructure like locked doors and security cameras17.
Access measures: Biometrics, virtual private networks (VPNs), authentication controls, and multifactor17.
Workstation defenses: Anti-spam software and antivirus agents17.
Data protection: Password hashing, encryption, and secure transfer protocols17.
Perimeter defenses: Intrusion detection and prevention systems and firewalls17.
Monitoring and prevention: Logging, vulnerability scanning, and security training for staff17.
Threat intelligence: Indicators of compromise, known threat actors, and their tactics, techniques, and procedures17.
Zero Trust Security Model
Many organizations are adopting a Zero Trust model which checks every access request to ensure only permissioned accounts can access resources.
"Defense in depth helps organizations deal with malicious insiders, compromised accounts, and zero-day vulnerabilities placing malicious actors inside the network."17
Consolidating Security Infrastructure
Organizations everywhere are trying to make their defenses against cyber threats stronger. However, they face many hurdles, like having too many tools that don't work together well. On average, companies use 31.5 different tools for security18. This can create gaps in protection, makes security tasks harder, and raises costs. So, there's a big push to streamline and combine these tools into one effective system.
Bringing together all these security tools is called security consolidation. It means making them work as one well-oiled machine or if you are playing Security BINGO here’s your box for “Single Pane of Glass” or what we lovingly call the “Single Glass of Pain”. This method has several big pluses, like seeing your security more clearly, making security tasks smoother, and boosting your overall protection against online threats. With all tools under one roof, it's easier to spot and tackle dangers18. It’s not all rainbows and gumdrops though, having all tools in a single system can be difficult to navigate in the tool. Thanks Microsoft Defender for XYZ name of the week.
But, the benefits of making security simpler and more effective are clear. Especially now, with new cyber threats appearing all the time and work setups changing. Many companies see the wisdom in this approach and are making it a top goal for 2024 and beyond.
| Metric | Standalone Security Tools | Consolidated Security Platform |
|---|---|---|
| Average Time to Detect Attacks | 40 days | 2 days |
| Average Cost of Remediation | $667,500 | $6,800 |
"Cybersecurity consolidation enables organizations to centralize cyber threat detection and response, reducing incident response times."18
Continuous Improvement and Adaptation
Making sure your cyber security is strong is a never-ending task but it starts with having a plan. Your strategic plan needs to evolve and grow with your business. Additionally, companies have to always watch and adapt their security to fight new cyber threats21.
When new cyber threats show up, businesses need to be quick to update their defenses. This includes changing rules, tools, and making sure everyone knows how to stay safe online22. By always trying to do better and being ready to change, companies become truly strong against cyber risks. This way, they can keep up even when the danger changes all the time.
Adapting to Emerging Threats
21 Designing a strategy that can evolve with new trends and act fast, helps companies lower the damage from attacks2122. Planning for risks can save time, money, and stress when cyber incidents happen22. As threats change and grow, companies should get better at adjusting their security needs. This way, they can keep up with new threats and risks. AI is a good example of rapid change we are seeing in the industry, not only from business initiatives but also in adapting to the new threats created by AI. We wrote a blog post to help provide some additional context.
An important rule in keeping safe online is following ISO 27001. It says companies must always get better to face new dangers and keep their business safe23.
"Embracing a culture of continuous improvement and adaptation is essential for maintaining a robust cyber security strategy in today's dynamic threat environment."
Cyber Security Strategy for SMBs
Large companies and small to medium-sized businesses (SMBs) both need strong cyber security defenses. Yet, small companies have their own challenges to overcome. They struggle with tighter budgets, a lack of resources, and few IT experts on staff24. Despite these challenges, there are ways for SMBs to protect their data such as using affordable security solutions.
Cloud-based security services and outsourcing can be game-changers for SMBs25. They can focus on pivotal security measures that fit their budget. Adding a cloud email service, secure devices, and FIDO authentication lifts protection. It makes it harder and more expensive for hackers to get in25. Regular vulnerability scanning, patching and backups are also critical to success.
Challenges and Solutions for Small Businesses
Studies show a rising number of small businesses are facing data breaches. According to a 2017 study by the Ponemon Institute, there was a 50% spike in SMBs suffering data breaches. A 2018 study by Cisco found that 53% of SMBs had been breached24. In all cases, these SMBs point to limited resources and IT skill shortage as their main hurdles. 28% say they don't have enough resources, and 27% note the lack of expertise24.
For small and medium-sized businesses, turning to affordable solutions and outside help can make a big difference. Working with affordable Managed Service Providers (MSPs) or consultants for cyber security projects can be key26. The essential steps for SMBs include evaluating their assets, recognizing threats, setting a security plan, improving their defense, enhancing awareness, staying up-to-date with new strategies, and thinking about outsourcing for better security26.
By setting up a detailed cyber security plan, SMBs can lessen the dangers of cyber threats2426. They can protect their important digital assets and build effective strategies and tools, to secure and grow their business.
Conclusion
Every organization, big or small, needs a strong cyber security strategy today27. It's crucial to understand and keep up with the cyber threat landscape and how mature your security is. Also, use proven security frameworks and standards to help create a plan that focuses on preventions and detections. This makes you more resilient and lowers the impact of cyber attacks28.
It's important to keep improving and adjusting your security infrastructure27. Although each business may face different challenges and need unique solutions, a good cyber security strategy is invaluable. It protects your assets and keeps your customers and partners data secure29.
If you need help with developing a cyber security strategy, please consider N8tive by contacting us here.
FAQ
What is a cyber security strategy?
A cyber security strategy is a plan to guard a business against cyber threats. It lays out what to focus on to keep your business safe.
Why is a cyber security strategy important?
Having a solid cyber security plan can save a business from severe harm. Attacks online can damage finances, reputation, and even land you in legal trouble. So, it's key for protecting any company.
What are common cyber security threats and risks?
Business email compromise, malware, data breaches, and ransomware are top dangers. They can lead to big financial losses and harm your reputation. So, being prepared is crucial.
How do I assess my organization's cyber security maturity?
Start by evaluating your IT systems and the data they handle. This shows where your risks are. Then, compare your current protection to what's needed. This helps spot weaknesses to fix.
What security frameworks and standards can help guide my cyber security strategy?
Rules Like HIPAA, PCI DSS, and GDPR, set standards for safeguarding data. Also, industry best practices through frameworks like NIST and CIS offers guidance. They lead you toward a safer path.
What are the key components of an effective cyber security strategy?
A robust plan should aim at preventing and spotting threats, not just one. It needs many defense layers and a system that never trusts blindly. This checks all entry points.
How can I consolidate my security infrastructure for better efficiency?
Bringing together your defenses offers better control and speeds up your reactions. It makes analysis smoother and your protections more seamless. This can lower costs and offer smarter protection.
How do I maintain and adapt my cyber security strategy over time?
Always keeping an eye on your securities and updating them is key as threats change. Stay flexible to adjust as dangers evolve. This could mean refreshing policies, tools, and training regularly.
What are the unique challenges for small businesses in developing a cyber security strategy?
Small companies might struggle with money, resources, and knowledge but don't worry. There are cost-effective tools and guides out there. They'll support your security plan and keep your business safe.
Source Links
https://hyperproof.io/resource/cybersecurity-risk-management-process/
https://www.cavelo.com/blog/cybersecurity-maturity-assessment
https://jeskell.com/building-resilience-leveraging-the-nist-framework-for-data-protection/
https://lantern.splunk.com/Security/UCE/Guided_Insights/Cyber_frameworks
https://www.cshub.com/security-strategy/articles/utilizing-cyber-security-standards-and-frameworks
https://www.stickmancyber.com/cybersecurity-blog/how-to-develop-a-strong-cybersecurity-strategy
https://www.energy.gov/cio/articles/doe-cybersecurity-strategy-2024
https://www.paloaltonetworks.com/cyberpedia/what-is-cybersecurity-consolidation
https://www.checkpoint.com/cyber-hub/cyber-security/what-is-a-consolidated-security-architecture/
https://www.simspace.com/blog/cyber-risk-management-explained
https://eucrim.eu/news/council-conclusions-on-cybersecurity-strategy/
https://networkats.com/top-5-priorities-when-planning-cybersecurity-strategy/
https://media.defense.gov/2023/Sep/12/2003299076/-1/-1/1/2023_DOD_Cyber_Strategy_Summary.PDF
