5 Ways Cyber Security Planning Will Help Your Business Succeed

Let’s face it. If you’re running a business in this digital age, you’re online. Period. And you’re not alone. A whopping 91% of companies have planted their flag in the digital space.

But here’s the scary part. Being online is like leaving your front door open if you don’t have the proper security measures in place.

The truth is that just as much as being online comes with untapped opportunities, so does the number of unseen risks. 

Think about it, there is an endless amount of people constantly looking for opportunities to exploit weaknesses in businesses’ security posture for their illicit gain. From hacking and phishing to identity theft and more, a lot is at stake.

Just as you’d lock your doors at night, you must ensure your virtual safe haven is in effect. How? Cybersecurity planning.

What Is Cybersecurity Planning?

Cybersecurity planning is all about being strategic in protecting an organization’s digital assets, data, and operations from cyber threats. Why should you care? If you own an online business, you have to be fluid to the constant and rapid changes that occur online.

For example, in 2023, about 50% of businesses got hit by some form of cybercrime. And not only are the attacks rampant, but they are also pretty expensive. Statistics projected that the cost of cybercrime would hit USD$8 trillion in 2023 and top USD$10.5 trillion by 2025. [2] [3]

With that being said, you can’t afford to skimp on cybersecurity planning. A great place to start would be to consult with IT experts or other tech gurus that are within reach and, of course, you trust. These pros can help develop cyber defense plans that fit business needs to a T. Besides that, they can make your existing solutions more effective than ever.

5 Ways Cyber Security Planning Can Propel Your Business Forward

If you’re dedicated to reaching sustainable heights of success, here’s how cybersecurity planning drives business resilience in the long haul.

1. Security Risk Assessment and Mitigation

With assessing risks, the first order of business is establishing where valuable digital assets are stored and who has access to them. 

From here, you need to understand what kind of threats deserve your attention. This gives your cybersecurity planning team the necessary information to identify risks based on priority.

Remember, not all threats are created equal. Some come with huge risks while others just need a precaution. A good rule of thumb here is to train more resources on protecting any assets critical to our operations.

To make all this happen, we need a solid cybersecurity plan. This could involve anything from installing firewalls and antivirus software to employee training and regular security audits. It all boils down to your business security framework and needs.

2. Business Continuity Plan and Disaster Recovery

Sometimes, we’ll do our best, but the bad guys will still end up winning. But you’ve got a secret weapon, a solid continuity and disaster recovery (BCDR) plan. It outlines how your business operations will continue in case of a cyberattack or other disasters.

Say, a ransomware attack shuts down our company’s systems today. A solid response plan should outline how your IT expert will restore systems, communicate with customers and employees, and continue running the day-to-day using backup systems.

But we can’t just an incident response plan and hope for the best. We’ve got drills to make sure everyone knows their roles and responsibilities. Also, we should make sure our backups are regular, secure, and easily accessible.

3. Financial Protection

Cyber Attacks can hit our wallets hard. It’s not just about the immediate costs of the breach itself, such as lost sensitive data or system downtime. There’s also the potential for long-term damage to our reputation and customer trust.

That’s why cyber insurance—one with policies that cover everything, from data breaches to business interruptions—is a must-have. But we all know insurance isn’t the end of it all. We still need to budget for incident response costs. 

Having a dedicated team ready to spring into action can save us a lot of money in the long run, too.

4. Competitive Advantage

As we both know, customers are becoming increasingly aware of data privacy and security. That’s why implementing strong cybersecurity measures can make it easier to build trust with them and separate our businesses from the crowd.

So, don’t just don’t on protecting your systems. Think about how you can use cybersecurity to improve your products and services. Why not develop new security features? Or perhaps you can offer cybersecurity consulting services.

Positioning ourselves as the go-to business for cybersecurity can attract customers who value security as much as we do.

5. Regulatory Compliance

Cybersecurity laws are getting stricter; meanwhile, penalties for non-compliance are getting harsher. So, we need to get familiar with the rules of the road.

Knowing which regulations apply to your business is the best first step here. Next, make sure you’re following them to the letter. These include everything from data privacy laws like the General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA) to industry-specific standards.

Handling customer credit card information? You’ve got to comply with the Payment Card Industry Data Security Standard (PCI DSS). This means protecting cardholder data. Regularly testing security systems and maintaining secure networks are a part of it as well.

Regular audits of cybersecurity plans are our best friend here. Talk about identifying any gaps in the compliance program and giving your team a chance to make corrections before regulators come knocking.

The Bottom Line: Cybersecurity Can Make or Break Your Business

The right cybersecurity posture can go a long way in businesses. This guide has shown you how. Feels like the right move, eh? Don’t sit on your laurels any longer. 

Reach out to the pros and discuss the best cybersecurity strategy that meets your needs and is right on budget. Building a resilient business doesn’t have to be difficult, unsafe, or costly.