Cybersecurity incidents have become a looming threat for businesses of all sizes. With the evolving requirements set by regulatory bodies like the SEC (Securities and Exchange Commission), the responsibility of managing cyber incidents has gained prominence, especially for Chief Information Security Officers (CISOs) and their teams.
The recent SEC cyber rules have underscored the need for companies to be well-prepared to handle cyber incidents. However, amid the chaos of an ongoing attack, expecting to grasp and implement these requirements swiftly can be overwhelming. This is where a proactive approach, built on trust and education, becomes invaluable.
Understanding application security
During a cyber incident, time is of the essence. Trusting your team becomes pivotal in such scenarios. In fact, research from the Ponemon Institute reveals that organizations fostering high levels of cybersecurity trust among their teams experience 33% less downtime during cyber incidents, underscoring the vital role of team trust in effective response.
As a CISO or a cybersecurity professional, having faith in your team’s capabilities and preparedness is the cornerstone of effective incident response. However, this trust shouldn’t solely reside within the cybersecurity department. It needs to extend across the entire organization.
Educate the Wider Business
Expecting every team member to understand the intricate details of SEC rulings or cyber compliance requirements during a crisis is unrealistic. Hence, education becomes a powerful tool. Engaging the wider business in exercises and workshops to familiarize them with these requirements beforehand is crucial.
Studies conducted by Deloitte found that 65% of organizations faced challenges meeting regulatory requirements during cyber incidents due to inadequate pre-incident preparation. This emphasizes the necessity of educating the broader workforce to streamline responses when faced with regulatory complexities during crises.
By educating employees across departments, businesses create a culture of awareness and readiness. In the event of a cyber incident, teams are not caught off-guard, enabling a more streamlined response that involves the entire organization.
Prepare in Advance
Imagine trying to build a plane while already flying it – this analogy aligns with attempting to comprehend and meet new regulatory requirements during a cyber incident. It’s challenging, if not impossible, to tackle these unfamiliar demands amidst the chaos of an ongoing attack.
Conducting exercises and beforehand – like those provided by Immersive Labs – enables organizations to bridge the gap between theory and real-world application, fortifying businesses against cyber risks.
The recent SEC ruling serves as a stark reminder of the evolving landscape of cyber compliance. While these requirements are critical, they are not insurmountable with proper preparation and a united, educated workforce.
To learn more about how Immersive Labs can help organizations navigate the complex terrain of cyber incidents more effectively, read our eBook How Realistic Cyber Exercises Build Real-World Resilience.
