FERF’s Latest Research Report Explores Cyber Resilience, Defining Its…

FERF’s Latest Research Report Explores Cyber Resilience, Defining Its…

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It’s time to create a company-wide cybersecurity crisis plan that, should it have to be used, will enable you to minimize the financial, operational, and brand reputation damage inherent to any data breach.

The Financial Education & Research Foundation (FERF), the independent non-profit research affiliate of Financial Executives International (FEI), today released the Protection vs. Preparation: The Critical Difference Between Cybersecurity and Cyber Resilience report sponsored by Microsoft. It provides a foundation for executive leaders of any company seeking to understand why a Cyber Resilience strategy is necessary, what such a strategy consists of, and how to implement one.

The number of U.S. data breach incidents tracked in 2017 increased by 44.7 percent versus 2016, hitting a new record high of 1,579, according to the Identity Theft Resource Center (ITRC) and CyberScout. Related, global spending on information security products and services is expected to reach $124 billion in 2019, according to Gartner. However, as explained in the FERF report, such preventive measures are only one part of a complete risk management plan.

The report introduces the fairly new concept of a Cyber Resilience strategy, explaining its role as a preparedness plan for survival and recovery in the event of a cyber-attack. Expert commentary clearly walks readers through how a properly defined Cyber Resilience strategy takes into account business continuity, cyber security, crisis communications, and more.

“Given that much of today’s business operations and customer data are digital, cyber attacks threaten nearly every company in any industry which has made cybersecurity a fundamental business initiative,” said Andrej Suskavcevic, CAE, President and CEO of Financial Executives International and Financial Education & Research Foundation. “However, many companies are not thoroughly prepared if that prevention fails. In today’s world, we cannot underscore enough the importance of a Cyber Resilience plan for every business.”

Protection vs. Preparation: The Critical Difference Between Cybersecurity and Cyber Resilience systematically unpacks the subject matter via the following discussion areas:

  • Cybersecurity vs. Cyber Resilience
  • Maturity of Cyber Resilience in the United States
  • Laying the Foundation for Effective Cyber Resilience
  • Becoming More Cyber Resilient
  • Leadership and Ownership
  • How Does Your Company Stack Up?

The bulk of the research hinges on first-person information conveyed by distinguished cyber security experts from companies including Microsoft and Iron Net Security as well as organizations including the Information Systems Audit and Control Association (ISACA) and the Homeland Security Program and International Security Program at the Center of International and Strategic Studies.

“Businesses have taken monumental strides when it comes to cybersecurity,” said Mark Simos, Lead Architect, Cybersecurity Solutions Group, Microsoft. “However, it’s time to shift the mindset to go broader. It’s time to create a dedicated crisis plan that, should it have to be used, will enable you to minimize the financial, operational, and brand reputation damage inherent to any data breach. A swift recovery requires understanding the proper protocols and resources needed to recover. And, it needs to be a company-wide responsibility to work. Not just that of a CTO or CIO. FERF’s Cyber Resilience study provides an invaluable introduction to how to accomplish this.”

FERF’s Protection vs. Preparation: The Critical Difference Between Cybersecurity and Cyber Resilience report is available online at http://www.financialexecutives.org/Research.

About Financial Education & Research Foundation, Inc.

Financial Education & Research Foundation (FERF) is the non-profit 501(c)(3) research affiliate of Financial Executives International (FEI). FERF researchers identify key financial issues and develop impartial, timely research reports for FEI members and nonmembers alike, in a variety of publication formats. FERF relies primarily on voluntary tax-deductible contributions from corporations and individuals, and publications can be ordered by logging onto http://www.financialexecutives.org/Research.

About FEI

Financial Executives International (FEI) is the leading advocate for the views of corporate financial management. Its more than 10,000 members hold policy-making positions as chief financial officers, treasurers and controllers at companies from every major industry. FEI enhances member professional development through peer networking, career management services, conferences, research and publications. Members participate in the activities of more than 65 Chapters in the U.S. FEI is located in Morristown, NJ. Visit http://www.financialexecutives.org for more information.

About Microsoft

Microsoft is the leading cloud productivity and platform company that empowers every person and organization on the planet to achieve more.

Media Contacts:

Claudine Cornelis

Crimson Communicates

845.424.6342

claudine(at)crimsoncommunicates(dot)com

Lili DeVita

FEI

973.765.1021

ldevita(at)financialexecutives(dot)org

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Published at Tue, 25 Jun 2019 00:00:00 +0000