Cybersecurity is a critical component of operational resilience plans, forming a distinct function within that much broader framework. Cybersecurity detects and prevents cyber attacks, while operational resilience plans outline how to recover from such incidents. Operational resilience planning covers a wide range of potential recovery options and is the broader set of guidelines that firms should adhere to. This means that the impact of any cybersecurity events must form a critical part of business continuity planning.
The Role of Cyber Security in Operational Resilience
Cybersecurity is much more complex than a single, siloed IT risk. It forms the first line of defence against significant vulnerabilities that can be exploited through a cyber attack. Several regulations have tried to mitigate this risk by enforcing strict standards for cybersecurity and data protection. The UK’s Cyber Security and Resilience Bill and the Critical Third Party (CTP) Regime both clearly outline regulatory requirements for UK firms with a strong emphasis on managing third-party risk. Thorough cybersecurity processes provide invaluable threat intelligence, which must be shared beyond the IT department to inform the overall operational risk profile of the firm. Firms should document a robust Cyber Incident Response Plan as part of their operational resilience framework to ensure they can respond to and recover from the most severe cybersecurity threats in the future.
How can Firms Integrate Cyber Security into Operational Resilience Frameworks?
Cybersecurity can be used as a lens through which firms can better understand their operational resilience. The most common method for integrating cybersecurity into operational resilience frameworks is through rigorous scenario testing. This involves simulating severe but plausible threats of key cyber events such as data breaches and ransomware attacks. Firms can use this process to test whether the firm would be able to remain within their predefined impact tolerances for important business services in the event of a cyber attack. Integrating cybersecurity into operational resilience frameworks effectively requires breaking down the traditional silos that can often exist between IT and business operations. For a holistic overview of potential threats, firms must:
- Define clear reporting lines and areas of collaboration between technical teams and senior leadership
- Create shared resilience objectives with clear lines of accountability
- Ensure that cyber threat intelligence and testing outcomes are included in integrated, board-level reporting
An effective cybersecurity programme is a powerful first-line defence against the threat of cyber attacks if implemented properly. For firms to adopt a truly resilient approach, it should be incorporated as part of a wider, holistic operational resilience framework. Fully integrating cybersecurity in this way means it is not solely a standalone IT function and should be considered intrinsically linked to the recovery plans to help the firm recover from and overcome the most serious threats. Break down the silos between IT and ops.
Speak to our experts today about merging cybersecurity and operational resilience into one cohesive framework.
