How Boards Can Manage Their Way Through a Cyber Attack

Webinar Replay

Agenda Items in this Webinar Replay

1. The Four Risks Types Cyber Attacks Pose to Boards
2. Attack Discovery, Cyber Extortion and Board Considerations
3. Cyber Attack Workflow
   • What Good and Bad looks like
   • Negotiating with Cyber Criminal
4. Real World Examples

Expert Presenters

Cyber Security Expert	Board Governance Expert
David Rudduck Solis Security / CFC Security	Fi Mercer GovernWith

Key Takeaways

• Cyber Security is a Board Responsibility
• Your Organisation will be attacked at some time in the future
• Being prepared will reduce your 'downtime' to core business
• Time is your biggest issue.  How long have you got?

Presentation Slides

Strengthening Incident Response Plans for Resilient organisations

In today's fast-paced digital world, cyber attacks have become a major concern for organisations across industries. The increasing sophistication of cyber threats requires boards of directors to be well-prepared to tackle such incidents head-on.

Our experts share valuable insights in this webinar replay. It explores how boards can effectively manage a cyber attack while leveraging their expertise to strengthen incident response plans.

Understanding the Ever-Evolving Cyber Threat Landscape

To effectively manage cyber attacks, boards must stay updated with the evolving cyber threat landscape. Cyber attacks can take various forms, such as malware, phishing, ransomware, and social engineering. It is crucial for boards to actively educate themselves about the latest threats and trends. Being aware of the nature and potential impact of cyber attacks empowers boards to allocate resources wisely and strengthen their defences.

Building a Strong Cybersecurity Culture Together

During the webinar, the Fi and Davide stressed the significance of building a strong cybersecurity culture within organisations. Board members play a vital role in actively promoting awareness among employees and fostering a sense of responsibility for cybersecurity throughout the company. Anecdotes were shared about organising engaging training sessions to make cybersecurity fun and relatable for employees. It is clear that when cybersecurity becomes everyone's responsibility, organisations become better equipped to combat cyber threats.

Webinar Poll

During the webinar, we conducted a poll to determine how many poeple on the call new if their organisation had an Incident Response Plan, or didn't, or didn't know either way.

55% or respondents either didn't know or didn't have an Incident Response Plan.

Developing Incident Response Plans with the Experts' Advice

The experts provided insights on how boards can develop effective strategies to handle cyber attacks through incident response plans.

Several key elements were highlighted as essential for crafting robust incident response plans.

1. Preparation and Prevention: A Team Effort

Preventing cyber attacks starts with proactive preparation. It is important to involve the entire organisation in implementing preventive measures. Regular cybersecurity training should be provided to employees, creating a safe environment where they feel comfortable reporting any suspicious activities. Regular vulnerability assessments should be conducted to identify and address potential weaknesses before cyber attackers can exploit them.

2. Incident Identification and Classification: Act Swiftly and Accurately

Prompt incident identification and classification are crucial. Deploying advanced monitoring tools and setting up robust anomaly detection systems can aid in early incident detection. Employee reporting mechanisms can also be utilised effectively. Accurately classifying incidents based on severity allows organisations to allocate resources effectively and prioritise their response efforts.

3. Forming a Skilled Incident Response Team

The experts emphasised the importance of forming a dedicated incident response team. The team should consist of individuals with diverse expertise, such as IT professionals, cybersecurity specialists, legal advisors, and public relations representatives. Clear roles and responsibilities should be established within the team to ensure a well-coordinated response to cyber attacks.

4. Swift Incident Containment and Eradication

Swift action is necessary when it comes to containing and eradicating cyber attacks. Isolating affected systems, conducting forensic analysis, and deploying remediation measures are essential steps. Real-life experiences were shared, showcasing how incident response teams effectively contained cyber attacks and minimised their impact on organisational operations.

5. Communication and Stakeholder Management: Transparency is Key

Clear and transparent communication is vital during a cyber attack. Effective communication protocols should be established for both internal and external stakeholders. Promptly informing employees, shareholders, clients, regulatory bodies, law enforcement agencies, and the media about the incident is crucial. Transparent communication helps build trust and minimises potential reputational damage caused by a cyber attack.

6. Recovery and Learning from the Experience

In the aftermath of a cyber attack, recovery and learning are paramount. Steps to restore systems and data, validate the effectiveness of the incident response, and conduct thorough post-incident analysis were discussed. By learning from each experience, organisations can improve their incident response plans and enhance their overall cyber resilience.

Leveraging Third-Party Experts for Enhanced Incident Response (Solis)

Given the increasing sophistication of cyber attacks, organisations should consider leveraging the expertise of third-party professionals. External experts can provide specialised knowledge, conduct independent assessments, and offer guidance on incident response best practices. Success stories were shared, highlighting the pivotal role played by external partners in strengthening organisations' incident response capabilities.

Continuous Improvement: Monitoring and Evaluation

Managing a cyber attack is an ongoing process. Continuous monitoring and evaluation are essential to ensure the effectiveness of incident response plans. Regular audits, penetration testing, and tabletop exercises should be conducted to identify weaknesses and improve the organisation's cyber resilience. By staying vigilant and adapting to new threats, organisations can stay one step ahead in the ever-changing cyber landscape.

Leverage These Insights

With cyber attacks becoming more prevalent and sophisticated, boards of directors must be well-prepared to effectively manage such incidents.

By leveraging the valuable insights from our experts in the webinar, boards can develop robust incident response plans.

Fostering a strong cybersecurity culture, collaborating with external experts, and continuously monitoring and evaluating their efforts are crucial steps for boards to ensure their organisations remain resilient in the face of cyber attacks.

With the guidance of the experts, boards can navigate the complex world of cyber threats and safeguard their organisations' valuable assets and reputation.