Business Continuity Management Significantly Improves Cyber Resiliency
The Ponemon Institute’s 2017 Cost of Data Breach Study: Impact of Business Continuity Management, sponsored by IBM, surveyed 1,900 individuals from 419 companies in 11 countries to determine how enterprises facing data breaches can benefit from a robust business continuity management (BCM) program.
According to the study, 95 percent of companies said using BCM had a significant impact on mitigating the effects of a data breach. The study also found that BCM can significantly reduce the likelihood of a data breach over the course of two years. In addition, resiliency orchestration provides an innovative and cost-effective approach to reduce the cost of data breaches.
Companies are experiencing larger and more frequent data breaches in general. The material disruptions data breaches cause have extensive effects on executives, investors and end users who have a stake in a service or application’s availability and consistency. No government or business can tolerate the downtime from cyberattacks like the WannaCry ransomware breach for any significant length of time.
Evolving Disaster Recovery Plans
Disaster recovery (DR) automation and cloud-based resiliency orchestration drive new efforts to transform BCM programs. The average data breach cost per day is estimated at $5,064 in this year’s study. Companies that have a manually operated DR process experienced an estimated average cost of $6,101 per day. In contrast, businesses deploying an automated DR process that provides resiliency orchestration experienced a much lower average cost per day of $4,041. In addition, the average time to identify and contain a data breach decreased by 78 days, resulting in a total average savings over that time period of $394,992.
At this stage in the evolution of business continuity programs, 35 percent of companies surveyed are currently deploying an automated DR process, with just 16 percent of them actually delivering resiliency orchestration as part of that process. The survey predicts the coming years will bring even greater cost savings, compelling more companies to prioritize resiliency orchestration across their applications and hybrid cloud environments.
The growing implementation of resiliency orchestration means more than simply protecting IT assets from cybercriminals, natural disasters or technical flaws. Automating and orchestrating DR and continuity programs will ultimately lead to increased productivity, stronger competitiveness in the marketplace and greater return on investment. And as one CIO at IBM agreed recently, resiliency orchestration is also a key to reduced blood pressure among teams!
Applying Business Continuity Management
Consider these five key steps your organization can take today to coordinate BCM and security responses to a data breach and boost cyber resiliency:
- Confirm your organization has a robust BCM governance and execution.
- Establish cross-representation on business continuity and cybersecurity teams, and appoint crisis management representatives to coordinate efforts.
- Conduct joint cyberattack simulation testing, and increase overall testing activities.
- Align budget to risk posture.
- Consider implementing and/or expanding resiliency orchestration that is “application aware” and embraces any type of hybrid cloud infrastructure.