Importance of Cyber Resilience and Integration with Cyber Security

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Corporate Governance

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Table of Contents
Introduction............................................................................................................................. 2
Importance of cyber resilience.................................................................................................3
Principles to integrate cyber security and resilience protocols................................................4
Examples of the best practices by corporations.......................................................................6
Recommendations................................................................................................................... 7
Conclusion.............................................................................................................................. 10
References..............................................................................................................................11

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Introduction
Cyber resilience has become an industry buzzword since it has a significant implication on
the security strategy of the enterprise. The concept of cyber resilience is different from
cyber security; cyber security is referred to the processes and methods which are used by
corporations to protect the electronic data whereas cyber resilience is a referred to the
ability to withstand or recover from adverse cyber events which result in disrupting their
usual business operations. Organisations should focus on linking their cyber security policies
with resilience protocols which resulted in increasing their ability to withstand adverse
cyber incidents (Harrop and Matteson, 2015). In order to establish effective cyber resilience
policies, the enterprises are required to comply with various principles. With the increasing
risk of cyber-crimes on corporations, the relevancy of implementing appropriate policies
which are focused towards protecting them from cyber-attacks has increased substantially.
In this report, the importance of cyber resilience will be discussed along with the key
principles which corporations should follow while integrating cyber security and resilience
protocols. This report will provide recommendations to ANZ Banking Group Limited which is
included in the ASX 200 list regarding how the company can integrate its cyber security with
resilience protocols. Various examples of companies will be evaluated in order to
understand the best practices regarding cyber resilience policies.

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Importance of cyber resilience
The number of attacks on cyber infrastructure of corporations has increased considerably in
the past few years. As per a study of PwC, there has been the biggest increase in cyber-
attacks in over ten years, and more than 38 percent cyber-attacks increased in 2015
(Schmitz, 2016). This increase shows that the importance of improvement in cyber security
measures has increased along with establishment of effective cyber resilience policies. By
implementing cyber resilience policies, the corporations can ensure that they are updated
to protect themselves from recent cyber-attacks and sustain their growth even in the
adverse cyber environment. The perspective of cyber resilience is continuously evolving, and
it is gaining recognition between enterprises since they are giving priority to implementing
cyber resilience policies in the organisation. In 2013, Barack Obama issued ‘Presidential
Policy Directive PPD-21’ in which he defined “resilience” as the ability of the corporations to
prepare themselves regarding changing conditions in the industry and withstand such
changes by recovering rapidly from disruptions. This concept was promoted by
governmental organisations because it assists in making corporations competent enough to
address the cyber security issues (Davis, 2015).
The number of cyber-attacks such as Distributed denial to service (DDoS), malware,
Ransomware, cyber fraud, phishing, and others is increasing continuously due to which
organisations have to take appropriate measures to ensure that their data is protected from
violation (Ferdinand, 2015). In case of ANZ Banking Group Limited, the corporation is the
third largest major Australian banking organisation which operates in the banking and
financial services industry. The company has faced a serious DDoS attack due to which its
functions were stopped. The electronic trade outage which was reported by the
organisation was actually a DDoS attack was targeted by hackers to collect the private data
of the bank while shutting its services down (Lee, 2012). In order to address these issues,
ANZ Banking Group Limited has implemented a major cyber defense overhaul which uses
advanced analytics in order to reinforce the cyber defenses of the company. The
corporation uses enlisted software which is developed by the United States government
along with the support from the open source community in order to recognise potential
breaches (Crozier, 2018). Thus, the importance of cyber resilience has increased