Why Businesses Need a Cybersecurity Program

02 Mar Why Businesses Need a Cybersecurity Program

The importance of a robust cybersecurity program cannot be overstated in today’s world. The risks associated with cyber threats are ever-present and evolving for businesses, especially small to medium-sized enterprises. Sunwest Bank understands the critical nature of these threats and is committed to helping businesses protect their sensitive data and maintain the trust of their customers. This comprehensive guide outlines the essential components of a cybersecurity program and emphasizes why safeguarding your business and being prepared is absolutely critical.

The Growing Importance of Cybersecurity

Understanding Cyber Threats

Cyber threats are diverse and constantly changing, targeting businesses of all sizes. From data breaches to ransomware attacks, the potential damage from these threats can be devastating. Small to medium-sized businesses (SMBs) are particularly vulnerable as they often have fewer resources to dedicate to cybersecurity compared to large corporations. The financial impact of a data breach can be crippling, and the reputational damage can be irreversible.

Hackers are increasingly preying on smaller businesses because they are often perceived as easier targets. These cybercriminals know that SMBs may not have the same sophisticated defenses as larger enterprises. As a result, the frequency and severity of attacks on smaller businesses have been on the rise and they are attacking everything from point of sale systems to the copier in your office. Naturally, the importance of small business to be prepared by having a built-out cybersecurity program has grown with it.

The Components of a Cybersecurity Program

Proactive Measures

1. Risk Assessment: Identify and evaluate potential threats. A thorough risk assessment involves identifying assets, assessing their value, and determining the likelihood and impact of various threats.
2. Policy Development: Create comprehensive security policies that define how data should be handled and protected. These policies should be aligned with industry standards and regulatory requirements.
3. Training: Educate staff about cybersecurity best practices and their role in maintaining security. Regular training sessions help ensure that all employees know their responsibilities and the importance of security measures.
4. Technology Implementation: Deploy security technologies and tools, such as firewalls, antivirus software, and intrusion detection systems. These tools provide the technical foundation for a robust security posture.

Incident Response Plan

1. Incident Response: Have a clear plan for responding to incidents. This plan should outline the roles and responsibilities of team members, communication protocols, and steps to contain and mitigate the incident.
2. Damage Control: Contain and mitigate the impact of breaches to prevent further damage. This may involve isolating affected systems, removing malware, and conducting forensic analysis to understand the breach.
3. Recovery: Restore systems and data to normal operation after an incident. Recovery efforts should ensure that systems are secure and that normal business operations can resume quickly.
4. Review and Improve: Analyze incidents to improve future responses and update security measures. Post-incident reviews help identify weaknesses in the security plan and provide insights for enhancing overall security.

What Should a Cyber Security Plan Include?

Before discussing our approach, let’s review some of the basics every business should consider in any situation.

The 5 Cs of Cyber Security

Whether you work with us at Sunwest Bank or are developing a defense plan internally, five main concepts are a part of any proper cybersecurity program, all of which can be implemented, enhanced, and supported by a plethora of cybersecurity technologies available to businesses:

1. Change Management: Managing changes to systems and processes to ensure that security is maintained. Change management involves documenting changes, assessing their impact, and implementing controls to minimize risks.
2. Compliance: Ensuring adherence to laws and regulations related to cyber security. Compliance with regulations such as GDPR, HIPAA, and PCI-DSS helps protect sensitive data and avoid legal penalties.
3. Control: Implementing controls to mitigate risks and protect assets. Controls can be preventive, detective, or corrective and should be chosen based on the specific risks faced by the organization.
4. Cost: Balancing security investments with potential risks and benefits. Effective cyber security requires investment in technology and personnel, which should align with the organization’s risk appetite and budget.
5. Continuity: Ensuring business operations can continue after an incident. Business continuity planning involves developing strategies to maintain critical functions during and after a disruption, whether caused by a cyberattack or another type of incident.

Ensuring your approach towards enhanced cybersecurity includes these elements, supported by advanced technology, will set you and your company up for success.

The Role of Technology in Cybersecurity

Technology plays a crucial role in protecting your business from cyber threats. Here are some key technologies that should be part of any cybersecurity strategy:

1. Firewalls: Firewalls act as the first line of defense by monitoring and controlling incoming and outgoing network traffic. They help block unauthorized access and prevent malicious traffic from entering your network.
2. Intrusion Detection Systems (IDS): IDS tools monitor network traffic for suspicious activity and alert administrators to potential security threats. These systems help detect attacks in real time so you can take action.
3. Intrusion Prevention Systems (IPS): Similar to IDS in the sense that it detects malicious activity, IPS software can take action to prevent or stop the attack. This is typically better for small businesses who may not have the resources or personnel to manually respond to an attack.
4. Antivirus and Anti-Malware Software: These tools protect against malicious software that can compromise your systems and data. Regular updates and scans are essential to maintain protection against the latest threats.
5. Data Encryption: Encrypting sensitive data ensures that it remains unreadable to unauthorized parties even if it is intercepted. Encryption should be used for data at rest and in transit.
6. Secure Communication Channels: Using secure protocols such as SSL/TLS for communications helps protect data transmitted over the internet from interception and tampering.

Writing a Cybersecurity Program – A Checklist

1. Assessment: Start with a thorough risk assessment to identify potential security threats and vulnerabilities. This assessment should involve input from various stakeholders, including IT, legal, and executive teams.
2. Objectives: Define clear security objectives aligned with business goals. These objectives should be specific, measurable, achievable, relevant, and time-bound (SMART).
3. Policies and Procedures: Develop detailed policies and procedures that address identified risks. Policies should cover data handling, access control, incident response, and employee training.
4. Implementation: Apply policies with the necessary technologies and training. Implementation involves deploying security tools, configuring systems, and educating employees about their roles and responsibilities.
5. Review and Update: Regularly review and update the plan to address new security threats and changes in the business environment. Cybersecurity programs should be living documents that evolve with the organization and the threat landscape.

Building a Culture of Security

While ensuring compliance with requirements and standards can come from a trusted partner like Sunwest Bank, it ultimately starts with, and comes down to, your internal team. Getting the entire workforce onboard with cybersecurity measures and helping them understand the importance of cybersecurity defense is the best way to defend yourself from attacks.

Employee Training and Awareness

Employees play a critical role in maintaining cyber security. Human error is often a significant factor in security breaches, making employee training and awareness essential components of a robust security plan. Here are some key aspects to consider:

1. Regular Training Sessions: Conduct training sessions to educate employees about security best practices, recognizing phishing attempts, and creating strong passwords.
2. Simulated Phishing Attacks: Use simulated phishing attacks to test employees’ awareness and response to phishing attempts. This helps identify areas where additional training is needed.
3. Clear Communication Channels: Establish clear communication channels for reporting suspicious activities or potential security incidents. Encourage employees to report issues promptly without fear of retribution.
4. Security Policies: Ensure that all employees are familiar with the organization’s security policies and understand their responsibilities in maintaining security.

Regulatory Compliance and Cybersecurity

Compliance with regulatory requirements is a critical aspect of cybersecurity. Different industries are subject to regulations that mandate specific security measures to protect sensitive data. Here are some key regulations to be aware of:

1. General Data Protection Regulation (GDPR): GDPR is a comprehensive data protection regulation that applies to organizations operating within the European Union (EU) or handling the data of EU citizens. Organizations must implement stringent data protection measures and report data breaches within 72 hours.
2. Health Insurance Portability and Accountability Act (HIPAA): HIPAA sets standards for protecting the privacy and security of health information in the United States. Healthcare organizations must implement administrative, physical, and technical safeguards to protect patient data.
3. Payment Card Industry Data Security Standard (PCI-DSS): PCI-DSS is a set of security standards designed to protect payment card information. Organizations that process, store, or transmit credit card data must comply with these standards to prevent data breaches and fraud.
4. Sarbanes-Oxley Act (SOX): SOX requires publicly traded companies in the United States to implement internal controls and procedures for financial reporting, including measures to protect against unauthorized access to financial data.

The Sunwest Bank Perspective

At Sunwest Bank, we recognize the unique challenges that SMBs face in the cyber threat landscape. Our commitment is to provide financial services and the guidance and tools necessary to build a formidable cybersecurity strategy that includes proactive and reactive measures. We believe every business deserves to operate securely and are here to help you achieve that.

Our approach is holistic, addressing the technical aspects of cybersecurity and the human elements. We understand that the best cybersecurity programs integrate technology with employee awareness and solid policies. This comprehensive strategy ensures that all aspects of your business are protected, from your data and intellectual property to your operational processes and customer interactions.

Key Elements of Sunwest Bank’s Approach to a Cybersecurity Program

To ensure the highest level of security for our clients and operations, Sunwest Bank has developed a comprehensive cybersecurity program with all the above aspects in mind. While we incorporate best practices that businesses should follow, our program breaks cyber defense down even further. It is designed to address a broad range of potential threats and maintain the integrity, confidentiality, and availability of our information systems. Here are the key elements of Sunwest Bank’s approach to a cybersecurity program:

Access Control

1. Identity and Access Management (IAM): Implementing a robust Identity and Access Management (IAM) system is crucial for comprehensive cybersecurity programs. IAM ensures that only authorized individuals access critical systems and data. Modern cloud-based IAM solutions offer significant advantages, being more accessible to manage, scalable, and flexible without the complexity of on-premises infrastructure.
2. Authentication and Authorization: Authentication verifies a user’s identity, while authorization determines their access level. Strong authentication mechanisms are crucial to protect sensitive information and systems. Enforcing strong passwords is effective but needs to be improved in today’s threat landscape. Multi-factor authentication (MFA) adds security by requiring multiple verification forms for access.

Data Protection

3. Data Encryption: Data encryption is crucial for data protection. It converts data into a coded format only readable with a decryption key, ensuring intercepted data remains unreadable to unauthorized users. Businesses should use built-in encryption tools from operating systems and cloud services to safeguard sensitive data.
4. Data Loss Prevention (DLP): Data Loss Prevention (DLP) strategies safeguard sensitive data from loss, misuse, or unauthorized access. Simple yet effective DLP measures, like restricting USB access and cloud-based DLP tools, provide scalable solutions for monitoring and controlling data flows.
5. Backup and Recovery: Automated backup solutions, whether cloud-based or local, reliably copy and securely store data, reducing the risk of loss from hardware failures, cyberattacks, or other events. Businesses must implement these systems and regularly test data restoration to ensure backups work correctly.

Network Security

6. Firewalls: Commercial-grade firewalls offer robust protection with advanced features such as intrusion detection and prevention systems (IDPS), deep packet inspection (DPI), and real-time threat intelligence. These features enable businesses to detect and block sophisticated cyber threats, ensuring that only legitimate traffic is allowed into the network.
7. Wi-Fi Security: Ensure Wi-Fi networks are secure by using strong encryption, such as WPA3, which provides enhanced security features like improved encryption algorithms and protection against brute-force attacks. Additionally, changing default credentials is a simple yet effective measure to enhance Wi-Fi security.

Endpoint Security

8. Antivirus and Anti-Malware: By installing reputable antivirus and anti-malware programs on all devices, businesses can detect, block, and remove malicious software before it can cause harm. These programs protect against various threats, including viruses, worms, ransomware, spyware, and other types of malware.
9. Patch Management: Enabling automatic updates for operating systems and applications ensures that systems are patched promptly, reducing the window of opportunity for attackers. Automatic updates eliminate manual intervention, making it easier for businesses to maintain up-to-date security across all endpoints.

Incident Response

10. Incident Response Plan: Develop a simple incident response plan (IRP) outlining steps to take in case of a security breach. This will ensure your entire team has a structured approach to managing and mitigating the impact of security breaches and cyberattacks.
11. Security Monitoring: Continuous security monitoring is essential for detecting and responding to real-time security incidents. Businesses can leverage affordable monitoring solutions or partner with Managed Security Service Providers (MSSPs) to enhance their incident response capabilities.

User Awareness and Training

12. Security Training and Simulations: As we previously mentioned, any cybersecurity plan should include extensive training on top of the technical defense systems you may have in place. A higher number of knowledgeable members on your team means more boots on the ground to help defend your data and assets. Our defense plan emphasizes training using simulations and efficient communication channels so your team works as one big cyber defense machine.

Monitoring and Auditing

13. Continuous Monitoring: By consistently observing critical systems and networks, businesses can detect anomalies and potential threats in real-time, allowing swift responses to prevent or mitigate damage. Implementing basic monitoring tools is a cost-effective way to maintain vigilance over your IT environment.
14. Regular Audits: Regular security audits are essential for identifying and addressing vulnerabilities in a business’s IT infrastructure. Simplified security audits, conducted periodically, help ensure that security measures remain effective and up to date.

Third-Party Risk Assessment

15. Vendor Assessments: Conducting thorough vendor assessments ensures that third-party providers adhere to adequate security standards and do not become a weak link in your cybersecurity defenses. Simple checklists can streamline this process and help prevent impersonation scams.
16. Third-Party Contracts: Incorporating basic security requirements and responsibilities into contracts with third-party vendors is crucial in managing third-party risk. Clear and enforceable contractual obligations ensure that vendors are aware of and committed to maintaining security standards.

Physical Security

17. Access Controls: Implementing basic physical access controls like locked doors and security cameras for critical areas is a straightforward yet effective way to secure important areas of your business premises.
18. Environmental Controls: Protecting the physical environment in which your hardware and critical systems operate is equally important. Environmental controls help ensure that equipment functions optimally and is not damaged by adverse conditions.

Secure Software Development

19. Secure Coding Practices: Encouraging the use of secure coding practices is a foundational step in ensuring the security and integrity of in-house software. Adherence to standards, proper training, and peer reviews/audits are ways to ensure sound code.
20. Application Security Testing: Performing basic security testing on applications using automated tools, like static application security testing (SAST) or dynamic application security testing (DAST), helps identify vulnerabilities and weaknesses before they can be exploited by malicious actors.

Business Continuity Planning

21. Business Continuity Plan (BCP): Having a robust Business Continuity Plan (BCP) is essential for ensuring that business operations can continue with minimal interruption. A BCP outlines the processes and procedures that an organization must follow to maintain functionality during and after an incident.
22. Regular Testing: Regularly testing the BCP is vital to ensure it works as intended and that employees are familiar with their roles and responsibilities during an incident. Testing helps identify gaps and areas for improvement, allowing the organization to refine and enhance the plan.

Governance and Policy

23. Security Policies: Developing straightforward security policies is critical in establishing a strong governance framework for any business. Focus on critical areas like data protection, incident response, and acceptable use.
24. Risk Management: Risk management helps businesses identify, assess, and prioritize potential threats. By implementing basic risk management practices, organizations can better protect their assets and reduce the likelihood of security incidents.
25. Compliance: Ensuring compliance with relevant regulations and standards (e.g., GDPR, CCPA) is essential for protecting sensitive data and maintaining the trust of customers and stakeholders. Non-compliance can result in significant legal and financial penalties and reputational damage.

Defend Your Business with a Proper Cybersecurity Program

A robust cybersecurity program is essential for any business that wants to protect its data and maintain the trust of its customers. At Sunwest Bank, we are dedicated to helping businesses confidently navigate the complex world of cyber security. By partnering with us, you can be assured of comprehensive protection and expert guidance every step of the way.

Our commitment to cybersecurity extends beyond simply providing financial services. We strive to be a trusted advisor to our clients, offering the knowledge, tools, and support needed to build and maintain a secure business environment. Whether you are just developing your cybersecurity program or looking to enhance your existing practices, Sunwest Bank is here to help.

Protecting your business from cyber threats is not just a necessity; it is a strategic advantage. A well-implemented cybersecurity program can help you avoid costly breaches, safeguard your reputation, and provide your customers and stakeholders peace of mind. Trust Sunwest Bank to be your partner in cybersecurity, and together, we can build a safer future for your business.