The Cybersecurity vs. Cyber Resilience Challenge: A Wake-Up Call for C-Suite Leaders

Shift in Focus: From Cybersecurity to Cyber Resilience

Dallas, Aug. 29, 2023 – Everest Group, a leading research firm, is urging enterprises to prioritize cyber resilience over cybersecurity. In a recently published “State of the Market Report” on cybersecurity services, Everest Group highlights the crucial distinction between these two concepts and emphasizes the need for a comprehensive cyber resilience strategy.

The Difference Between Cybersecurity and Cyber Resilience

While cybersecurity primarily focuses on defending against threats, cyber resilience goes beyond prevention and places equal importance on withstanding, responding, and recovering quickly from cyberattacks. Kumar Avijit, the practice director of Information Technology Services at Everest Group, remarks, “Cybersecurity is just one component of cyber resilience, but, unfortunately, many enterprises fail to understand the subtle difference.”

The Importance of a Comprehensive Strategy

According to Everest Group, C-suite executives often concentrate on preventive controls and incident response, neglecting the recovery, revamp, and reinforcement stages of cyber resilience. However, a comprehensive cyber resilience strategy is paramount for ensuring long-term viability and success for any business.

Risk Ratings of C-Suite Focus on Cyber Resilience

1. Ready: The C-suite demonstrates a high level of focus on pre-emptive measures and invests in cutting-edge technologies.
2. Respond: Rapid adoption of extended detection and response (XDR) tools and automated incident response technologies is observed.
3. Recover: The recovery aspect receives minimal attention, primarily due to data fragmentation, infected backups, and challenges in meeting Recovery Time Objectives (RTO).
4. Reinforce: The C-suite fails to learn from cyberattacks on peer organizations and lacks a comprehensive vision of security, resulting in a reactive approach.
5. Revamp: The C-suite does not prioritize the adoption of next-generation technologies to safeguard against emerging attack vectors.

These ratings indicate the need for C-suite leaders to allocate equal attention to all aspects of cyber resilience, rather than solely focusing on prevention and response.

The State of the Cybersecurity Services Market

Everest Group’s report provides an in-depth analysis of the global cybersecurity market, specifically focusing on North America and Europe. Here are some highlights from the report:

• The cybersecurity services market is projected to surpass $100 billion by 2025, exhibiting a CAGR of 16-18% between 2021 and 2025.
• Identity and access management (IAM), cloud security, and application security are the largest segments of the cybersecurity market, collectively representing 56% of the overall market.
• Cybersecurity consulting services are experiencing rapid growth, with a current market share of 25%, followed by design and implementation at 29%, and managed security services leading at 46%.
• The North American market remains the largest, accounting for 40% of the global market, followed by Europe at 33% and Asia at 21%.
• Lack of skills and talent is cited as one of the top three challenges for 63% of enterprises when it comes to cybersecurity.

Advice for Enterprises and the C-Suite

Given the evolving cyber threat landscape, enterprises must reevaluate their approach to cybersecurity and prioritize cyber resilience. Here are some recommendations:

1. Embrace a Holistic Approach

Enterprises should understand that cybersecurity is just one piece of the puzzle. A holistic approach that encompasses prevention, response, recovery, reinforcement, and revamp is essential for long-term viability.

2. Invest in Cyber Resilience Technologies

While preventive controls and incident response are necessary, enterprises should also allocate resources to technologies that enhance recovery and reinforce defenses. Technologies such as extended detection and response (XDR) can significantly improve cyber resilience.

3. Prioritize Skills Development

The scarcity of cybersecurity skills and talent is a significant challenge. Enterprises should invest in training programs, partnerships with educational institutions, and talent development initiatives to address this gap.

4. Learn from Peer Organizations

The C-suite should actively learn from cyberattacks faced by peer organizations. By understanding the latest attack vectors and building defenses accordingly, enterprises can stay ahead of potential threats.

5. Embrace Next-Generation Technologies

The C-suite should adopt an agile mindset and constantly look to the future. Keeping pace with emerging technologies and their associated risks is critical for developing a robust cyber resilience strategy.

Conclusion

In today’s digital landscape, enterprises face an ever-evolving threat landscape. While cybersecurity remains crucial, the shift towards cyber resilience is imperative. Enterprises must ensure that their C-suite leaders embrace a comprehensive strategy that encompasses prevention, response, recovery, reinforcement, and revamp. By doing so, organizations can safeguard their long-term viability and success in the face of emerging cyber threats.