Through the course of 2024, business-disruption cyber events like ransomware have affected organisations across industries like Denmark’s WS Audiology, Transport for London, MGM and Ceasar’s Casino’s in the USA, Seattle’s SeaTac Airport, and many others.
In the face of this increasing threat, cyber resilience – the ability to maintain operations despite cyberattacks - has become crucial. With cyber threats growing more complex and frequent, the gap between organisations who are cyber resilient and organisations who are not resilient is expanding. Recent incidents highlight the significant effects of cyberattacks on reputation, finances, operations, and stakeholders trust. The World Economic Forum lists cyberattacks as one of the top global risks, and the COVID-19 pandemic has heightened organisational exposure to these risks.
Cyber resilience extends beyond traditional cybersecurity, which focuses primarily on preventing attacks. Instead, it encompasses a holistic approach that includes the ability to prepare for, respond to, and recover from cyber incidents. A cyber resilient organisation is not only capable of defending against attacks but also ensuring continuity and quick recovery when breaches occur.
Cyber resilience starts well before a potential incident and requires informed risk management, making decisions based on a thorough understanding of the risks. Informed risk management approach involves gathering and analysing all relevant information, learning from incidents and making well-informed decisions that minimise potential negative impacts on the organisation.
A significant divide is growing between cyber resilient organisations and those that have yet to put adequate measures in place to manage cyber related risks, according to the latest World Economic Forum Global Cybersecurity Outlook. Find more information on WeForum.
The report states a rise of cyber inequity. 90% of executives surveyed at the World Economic Forum’s Annual Meeting of Cybersecurity end 2023, stated urgent action was needed to address the divide
Some organisations are more prepared and proactive than others in addressing cyber risks and building cyber resilience. According to the report, only 17% of organisations are considered cyber resilient leaders, while 74% are still cyber resilient novices.
Cyber resilient leaders have a clear and comprehensive cyber strategy, a strong and supportive cyber culture, the ability to attract talent, a robust and agile cyber technology capability, and an effective and accountable cyber governance programme. Cyber resilient novices, on the other hand, lack one or more of these dimensions, and are more likely to suffer disruptions, and losses from cyber breaches.
The rise and adoption of new technologies will amplify already existing challenges, as will the widening gap in cyber skills and the talent shortage. Generative AI will undoubtedly advance cyberattacks in the next years; yet at the same time it can be used to help organisations better protect themselves.
The significance of cyber resilience cannot be overstated in a world where technological advancements are adopted at an accelerated rate and where cyber threats are ubiquitous and increasingly sophisticated. The consequences of cyber incidents can be severe, ranging from financial losses and operational disruption to reputational damage and regulatory penalties.
Global institutions such as governments and the World Economic Forum (WEF) recognise the critical need for cyber resilience and provide guidance to help organisations bolster their defences.
Government Initiatives:
World Economic Forum (WEF):
To bridge the growing gap, there are several proactive steps organisations can take, such as:
The growing divide between organisations who are cyber resilient and organisations who are not cyber resilient underscores the urgent need to prioritise and include cyber resilience as a key business objective. By understanding its importance, leveraging global insights, and implementing strategic measures, organisations can safeguard their assets, maintain operational continuity, and build trust in an increasingly digital world.
Cultivating best practices, attracting the right talent and implementing bespoke technology will help build the necessary resilience. It is no longer a question of if, but rather when your organisation will be at risk. No country or organisation will be spared from cybercrime, so it is crucial that global stakeholders work together to help close the gap. As cyber threats continue to evolve, so too must our approaches to resilience, ensuring that we are always one step ahead in the cybersecurity landscape.
The fundamentals that cyber professionals have put in place are working. BDO’s Global Cybersecurity practice is comprised of professionals from a diverse range of backgrounds, including experienced IT, operations, and data privacy consultants, as well as forensic technology, business advisory, and accounting practitioners.
We are built to provide comprehensive, customised services for each client, focusing on your specific operating model, technical demands, regulatory environment, and industry dynamics. Whether it’s financial services, healthcare, retail, natural resources, or any other industry – we understand your needs. Our global footprint extends to every corner of the globe and so does cybercrime. Let us help your organisation, wherever you are, to mitigate the cyber risks you’re facing.
Enhance your knowledge of cybersecurity and be prepared for whatever the threat landscape brings next.
Allam Zia