THE HIDDEN RISKS OF A CYBER ATTACK

There are 14 risk factors that organization leaders should consider when preparing for a cyber-attack.

A sea change is taking place in cyber risk management. The idea that cyberattacks are increasingly likely, and perhaps inevitable, is taking hold among executives and board members.

The hidden risks of cyber attack
Business leaders are realizing that we have connected the world with technologies designed to share information, not protect it. As a result, many organizations are beginning to adopt what Deloitte calls a “Secure Vigilant Resilient” approach to cyber risks. This business perspective allows a correct balance between investments in cybersecurity with efforts to develop greater visibility of possible threats, and the ability to respond more quickly and effectively to the events caused by a cyber-incident.

In order to properly prioritize, organizations must understand the types of cyber-risks they may face and must be able to measure the likelihood of their occurrence. They also need to understand the consequences of these risks in the event of a condition.

There are many ways in which a cyber-attack can affect an organization, and the impact will depend directly on the nature and severity of the attack. There are 14 impact factors (see study) that business leaders should consider when preparing for potential cyber incidents.

Some are more familiar to us, such as those associated with data breaches. However, others are broader in scope and intangible, being more difficult to quantify and often hidden from the public light.

Understanding the cyber-risks by which an organization can be affected requires knowledge of the business model, operations processes, trends, maturity levels, and specific vulnerabilities of the organization that are generally also extrapolated to the whole of its industry and sector.

We can divide the response process to these 14 impact factors that can affect a company into three phases, phases that tend to overlap and extend over time depending on the type of cyber-attack.

1. Classification of the incident: This phase takes place in the days or weeks following the discovery of the cyber-attack. During this phase, the leaders of the organization have to make decisions and actions in the short term, including communication with external agents and the formulation of strategies for the continuity of operations. This phase includes a thorough analysis of what happened, immediate steps to stop it, and an urgent review of security controls to remedy it as soon as possible.

2. Impact management: This phase takes place during the weeks or months after the impact, in order to reduce and address the direct consequences of the incident. The workflow may vary depending on the nature of the attack, but will likely have to include efforts to strengthen internal infrastructure and fine-tune operations processes; reduce risk for customers, suppliers and partners; carry out cyber-audits processes and implement the discoveries that they provide us.

3. Business recovery: It is the last phase of the process and can take months or even years. Efforts are focused on repairing the damage caused to the business and preventing a similar event from happening again in the future. Recovery of business activities is also variable, but can include rebuilding or redesigning business processes, systems, applications, or other assets; the development of strategies for the reconstruction of corporate reputation, sources of income and competitive advantage; investments in improving security, detection systems, or preparedness capacity - all aimed at a single goal, coming out of the crisis stronger.

In our study "The hidden risks of a cyber-attack" we analyze both the possible risks that a company may face, as well as the costs that the effect of a cyber-crisis entails for the company, some of which may be more familiar to you (the tip of the iceberg) but you will be surprised to know the real scope and possible consequences of such a threat (the base of the iceberg).

To be safe from all the hidden cybercrime, we should always have a total security software to keep your data safe.

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