How to Build a Forceful Cyber Security Strategy?

As the world switches more and more to virtual workspace, remote employees will continue to rely heavily on their home networks, their personal equipment, and the cybersecurity acumen — unfortunately, security experts have determined that most employees lack in-depth knowledge of how to mitigate rocks and have a healthy cyber security strategy. Most organizations understand that securing sensitive information, minimizing repetitional damage on account of their company’s cyber security strategy is a top priority. Nevertheless, a central problem exists, how do they build a strong cyber security strategy? What does one look like, to begin with?

What is a cyber security Strategy?

A cybersecurity strategy is a detailed blueprint that plans how an organization will secure their asset and minimize its cyber-risks. It is a living, breathing document that constantly reshapes and adapts itself to the ever-evolving digital climate. 

An effective cyber security strategy compromises every level of your organization and tests its reliance against attacks. Typically, these types of strategies are developed for a 3-to-5 year span and are continually revised and updated. 

How does a Cyber security strategy differ from a cyber security policy? 

Cybersecurity policies in general are extremely detailed and specific. They take into account multiple factors and conditions. Meanwhile, a cybersecurity strategy is a rough sketch, a blueprint, that guides your company and key stakeholders as they chart the waters of the digital landscape. 

Goals of a cyber security strategy

Each organization has different goals when it comes to cybersecurity. Why? Because each organization has different levels of priorities. Some give more credence to their client’s personal data. Others to their products and their mainframe. 98% of businesses depend on the internet, and 43% continually experience cyber breaches or attacks. 

Nonetheless, there are 4 core goals when it comes to cybersecurity.

• Secure your data and your client’s data.
• Train employees on key cyber security strategies.
• Ensure maximum uptime — cyber attacks can cause businesses to put everything on ice/on hold. The faster your mainframe is running, the faster you can overcome an attack and continue working efficiently.
• Save your company money — the average cost of a data breach is nearly $4 million. Not only that, but some jurisdictions have whooping fines when it comes to failing to secure data. On top of that, you have lawsuits, and the cost of low shareholder confidence, and how it will affect your stock. 

Components of a cyber security strategy

The need for better and more efficient cyber-security measures is growing. People and companies are taking huge steps to secure their data and provide protection. Enterprise cyber security strategies consist of several components and effective tools that are essential to your response in the case of an attack. 

Within these components, there are subsections — basically the policies and tools that govern them. 

Governance 

Cybersecurity governance refers to the components of a business, or organization that addresses that framework’s dependency on the digital, cyberspace, and the internet. It is both a technical as well as an operational issue. 

Governance analyzes what interactions you have with cyberspace, which are essential, and which are not. Once an analysis is done, Governance establishes goals, priorities, standardized processes, enforcement, accountability, oversight, and takes into account your resources. 

It is one of the most fundamental angles of cyber security. 

Technology 

Technology dictates your available resources and that of your team. Technology also analyzes your budget and what overhauls can be implemented, as far as tech tools are concerned when it comes to your cyber security strategy. 

Operations

Operations are your team, your leadership, and all they can bring to the table. What you will need when it comes to the human factor. What you are missing. What you already have.

How to build a cyber security strategy for your company

Building a company cyber security strategy, particularly if you’re starting from scratch, takes a lot of effort. Still, it could mean the difference between staying in business and maybe surpassing your competitors, to the alternative — filing for bankruptcy. 

Here are a couple of basic steps to follow to develop your strategy

Understand your business model

It’s critical to have a clear understanding of your business, only then will you be able to examine the types of cyber-attacks your organization might face. How many of your employees have access to your mainframe? Do you even have employees for that matter? For example, a business that has no employees, that is simply a retail reseller of one, has fewer chances of having problems with social engineering tactics like phishing. 

Assess your digital maturity

Think where your organization might be in the next couple of years, and then correlate what you will need as far as cyber security to what you already have. This will determine how strong you are and where you need to invest more. 

Improve your program

Every improvement, every investment in cyber security, consumes resources — money, staff, time. You’ll need to prioritize and balance the pros and cons of all the tools you want to implement. Select options and analyze different strategies. 

Document your strategy

Once you have a guide in place document everything — write down your risk assessments, your cybersecurity plans, your policies, guidelines, and everything else you think is critical — it’s important to start thinking about every person’s responsibilities. 

Importance of effective corporate cyber security strategy

With an average cost of almost $4 million-plus multiple issues that might bulk that estimate up – shareholders’ feet getting cold, lawsuits, fines – you simply can’t afford not to have a strategy in place.