The challenges of cybersecurity are changing the business landscape. As the risks associated with a data breach continue to rise, businesses are taking a closer look at their existing protocols and implementing formal risk assessments, policies and standards. Proactive companies not only audit themselves, but also look at vendors with whom business is engaged.
How Can You Prepare?
- Develop a plan now – There will come a day in the very near future where having cybersecurity protocols in place will play a role in business development. Certain industries have already adopted formal requirements, think HIPAA for Health Care and SOX for Finance. As this standardization across industries is expected to grow, those who ignore these best practices expose themselves to liability and will lose potential business opportunities.
- Only work with companies that have a defined cyber-program – Just as important as executing an internal plan, it is essential that vendors are like-minded. This applies to any company you do business with – contractors, freelancers, consultants, etc. Your company and your associates are at risk if you are working with someone that does not have the necessary cyber-protocols in place.
Initiating Steps to Success
If you don’t have a formal cyber-plan in place, here are some best practices you should be implementing to insure risks are minimized:
- Practice Strong Cyber-Hygiene with your Team
- Know and Secure Vendors’ Networks
- Identify and Protect Critical Data and Systems
- Have and Practice an Incident Response Plan
- Test Your Incident Response Plan and Continually Revise
- Consider/Review Cyber Insurance Policies
Need some direction? The team at BMT can help – we have worked with clients of all sizes and industries to successfully create and execute a cybersecurity plan.
Having a solid cybersecurity strategy in place is just smart business. As the level of threats of evolve, having the proper protocols in place now will better protect your organization and make your company a more attractive entity to work with.