Cybersecurity Recession-Proof Program

In times of economic instability, the issue of prioritizing cybersecurity investment often comes up. Regardless of the state of the economy, most security experts would concede that it is difficult to justify security spending in many firms. However, budgeting for cybersecurity may be difficult during a recession since it’s sometimes thought of as a peripheral and non-essential IT initiative.

This article outlines the fundamental principles needed to create a cybersecurity program that is recession-proof.

Fostering a culture of positive cybersecurity inside the workplace

No of the state of the economy, many security executives find it difficult to justify investing in cybersecurity. This is a result of some executives having an outdated mentality and not realizing how crucial cybersecurity is to the overall goals and commercial operations of their organization.

In a recent poll by Tessian, just 58 percent of workers believed that top leaders at their organization valued cybersecurity, demonstrating the ignorance of this viewpoint. This explains why 30% of workers feel they have no responsibility in preventing cybersecurity threats and why 1 in 3 employees don’t comprehend the benefits of cybersecurity.

The conflicting views on cybersecurity may also help to explain why it may be difficult for security officials to justify the costs of cybersecurity programs, which can become increasingly harder during a recession. The tide is gradually beginning to change, in large part because of rising cybersecurity risk and the disastrous consequences of breaches, which may lead to corporate collapse.

Investors are beginning to put pressure on their portfolio firms to maintain an industry standard of cybersecurity protection, which goes beyond an organization’s self-interest in keeping its information systems and data safe. The fact that environmental, social, and governance (ESG) reporting increasingly includes an evaluation of an organization’s cybersecurity program and defenses is evidence of this mentality change.

It doesn’t have to be expensive. It is possible to create a strong cybersecurity culture inside a company for a fair amount of money. The executive leadership must communicate the value of upholding sound cybersecurity practices clearly if this is to be accomplished. It’s critical to provide employees with a favorable cybersecurity experience. Creating engaging and context-based security awareness training courses is necessary to promote cybersecurity awareness and equip staff members to participate in cyber defense.

Utilizing open-source resources and frameworks to strengthen cybersecurity resilience

While there is no one strategy for constructing a cybersecurity program, there is a wealth of publicly accessible tools and best practice guidelines that may aid in the construction of information governance systems and cybersecurity programs. Consider the creation of cybersecurity programs a work in progress. Numerous aspects and characteristics will influence the development of your cybersecurity program.

By establishing a dedicated team to address enterprise security architecture and utilizing well-established enterprise architecture frameworks such as COBIT and TOGAF, along with cybersecurity frameworks such as the NIST Cybersecurity Framework, ISO 27001/02, and the CIS Critical Controls, organizations can begin laying the groundwork for developing well-integrated and robust information governance systems.

Enterprise architectural frameworks, such as COBIT, are beneficial for constructing an information governance system that proactively identifies areas of risk or IT skills that need enhancement in order to fulfill business goals.

Ensuring conformity with industry and geographically-specific requirements

The cyber threat is rising annually. According to the most recent FBI IC3 report, worldwide Business Email Compromise (BEC) fraud-related losses climbed by 65 percent from 2019 to December 2021. In the most recent Verizon Data Breach Investigations Report, ransomware assaults grew by 13 percent year-over-year, the biggest rise in over five years.

Prioritize your cybersecurity technology budget based on the idea that there is a very high probability that you will experience a breach at some time. Focus on the most basic danger vectors in relation to your acceptable risk level.

Regulatory authorities are creating compliance-required minimum standards of cybersecurity preparation in a number of U.S. states, including California, as well as jurisdictions throughout the globe.

Under the California Consumer Privacy Act (CCPA), for instance, the California Attorney General has mandated that firms with a specific income threshold must have a sufficient degree of protection in place. According to the CCPA, the CIS Controls must be applied in order to meet the criteria for reasonable security.

To secure the confidentiality, integrity, and availability of information processing systems and services, the General Data Protection Regulation (GDPR) of the European Union mandates the implementation of data privacy and data security precautions. Other security controls include the capacity to restore availability and access to personal data, as well as a method for testing, assessing, and evaluating the efficiency of technological and organizational data security measures on a regular basis.

Exceeding the minimum

Those that pose a risk are always enhancing their capabilities. This is why corporate and cybersecurity executives cannot afford to relax. Continuously assessing your cybersecurity defenses through frequent audits and penetration testing can help you find improvement opportunities. This involves practicing incident response and preparing for business continuity.

Cybersecurity is the responsibility of everyone. Numerous essential components of a cybersecurity program may not need substantial cash, but rather excellent leadership, time, and effort. Most significantly, it demands establishing a mentality that considers cyber resilience as crucial to the organization’s overall performance.