Cyber security policies: Can too many ruin a business?

With today's cyber threats constantly on the offensive, business owners often feel like they are stuck on a bridge that is a step away from collapsing. On one side, there is a bounty of cyber security solutions and processes leveraging impressive-sounding terms and the latest technologies.

On the other side, there are only a few solutions, possibly legacy tools, bedecked in cobwebs and running on outdated (yet familiar) principles. Naturally, for the sake of secure access to information assets and systems, we would do our best to make it to the side with all the shiny new tools. But there is a problem with this.?

Overinvestment can be just as detrimental as underinvestment. However, in the case of cyber security policies, it is not about the number of policies we enact but how we manage them that matters.?

Back to basics: What are cyber security policies??

Cyber security policies are guidelines and best practices that our businesses put in place to protect authorised users, data, and networks from cyber threats. These policies cover a wide range of topics, from password security regarding devices to data encryption in our digital communication tools.

By having policies in place, companies can reduce their risk of being targeted by malicious actors and minimise the damages if an attack does occur. That's the key point that must be stressed – no policy can guarantee that a business will never be attacked. However, a well-defined policy can be the tool we need to strengthen our security posture and withstand the threat landscape's malevolent entities.?

Technology in business is a necessary evil

It doesn't matter what size our companies are or the niches we nestle ourselves within, every facet of our business operations – processes, employees, tools, departments, customers, philosophies, etc. – are all connected.?

The information and communications technology we use powers each of the aforementioned components, and in a business climate where "73% [of consumers] want the ability to solve products/service issues on their own", we need to have the means to maintain our relevancy within society. We can, and should, grant our customers autonomy when they want it, but we also must be ready to support them when their grievances can't be solved with a quick internet search.?

This is where the sword's double edge stems from. The more technology we adopt, the more we digitise our business processes and information, the more complex our networks become. In these circumstances, the chances of encountering and succumbing to security threats increase – what gives us information security and operational support can also serve as the gates to a world of cyber security incidents.?

Companies are adopting a new attitude regarding security

In our current news cycle, where data loss and security breaches seem to be a headline that just won't leave, we can't blame our customers for being apprehensive about the security tools and processes we use within our businesses.?

But, with investments in risk management and security solutions expected to exceed "$188.3 billion in 2023", we (and, by extension, our customers) can feel confident knowing that our organisations are becoming more serious about network security and are investigating ways to guard themselves and data from harm.?

According to the Australian Cyber Security Centre's 'ACSC Annual Cyber Threat Report, July 2021 to June 2022', "[o]ver the 2021–22 financial year, … [t]he ACSC received over 76,000 cybercrime reports", indicating a 13% increase compared to "the previous financial year". When you take into account that there are over 2 million businesses in Australia, the number may not seem impressive.?

However, we can look at it in two ways:

1.???The number of cyber incidents is increasing (a trend we already know about).

2.???People and companies are more aware of cybercrime and are proactive in responding to it.

Of course, cyber security is not a magic pill that provides our companies with immunity from malicious threats. There is no technology expert or business employee on the planet that would make that claim. But if we can start shifting our perception of technical security from something that is a burden to a shining investment, we can make better decisions regarding our technology, people, policies, and procedures.????

Security culture is a hive mindset, not solitary thinking?

Cyber security policies exemplify proper security precautions, serving as indicators to customers that our businesses are trustworthy. We need to be proactive in deploying cyber security solutions and shifting our companies' cultures to a setting that is well-versed in security risks and their countermeasures.?

A positive cyber security culture can demonstrate the following traits:

·??????A commitment to cyber security from all staff.

·??????Employee training on cyber risks and best practices.

·??????Regular security awareness-raising campaigns.

·??????A culture of reporting any suspicious activity or potential security breaches.

·??????A focus on continual improvement of policies and procedures.

·??????An openness to feedback on cyber security from employees and stakeholders.

·??????A willingness to invest in the latest security technologies that are relevant to the business's needs.

·??????A focus on building a cyber-resilient organisation.

·??????A commitment to data confidentiality, integrity, and safety.

Whether we make cyber security awareness training compulsory company-wide – a move that all information technology (IT) professionals would welcome – or we research specific solutions to encrypt our information, we can no longer label digital security as an issue for the IT staff. It is a business responsibility carried out by every member of the organisation, no matter what their job description is or what their title is beside their name on the company website.?

More policies = more effective management?

With the aforementioned in mind, the number of cyber security policies we develop is not ruinous – it's how we go about deploying and managing them that can be the problem. As with any policy, we must make sure that our rules tie directly into our business' needs (as well as any regulatory requirements posed by our industries).?

A healthy cyber security culture does not view multiple security policies as a hindrance. It organises and communicates them effectively 24/7/365. When the threat landscape shifts in a new direction, robust security culture moves with it, alerting its agents (us) to review policies and make changes accordingly. When everyone is working as a cohesive unit towards the same goal, we can make our systems more secure.

Overcoming cyber security policy paralysis is easier than people think

When it comes to cyber security, we need to be able to move fast and think smart. Even though we can see that companies are becoming more vigilant in their security posture, "13% of small businesses" are still unsure if they can withstand a cyber threat.???

Smaller companies are often faced with the harshest reality of the dark side of cyberspace. With "43% of cyberattacks ... aimed at small businesses", and despite the shallower resource pool they possess, these institutions are held to the same standards as enormous corporations whose staff number into the thousands and whose budgets can run into the billions – a stratospheric amount of pressure to place upon their shoulders.

Cyber security policy paralysis can occur at any stage of the business lifecycle, from the thought of researching and creating effective strategies to the dreaded 'leave it for another day' conversation (a move that can generate complacency and make companies less willing to develop new policies or update old ones).

Thankfully, moving on from the ailment is cost-effective and achievable for all organisations. We can better create and manage our cyber security policies by:

·??????Defining our objectives – what do we want our policies to achieve? Knowing our goals before building our policies will make them inherently more effective and measurable.

·??????Researching the latest threats – we need to be informed of the latest security risks. Our analysis should focus on our niche and the broader business world. This will help us identify the risks our networks face and the cyber security solutions we need to protect them and ensure compliance.

·??????Engaging employees – we ought to involve our staff in the development of our policies. They will be able to provide valuable input and buy-in.

·??????Keeping it simple – keep policies focused on relevant risks and what employees need to do to protect the business.?

·??????Being clear and concise – make sure policies are easy to understand. Use plain language, avoid technical jargon, and keep information organised.

·??????Communicating policies and making them accessible – ensure all employees are aware of the strategies and their responsibilities under them. Store the policies in secure spaces for staff to access to remind themselves of the information. Invest in security awareness training across the board to provide context and reduce human error.

·??????Reviewing and updating policies as needed – regularly review strategies and security controls to ensure they remain useful. Also, update them in response to business changes and threat evolutions.

·??????Measuring policies' success – we should track the performance of our strategies to help us identify weaknesses, improve them, and ensure policies are fulfilling their intended purposes.

If we're methodical, "too many" policies won't spoil the business

Cyber security is not (and has never been) a problem for the minority. It affects everybody, and businesses can no longer let fear or a lack of understanding dictate their cyber security posture. Leveraging multiple cyber security policies can help us establish a standardised approach to security – regulations that are routinely tested and work across our organisations' different departments, operations, and business units.?

The more we know about our company's cyber security stance, the better equipped we are to defend our livelihoods against potential attacks. Having multiple policies is fine, so long as we have a solid understanding of how they apply to our daily work and how to execute them without operational clashes.

How is your business's cyber security policy?