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Cyber Readiness: A New Approach to Business Cyber Security, Continuity, and Cyber Insurance

The Problem with Cyber Security

Cyber security is a term that most business owners are familiar with, but despite their best efforts, no one is ever 100% secure. The evolution of technology is growing in pace and this is also true for the cyber security and cyber threat landscape. Traditional cyber security measures are falling increasingly short, a reality for businesses local to us in Edmonton and the wider world. A more continuous, adaptive, and proactive approach is now needed to safeguard your success and customers. This approach is what we call Cyber Readiness.

The Difference Between Cyber Security and Cyber Readiness

While cyber security focuses on protecting systems and data from cyber threats, rather like a kind of checklist, cyber readiness takes this a step further. Cyber readiness is not just about having the right tools; it’s about integrating proactive risk management into every facet of your business. It’s a continuous, dynamic process that involves preparing, defending, responding, and recovering from cyber incidents effectively.

Cyber readiness encompasses everything from technical defenses to employee training and organizational policies that adapt as quickly as the threats they aim to mitigate. This readiness ensures that businesses can not only withstand attacks but also recover quickly, maintaining operational continuity with minimal disruption.

Cyber Readiness for Competitive Advantage, Business Continuity, and Competitive Cyber Insurance Coverage

Because Cyber Readiness is a more holistic approach to business risk management, it offers a range of benefits to businesses:

Competitive Advantage

Businesses that adopt a cyber readiness framework are better positioned to protect their assets and maintain trust with clients and partners. Because cyber risk realization is inevitable, especially as a business grows, it’s also a lifeline and safeguard for your business’s growth journey.

Cyber Readiness also enables access to certifications, such as Cyber Secure Canada. These can be harnessed as invaluable social proof in sales and marketing materials as well as in tender bidding efforts. Demonstrating robust cyber defenses can be a significant competitive differentiator, attracting customers who value security.

Business Continuity

Cyber incidents can disrupt business operations, leading to financial losses and damaged reputations. Many businesses will take anywhere from weeks to months to fully recover. A comprehensive cyber readiness strategy ensures that a business can quickly bounce back from cyber-attacks. By having robust response and recovery processes, businesses minimize downtime and maintain critical operations even under duress.

Competitive Cyber Insurance Coverage

Insurers are increasingly scrutinizing the cyber security measures of businesses before offering coverage. Companies with advanced cyber readiness practices are often rewarded with more favorable insurance terms. This happens because insurers bear a lower total cost of risk, which can lead to reduced premiums, better policy benefits, and better assurance of policy compliance that leads to payouts when a claim needs to be made.

How Do I Get My Business to Embrace Cyber Readiness?

Embracing cyber readiness requires a shift in mindset from reactive to proactive. One illustrative question that reflects this shift would be around how often a business undertakes a detailed cyber security audit that identifies risks and frames a helpful roadmap for lowering cyber risk across the board. Here are some key steps to get started:

Assess Your Current Cyber Security Posture

You need to map the territory before you can effectively navigate it! Begin by evaluating your current cyber defenses, potentially with the help of a proven cyber security services provider. Identify any vulnerabilities that might exist, from outdated software and weak passwords, to low levels of cyber awareness in the team. Tools and services from a reputable cyber security company in Edmonton can help with conducting these assessments accurately.

Develop a Cyber Readiness Plan

Based on the assessment, develop a comprehensive plan that includes not only technological solutions but also policies and procedures that enhance your overall security posture. These policies and procedures would also factor in incident response plans that enable your business to respond more effectively to cyber incidents. This plan should address how to prevent attacks, such as through improved cyber security hygiene and defenses against common threats like phishing attacks and ransomware.

Regular Training and Awareness

Cyber readiness requires ongoing education and training for all employees. As most cyber-attacks are linked to user error, this is an important criterion for cyber insurance providers and data protection regulations alike. Regular training sessions can help staff recognize and respond to cyber threats appropriately. Emphasize the importance of good cyber hygiene and educate your team on the latest cyber risk management strategies.

Implement and Monitor

Deploy the necessary security measures and continuously monitor your systems for any signs of breach or attack. Make roles and responsibilities for this clear if this is being carried out purely internally. If you need a hand, you can use services from cyber security experts who can continually monitor your IT environment and respond to potential and actual threats before they escalate.

Review and Improve

Cyber readiness is not a one-time setup. It requires continuous review and adaptation. Regularly revisit and refine your cyber readiness plan to incorporate new technologies, address emerging threats, and improve recovery times after an incident. Remember, continuous improvement is at the beating heart of Cyber Readiness!

Final Thoughts

Cyber Readiness is a holistic approach to managing cyber risks that goes beyond traditional security measures. It’s a holistic approach to business risk management that harnesses IT and cyber security expertise to empower sustainable growth, business continuity, competitive cyber insurance policy access, and peace of mind.

 

Cyber Readiness partnerships between businesses, cyber security companies, and insurers are one way that win-win outcomes are being created through the rolling out of Cyber Readiness Programs tailored to every partnership. Curious to see what Cyber Readiness can achieve for your business and the next steps? It’s time to talk with Tier 3 IT Solutions.

 

Tier 3 IT Solutions: Trusted Managed IT and Cyber Security Partners in Edmonton and Alberta

Our mission is to empower businesses in Edmonton and Alberta to get the best from what technology has to offer to them. Our passionate and creative team offers a one-stop shop for your technology needs that is rooted in personal service and care. From IT support and network management to cyber security, digital transformation, and cyber readiness, we’d love to help your business thrive in today’s digital world.

Curious to see how technology can further unlock the potential of your business? Get in touch with us today, and we’ll be glad to help you.

 

Cyber Security
president tier 818x1024 1

Hi, I'm Jesse and I look forward to speaking with you.

An IT Support partner that you can trust.

I’m proud of the team we’ve assembled and the service they provide to our clients.  It’s because of them that we’re able to make a positive impact in our clients’ businesses and the communities we serve.

Our clients run businesses that depend on technology to operate but don’t have the expertise in-house to manage all the aspects of their Information Technology.  Our unique service delivery model is focused on a business first approach whereby we seek to understand what you’re trying to achieve, and how technology can help you move closer to those goals.  I’d love to connect with you to talk about how we might be able to help you improve the Stability, Security, Strategy, and Supportability of your network.