Building Cyber Resilience in Business: Why It Matters in 2024

Global cyberattack attempts increased 104% in 2023, an alarming trend that continued into 2024. With the global average data breach cost reaching $4.45 million, businesses need a robust cybersecurity resilience strategy to remain operational and competitive. This article explores business cybersecurity resilience, the cost of cyber incidents to businesses, the current cyber landscape and approaches for building resilient businesses. It also discusses how you can prepare to lead in business cybersecurity with an online Master of Science in Business Cybersecurity from the Haslam College of Business at the University of Tennessee, Knoxville.

Defining Cyber Resilience for Businesses

Cybersecurity resilience refers to an organization’s ability to “prevent, withstand and recover from cybersecurity incidents.” It comprises these four elements:

• Cybersecurity to protect an organization’s IT system from hackers and other threats
• Risk management to identify potential threats to a company’s IT system
• Business continuity to keep a business operating effectively during a cyber incident
• Disaster recovery to provide a detailed plan that a business follows to restore critical functions quickly after a cyberattack

Effective business cybersecurity resilience can include:

• Continuous security monitoring to watch for threats and rectify those that can’t be blocked
• Cybersecurity training for employees to raise awareness and share best practices
• Robust authentication procedures to prevent unauthorized access to systems 
• Regular backup of critical data to minimize disruption in the event of a cyberattack

Cyber resilience goes beyond traditional cybersecurity measures that defend against cyberattacks by also incorporating proactive measures to safeguard the business, minimize exposure and reduce the impact of attacks.

Why Resilience Matters: Assessing the Fallout of Cyberattacks

Cyber resilience is critical to ensuring a business can withstand a cyberattack and remain operational. It can also prevent security breaches, reduce the risk of penalties and lawsuits associated with data breaches and violations, and bolster a company’s reputation. Businesses with cyber vulnerabilities face the adverse consequences detailed below.

Financial Aftermath of an Attack 

The financial implications of a cyberattack on businesses can be devastating. According to IBM, the average data breach costs U.S. companies $9.48 million, including expenses that can include ransom payments, lost revenue from business disruptions, remediation, legal fees and audit costs. Companies often pass these costs on to consumers and investors, affecting their customer base and market position. Cyberattacks can also affect a company’s creditworthiness, possibly resulting in difficulty securing funding, higher borrowing costs and lower stock prices. 

Erosion of Public Trust 

Research shows that 75% of consumers say they would stop doing business with a company after it experienced a cybersecurity issue. Losing trust can drive away current customers, partners and investors, resulting in financial loss and irreparable damage to a company’s reputation. That, in turn, can make it hard to attract new customers or investors, jeopardizing long-term profitability and viability. 

Legal Impact of Data Breaches

Companies must follow data protection and privacy rules set by federal and state laws, contracts, international laws and regulatory agencies. When a data breach occurs due to a failure to comply with laws or a lack of security measures, companies can face legal ramifications, including fines and sanctions, investigations and lawsuits. These cases can draw high-level attention; state attorneys general have led successful settlements resulting in civil penalties and added protections involving Lenovo, Target, and Nationwide Mutual Insurance Company and Allied Property and Casualty Insurance Company.

Understanding Resilience in the Modern Cyber Landscape 

Businesses and agencies face increasingly complex and sophisticated cyber threats in the modern cyber landscape. Malicious actors use advanced technologies and strategies to exploit vulnerabilities, requiring organizations to remain alert, prepared and ready to adapt to evolving threats. Significant threats in 2024 include:

• Threats to critical infrastructure: Hackers are targeting infrastructure with increasing frequency. Among the most significant emerging threats: cyber threats to satellites, which play a crucial role in global communication, navigation and security systems. As digital technology advances into space, protecting against attacks that could harm worldwide stability and security is essential. Recent attacks, such as the 2022 attack on the KA-SAT network, highlight the vulnerabilities of satellites.
• Ransomware attacks: In 2023, the number, scope, and frequency of ransomware attacks significantly increased. The year also broke records for ransomware payments. In the future, ransomware attacks may accelerate and become more brutal. 
• Supply chain attacks: The number of organizations affected by a supply chain attack has grown over 2600% since 2018, with over 54 million victims in 2023. As attackers improve at finding and exploiting vulnerabilities in digitized and interconnected supply chains, the number and severity of attacks will likely increase. 

With their ability to analyze large data sets and identify patterns and anomalies, emerging technologies like artificial intelligence and machine learning deliver new enhancements to cybersecurity through threat detection and security task automation. However, they could also contribute to more effective and efficient cyber attacks. Due to these emerging threats, the cybersecurity industry will see increased regulations and enforcement in 2024. Organizations must be cyber resilient to comply and protect against new and emerging threats.

Strategies for Building Cyber Resilience and Strengthening Business Operations

Effective cyber resilience strategies require a comprehensive approach that involves planning, robust defenses and adapting to changes. The key components of cyber resilience strategy include:

• Proactive protection of the business: Robust cybersecurity systems must protect systems, devices, applications and data to ensure smooth business operations. Key components include managing assets, data encryption, access control, security policies, networks and training. 
• Threat detection: Preventing cyber attacks before they occur is integral to cyber resilience. Threat detection tools—like endpoint detection and response—can help find and manage threats.
• Response and recovery measures: Cyber resilience involves preparing for potential cyber incidents by planning to restore systems quickly and resume business. It requires planning for business continuity, incident response, Information and Communications Technology (ICT) continuity management, information sharing and collaboration, and security information and event management (SIEM).
• Effective governance: A cyber resilience strategy requires governance to ensure that processes and technology operate well. Businesses can support this oversight by seeking commitment and involvement from company leaders, establishing formal structures and processes, conducting internal audits and implementing a risk management program.
• Adaptation and continuous education: Cyber resilience requires adapting to constant changes in the threat landscape, technology, systems and staff. By evolving with these changes, businesses can manage cyber incidents without significant disruptions. 

Successful business cybersecurity and resilience initiatives require collaboration, continuous improvement, and investment in security and education. The University of Tennessee, Knoxville’s online MS in Business Cybersecurity (MSBC) fosters these skills, preparing business cybersecurity professionals to effectively communicate and prioritize cyber initiatives. 

Prioritize Cyber Resilience for Business Success

In today’s digital landscape, cyber resilience—an organization’s ability to withstand and recover from cyber threats—is essential for ensuring business continuity and safeguarding systems and sensitive information. Business cybersecurity professionals must understand and continuously assess the crucial components of cyber resilience, which can be achieved through UT’s online MSBC program.

The online MSBC at UT’s Haslam College of Business prepares students to lead in an emerging field. With part-time learning options, working professionals can pursue their degrees while balancing other commitments. Connect with an enrollment advisor to learn more about the program and how it prepares students for the future of business cybersecurity operations. If you’re ready, you can start your application now.