Defining Cyber Resilience

The focus of this article is on organisational cyber resilience, which can be broadly defined as an entity’s ability to adapt to disruptions caused by cyber security incidents while maintaining continuous business operations and achieving intended outcomes.

Conceptually this brings together information systems security, business continuity and organisational resilience.

Good Practice

The Australian Securities and Investment Commission (ASIC) have identified 10 good practices for cyber resilience:

• Board engagement – management of cyber resilience is viewed by the board as a critical management tool for understanding risk status and making important investment decisions on cyber risk
• Governance – cyber resilience management is aligned with organisation wide governance policies and procedures, with the need to be agile in relation to events and incidents.
• Cyber risk management – intelligence led through automation and integration with the many sources of risk and incident information.
• Third party risk management – third-party providers are risk assessed to ensure compliance with required security standards.
• Collaboration and information sharing – confidential information-sharing arrangements with collaborative organisations, security agencies and law enforcement to better understand potential threats.
• Asset management – establishing a centralised asset management system for visibility of critical internal and external assets and managing software versions and security patches.
• Cyber awareness and training – effective cyber resilience requires a strong ‘cultural’ focus driven by the board and reflected in organisation-wide programs for staff awareness, education and random testing, including of third parties
• Protective measures and controls – implement strategies to mitigate cyber security incidents such as the Essential Eight using a risk-based approach. Additional measures may be needed where it is warranted by the organisation’s operating environment.
• Detection systems and processes – use of enterprise-wide continuous monitoring systems and the use of data analytics to integrate sources of threats in real time.
• Response and recovery planning – routine and detailed scenario planning, war gaming, proactive reporting to the board and well-developed communication plans.

The Role of GRC Software in Cyber Resilience

Governance, Risk, and Compliance (GRC) software plays a crucial role in fortifying an organisation’s cyber resilience by providing a unified platform for managing risk, incident and compliance-related activities. Here’s how GRC software supports cyber resilience:

• Integrated Risk Management:

GRC software provides a centralised platform for organisations to identify, assess, and manage cyber risks. This includes vendor IT and cyber risk identification, assessment and compliance. Cyber risk and compliance processes can be aligned with industry standard frameworks such as NIST and ISO 2700 series to ensure a comprehensive approach to cyber risk management.

• Policy Management and Compliance:

GRC tools assist in the uniform deployment of cyber security policies and procedures across the organisation. Regular testing and review can identify policy breaches that could compromise resilience.

• Incident Response and Reporting:

Streamlining incident response is crucial for cyber resilience. GRC software offers a structured framework for monitoring, reporting, investigating, and resolving incidents. Real time reporting supports rapid response and remediation.

• Audit and Accountability:

GRC solutions support audit processes by providing a centralised repository for audit investigation and documentation. They contribute to maintaining accountability by tracking and reporting on compliance with policy and regulatory requirements.

• Continuous Monitoring and Improvement:

GRC software supports management’s continuous monitoring of networks, systems, and data. This capability ensures that organisations can detect and respond to threats and incidents in real-time. Regular reviews and updates based on evolving threats also support proactive cyber resilience strategies.

Conclusion

In today’s business environment, the ability to withstand and recover from cyber threats is as crucial as preventing them. Cyber-resilient organisations accept the dynamic nature of the cybersecurity landscape and actively prepare for, respond to, and recover from incidents. GRC software has become integral to cyber resilience, providing a comprehensive and integrated approach to managing risks and incidents and ensuring compliance with cyber security policies, frameworks and standards.

If you’ve been closely following global events in recent years, particularly witnessing the full-scale digitisation of various aspects of our lives, you may find it prudent to consider, “Am I adequately prepared for the challenges that tomorrow may bring?”

Should you harbour any concerns about the efficacy of your current cybersecurity strategy or are exploring ways to enhance support for your management and oversight in this domain, rest assured that Camms is here to assist. Take a proactive step by scheduling a consultation today through our Virtual Consulting page or request a demo to discover tailored solutions for your organisation. Let’s collaboratively build a resilient future.