Cyber Security Strategy: Definition and Implementation

A cybersecurity strategy is a structured plan to protect IT systems, networks, and data from threats. Learn how to develop one for both large enterprises and small businesses in this guide.

This post is intended to provide an overview of the need for a cyber security strategy, how to go about creating one, what one contains, and the difference between strategies for large enterprises and small businesses.

What Is a Cybersecurity Strategy?

A formal definition of a cybersecurity strategy is that it is a structured approach that an organization, government, or individual follows to protect its information technology (IT) systems, networks, data, and assets from cyber threats. It is essential for managing risks, ensuring the integrity of systems, and safeguarding sensitive data from potential cyberattacks.

Why Do We Need One?

The move to digital platforms for businesses and individuals has been ongoing for several years which have been accelerated by the restrictions imposed during the pandemic. To offset the effects of reduced foot traffic to brick-and-mortar outlets, businesses moved quickly to e-commerce and used automation to reduce operating costs. They also began to move systems and data to the cloud and introduced remote working.

Individuals embraced e-commerce and social media, using smart devices for commercial and personal purposes, anytime and anywhere, and working remotely.

Both moves generated significant increases in network infrastructure, bringing an explosion of accessible Wi-Fi-based networks in public spaces. Unfortunately, this move generated serious security issues, which were not immediately addressed by organizations and individuals. The development of cybersecurity defenses lagged behind hackers initiating attacks on systems, networks, data, and assets with new cyber threats.

Ransomware became a serious threat to corporations, and ID theft to individuals. Fortunately, cybersecurity has been catching up, and with the implementation of cybersecurity strategies has significantly reduced the number of reported incidents.

However, new threats emerge every day, and malicious or accidental actions still give rise to incidents where money or reputation is at risk.

A well-crafted cybersecurity strategy, accompanied by policies, procedures, and cybersecurity assets is needed now more than ever.

Key Components of a Cyber Security Strategy

A well-defined cybersecurity strategy typically includes some key components. Here are 10:

1. Risk Assessment

• Identify assets: Understand the critical systems, data, and assets that need protection.
• Threat identification: Analyze the types of threats (e.g., malware, phishing, ransomware, insider threats) that the organization is vulnerable to.
• Risk evaluation: Assess the likelihood and impact of these threats on the organization.

2. Security Policies and Procedures

• Develop formal security policies that define how security measures are to be implemented and maintained.
• Establish incident response procedures for dealing with breaches or cyberattacks.
• Ensure that the policies are aligned with regulatory and industry compliance requirements (e.g., GDPR, HIPAA).

3. Technology and Tools

• Firewalls and intrusion detection systems (IDS/IPS): Implement perimeter security to monitor and block suspicious traffic.
• Encryption: Protect data at rest and in transit by using strong encryption algorithms.
• Access control and identity management: Ensure that only authorized users can access sensitive systems and data through multi-factor authentication and role-based access controls.
• Anti-malware and endpoint security: Use tools to prevent and detect malware or suspicious activities on endpoint devices.

4. Security Awareness and Training

• Employee training: Conduct regular training sessions for employees on best security practices and recognizing potential cyber threats, such as phishing attacks.
• Security culture: Foster a culture of cybersecurity awareness where security is a priority for everyone within the organization.

5. Monitoring and Detection

• Implement continuous monitoring systems that track and analyze network traffic, logs, and user activities.
• Use security information and event management (SIEM) tools to detect anomalies, security events, and breaches in real time.

6. Incident Response and Recovery

• Create an incident response plan that outlines actions to be taken in the event of a cyber incident, including communication strategies and containment measures.
• Develop a disaster recovery plan to restore systems and data quickly after a breach or attack, minimizing downtime and losses.

7. Compliance and Legal Considerations

• Ensure that your cybersecurity strategy meets the necessary legal and regulatory requirements, such as data protection laws and industry-specific standards.
• Conduct regular audits to verify compliance and update policies as needed.

8. Regular Testing and Updates

• Perform regular vulnerability assessments and penetration tests to identify weaknesses in systems.
• Patch management: Ensure that software and systems are updated regularly to protect against known vulnerabilities.
• Continuously review and improve the cybersecurity strategy as new threats and technologies emerge.

9. Collaboration and Information Sharing

• Collaborate with other organizations and cybersecurity communities to share information on emerging threats and best practices.
• Participate in threat intelligence networks to stay ahead of new risks.

10. Governance and Leadership Support

• Obtain executive buy-in to ensure that cybersecurity is prioritized at the leadership level.
• Establish a cybersecurity governance framework to assign roles, responsibilities, and accountability for cybersecurity efforts across the organization. By addressing these components, a cybersecurity strategy can help organizations mitigate risks, reduce the impact of cyberattacks, and ensure business continuity.

Developing a Cyber Security Strategy

Developing a cybersecurity strategy is not all that different from developing other business strategies. It has four basic stages:

1. Identification and evaluation
   1. Setting out objectives and goals;
   2. Defining success criteria and metrics;
   3. Identifying assets that need to be protected, and the level of protection needed, for example, financial systems and data;
   4. Identifying known vulnerabilities, and the potential threats that exploit them; and
   5. Assigning probabilities and the effect of each to create threat categories.
2. Identifying counter-measures 
   1. Assessing commercially available software solutions and their associated implementation and their ongoing costs and benefits. This is likely to involve third parties; and
   2. Assessing and modifying internal policies and procedures as part of a risk alleviation and avoidance strategy.
3. Developing a strategy that addresses risks and threats: 
   1. Developing a roadmap or implementation plan, including:
      • The HR implications, particularly resource assignments, training, and awareness. This can be the trickiest area;
      • Any infrastructure implications, both in IT and elsewhere. For example, introducing controlled access to some business areas
   2. Defining the ongoing activities and the resources required to keep the strategy up to date.
4. Implementing the strategy: This is a standard implementation project management exercise to bring the strategy defined above into operation. Some key activities will include:
   1. Project planning for the implementation;
   2. Assigning budgets and resources;
   3. Implementing the HR program of training and awareness;
   4. Infrastructural modification, for example, keypad access to secure areas; and
   5. Software implementation;

This is not a once-off exercise. The varying nature of cyber threats and the daily appearance of new threats make it an ongoing need. In corporate environments, a review is necessary when considering new processes and procedures, for example when changing production machinery and introducing Internet of Things (IoT) devices.

Cybersecurity in Large Enterprises vs. Small Business

The basic aims and objectives of cybersecurity in large and small businesses are essentially the same—the prevention of harm by activities that compromise systems and data. The major difference is that of scale. Both large and small businesses face threats, but the approaches to security, risks, and resources differ significantly. Understanding the key differences and challenges between large and small businesses can help tailor a cybersecurity strategy to each. Here are eight items for consideration:

1. Scale of Resources

• Large Business:

  • Typically, large organizations have dedicated IT and cybersecurity teams, advanced tools, and substantial budgets for technology and cybersecurity.
  • They can invest in high-end security solutions like security operations centers (SOC), threat intelligence, and round-the-clock monitoring.

• Small Business:

  • Often, small businesses lack the financial resources and dedicated IT staff to focus solely on cybersecurity.
  • Cybersecurity may be handled by general IT personnel or outsourced to third-party providers, limiting advanced monitoring and threat detection capabilities.

2. Types of threats

• Large Business:

  • Larger organizations are more likely to be targeted by sophisticated attacks such as advanced persistent threats (APTs), supply chain attacks, or nation-state-sponsored attacks.
  • They might also face targeted distributed denial of service (DDoS) attacks or large-scale data breaches aimed at stealing valuable information like trade secrets or intellectual property.

• Small Business:

  • Small businesses may not be targeted as aggressively by advanced attacks, but they are more vulnerable to common threats like ransomware, phishing, or social engineering.
  • Cybercriminals often target small businesses because they know these companies may lack robust defenses and are seen as “low-hanging fruit.”

3. Risk and Impact

• Large Business:

  • The impact of a breach on a large company can be severe in terms of financial loss, reputation damage, and potential regulatory penalties. However, they often have the resources to recover faster.
  • Compliance risks are often higher for large companies, as they must adhere to multiple regulations like GDPR, SOX, and HIPAA, depending on the industries they operate in.

• Small Business:

  • A successful attack on a small business can be devastating, potentially resulting in the closure of the business if the financial impact is too severe.
  • Small businesses may not have adequate cyber insurance, leaving them vulnerable to the full costs of an attack.
  • Reputation damage is also critical for small businesses, as trust is harder to rebuild, and customers may lose confidence quickly.

4. Security Infrastructure

• Large Business:

  • Large enterprises typically have more complex IT infrastructures, including multiple offices, cloud environments, supply chains, and possibly global operations, which increases the attack surface.
  • They invest in advanced security technologies like firewalls, endpoint detection and response (EDR) systems, intrusion detection systems (IDS), SIEM, and threat intelligence platforms.

• Small Business:

  • Small businesses generally have simpler infrastructures, but this does not mean they are easier to defend. In fact, they may lack the basics like encryption, proper firewall configuration, or backup strategies.
  • Many small businesses rely on cloud services like Google Workspace or Microsoft 365, but without configuring these environments securely, they are vulnerable to attacks like cloud misconfigurations.

5. Security Awareness and Training

• Large Business:

  • Large companies can conduct frequent cybersecurity awareness training and simulate attacks to prepare employees for real-world threats.
  • They often establish a security culture at multiple levels of the organization, ensuring that all employees—from entry-level to C-suite—understand their role in protecting the company.

• Small Business:

  • Smaller companies often overlook the importance of training due to limited resources. Employees may not receive sufficient training in recognizing phishing attacks, practicing password hygiene, or handling sensitive data securely.
  • Security awareness may be lower, making employees more vulnerable to common social engineering attacks.

6. Compliance and Regulations

• Large Business:

  • Compliance is a significant focus for larger enterprises, as they are more frequently subject to regulatory audits and legal obligations under frameworks like PCI-DSS, HIPAA, SOX, and GDPR.
  • They often have in-house legal and compliance teams to ensure they meet these regulations, and failure to do so can result in substantial fines.

• Small Business:

  • Small businesses may not be subject to as many regulatory requirements, but they still need to comply with industry-specific standards, particularly in sectors like healthcare and finance.
  • However, compliance might be seen as a lower priority compared to large enterprises, leading to potential legal and financial risks.

7. Cybersecurity Tools

• Large Business:

  • Large organizations can invest in enterprise-grade cybersecurity solutions that offer comprehensive protection. These include endpoint protection platforms, encryption tools, multi-factor authentication (MFA), and network segmentation.
  • They can also afford regular penetration testing and cybersecurity threat simulation (“red team”) exercises to identify vulnerabilities.

• Small Business:

  • Small businesses often rely on affordable, all-in-one cybersecurity solutions or managed security service providers (MSSPs) for their needs.
  • They may not be able to implement cutting-edge technology, but even low-cost tools like VPNs, anti-malware, firewalls, and password managers can significantly improve security.

8. Incident Response and Recovery

• Large Business:

  • Large businesses typically have formal incident response (IR) teams or even cybersecurity insurance to mitigate the financial impact of an attack.
  • They often run disaster recovery and business continuity planning exercises to ensure they can maintain operations after a breach or attack.

• Small Business:

  • Small businesses are less likely to have a structured incident response plan in place. If an attack occurs, their response might be reactive rather than proactive, leading to prolonged downtime.
  • Recovery may take longer, as they might not have the resources to restore systems quickly or afford long periods of operational disruption.

Key Considerations for Both:

• Large Business:

  • Needs to protect a large and complex attack surface.
  • Must balance multiple regulations and maintain a high level of security maturity.

• Small Business:

  • Needs a more cost-effective, simple-to-implement solution.
  • Can benefit from outsourcing and focusing on essential security practices such as patching and basic employee training.

Stay Ahead With Your Cyber Security Strategy

In summary, both large and small businesses must adopt cybersecurity strategies that align with their size, risk profile, and available resources. Large enterprises require more sophisticated solutions due to their scale, but small businesses, while facing fewer targeted threats, can be just as vulnerable without basic, affordable defenses in place.

Whatever the scale of your needs, SentinelOne can help!

FAQs

What are cyber security strategies?

Simply put, cybersecurity strategies are comprehensive plans that organizations or individuals implement to protect their digital assets, information systems, and data from cyber threats. These strategies involve a mix of technology, policies, and practices to prevent, detect, and respond to cyberattacks.

What are the seven cyber security strategies?

The seven cybersecurity strategies are often highlighted in government and industry frameworks to provide a structured approach for organizations to defend against cyber threats. These strategies are part of national security initiatives and cybersecurity frameworks, such as those from the Australian Cyber Security Centre (ACSC) and other global agencies.

While the specific grouping may vary slightly, the seven primary strategies typically include:

1. Application Whitelisting

2. Patch Applications

3. Configure Microsoft Office Macro Settings

4. User Application Hardening

5. Restrict Administrative Privileges

6. Patch Operating Systems

7. Multi-Factor Authentication (MFA)

How to build a cyber security strategy?

Developing a cybersecurity strategy typically has three basic stages:

Stage one: Identification and evaluation 

Start by setting clear objectives and goals. Then, define the criteria and metrics for measuring success. Identify critical assets, like financial systems and data, and determine the necessary protection levels. Next, assess known vulnerabilities and the potential threats that could exploit them. Finally, assign probabilities and impacts to these threats to categorize and prioritize them.

Stage 2: Identifying counter measures

This stage involves evaluating commercially available software solutions, considering their implementation, ongoing costs, and benefits, often requiring input from third parties. Additionally, review and adjust internal policies and procedures to mitigate risks and avoid potential threats.

Stage 3: Developing a strategy that addresses risks and threats: 

Finally, at this stage, create a clear roadmap that focuses on resource assignments, staff training, and awareness. Consider any infrastructure changes needed, such as controlled access to specific business areas. It’s important to then outline the ongoing activities and resources required to keep the strategy current and effective.