Recent high-profile incidents in cyber security have captured global attention, illustrating the substantial disruptions they can cause. For instance, a CrowdStrike event has been assessed by Parametrix to have potentially cost Fortune 500 companies around $5.4 billion. Likewise, the data breach involving Okta and vulnerabilities within Ivanti’s Virtual Private Network (VPN) have raised serious concerns regarding the global ramifications of cyber security breaches.
Cyber security professionals and organizations are facing immense pressure due to an ever-evolving threat landscape, which is exacerbated by an increase in attacks from state-sponsored actors, the offensive capabilities of AI in cyber assaults, and the widespread availability of cyber exploit kits. While routine detection and prevention efforts go unnoticed, they play a crucial role in the performance and resilience of businesses and the overall global economy. Addressing these challenges requires cyber security firms to adopt best practices for managing significant incidents.
Engage PR Experts to Safeguard Reputation and Build Trust
Public relations firms specialize in navigating communications during crises, positioning them to devise effective crisis communication plans in collaboration with cyber incident management experts. This preparation helps cyber security organizations ready themselves for various scenarios. The communication landscape is further complicated by social media and digital channels, which can amplify speculation and misinformation. Establishing a dedicated communication channel is essential, allowing for a reliable source of information during crises. Timely and accurate communications are critical for maintaining trust and protecting brand reputation.
Proactively, PR specialists can emphasize the positive contributions of the cyber security organization by showcasing the number of attacks thwarted and mitigated. The profession must also convey the favorable impacts that cyber professionals and tools have on the global economy. Over-reliance on complex terminology and acronyms can muddle essential messaging, highlighting the need for clear, audience-specific communication, whether directed at the general public, senior executives, specialized press, or news media outlets.
Enhance Business Models with Insurance and Compensation Options
Given the increasingly intricate nature of cyber defenses, incidents are likely to occur due to human error, undiscovered software vulnerabilities, and a range of other factors. Cyber security companies should develop business models that reassure customers that they will receive some form of compensation if an incident occurs. Cyber insurance can cover expenses related to business interruptions, forensic investigations, and notifications required after a data breach, providing customers with options for additional services beyond standard offerings.
Alternative compensation models might include service credits or periods of free usage to offset losses, but these may not suffice in the event of significant outages. Inadequate compensation could further damage brand reputation.
Innovative Defensive Strategies
Human error accounts for a significant portion of cyber incidents. As the World Economic Forum notes, 95% of cybersecurity issues can be traced back to human mistakes, with insider threats—whether intentional or accidental—constituting 43% of all breaches. To mitigate these risks, high-stakes tasks often require dual control or secondary assessments.
The rapid advancement of AI technology offers solutions to identify potential human errors, ensure compliance with organizational policies, and detect configuration errors in software or cloud platforms. Additionally, utilizing Digital Twins can help model the potential impacts of cyber incidents and better understand the cascading effects of risks on clients and entire sectors. Analyzing historical data from previous attacks enhances the realism of these models, becoming increasingly vital for market-leading cyber security organizations.
Such modeling efforts will likely necessitate implementing further mitigations, such as staged software deployments, sandbox environments for pre-production testing, and network segmentation to prevent widespread impacts. Cyber security organizations must take the initiative to conduct incident response exercises alongside major clients in specific industries. A collaborative approach will reveal gaps and identify opportunities to improve response times.
By prioritizing best practices for crisis management in this interconnected world, cyber security organizations can minimize reputational harm from incidents and maintain trust in their solutions. Failing to do so risks overshadowing the positive contributions of cyber security firms to the global economy amidst a tide of negative headlines.
Andy Bridden and Ashley Barker are cyber security experts at PA Consulting.