One way to a meaningful cybersecurity communication
Both companies and governments stress the importance of a ransomware action plan, citing the ever-growing number of ransomware Frequency of attacks as the driving force.
According to PWCs 24NS Annual global CEO survey, a third of US CEOs are planning double-digit increases in cybersecurity investments. And just last month did the Biden administration quick action to protect critical US infrastructure from ransomware threats.
Recognizing the management of ransomware risks as a top priority is a critical first step in improving the cybersecurity situation. The next step is to develop a ransomware action plan.
After creating a ransomware action plan, you can effectively:
- Understand how vulnerable you are to a ransomware attack.
- Know how a ransomware attack can financially affect your business (and whether you can survive it!)
- Prioritize the projects to make you less vulnerable, reduce your risk, and improve your ability to recover.
Most importantly, with a ransomware action plan you are well on your way to communicating cybersecurity in easy-to-understand terms across the organization. That means board members, C-level executives, and the threat hunters in the trenches protecting the company understand each other.
In order to bring people, processes and technology together, communication must not be vague or interpretable. A color map of risks may be an effective visual aid, but it lacks the clarity to make meaningful decisions.
Cybersecurity, and especially ransomware risks, need to be in the language of business: dollars and cents.
So how do you effectively communicate ransomware risk? Read on to find out.
Understanding ransomware shouldn’t be complicated
Axio has created a process to develop a ransomware action plan in three 90-minute workshops. The Ransomware360 solution was developed based on guidance from the National Institute of Standards and Technology (NIST), the Department of Homeland Security (DHS), the Federal Bureau of Investigation (FBI), our close relationships with insurers, and Axio’s analysis Thousands of real-life ransomware events.
You can click here to register for Ransomware360.
The 3 steps of a ransomware action plan are detailed below.
Step 1: How vulnerable am I to a ransomware attack?
The first step in developing a ransomware action plan is to assess your ransomware readiness. It is important to understand the likelihood that an attacker will successfully launch an attack in your current operating environment today. With the Axio360 platform, you perform a simplified assessment to identify any deficiencies in your controls. These deficiencies consist of issues such as operational dependencies, vulnerabilities that are not always obvious, and a lack of policies, processes, and procedures that attackers can exploit. The assessment includes a tailored list of questions derived from real-world event data we have compiled from our relationships with the world’s largest insurers. After completing the assessment, you will receive a tailor-made report with prioritized recommendations for improvement. The results of the Axio360 Ransomware Preparedness Assessment are accepted as additional evidence to support cyber insurance applications.
Step 2: What is the financial impact of ransomware on your business?
Now that you’ve assessed your ransomware preparation, you can model how an actual scenario will affect your particular business. One of our Axio experts will guide you through a quantification exercise that will help you understand unforeseen operational impacts in the run-up to a ransomware event. Thanks to the inputs you control, there is complete transparency about how the area of effect can be derived and the calculation defended. Unlike other methods of quantifying cyber risk, where calculations are based on industry data hidden in a black box, your entire team can examine every component of the Axio360 model. This enables collaboration and a sense of empowerment: not only have you calculated the risk, but you can understand exactly where the range of losses is coming from. We have made it our business to make quantifying cyber risks easy for everyone. You don’t need a PhD in statistics, nor do you need 6 months to achieve financial output.
Step 3: prioritize your improvement projects
The final 90 minute step is to work with an Axio expert to create a ransomware improvement plan. With the results of the previous two steps, our experts will help you create a roadmap for a safer future. It is often very difficult to choose which cybersecurity projects to focus on next. Your quantified ransomware scenario information from step 2 solves this dilemma. It becomes very easy to model which improvement projects will reduce the impact of the ransomware scenario in relation to the project costs. Axio recommends setting an actual and a target state for improvement, which makes it easy and convenient to track progress over time in the platform.
Ransomware may be the cyber scourge of our time, but with a plan of action you can ensure your survival and sleep well at night knowing you have the right people, processes and technology to weather the storm.
click here to learn more about the Ransomware360 solution and to schedule a consultation.