Cyber resilience: how businesses can prepare for the threats ahead

Digital technology has revolutionised business operations, but increased connectivity has also introduced fresh vulnerabilities. At the Santander UK Corporate & Commercial Banking's Cyber Resilience Summit, Santander UK’s CEO John Baldwin emphasised that cyber resilience should be prioritised by businesses of all sizes. He explained that a cyber incident can disrupt operations, erode customer trust, and result in significant financial and reputational harm.

Baldwin added that understanding cyber risks is crucial for businesses to prepare, respond, and recover effectively. He stressed that cyber resilience goes beyond IT issues and is a priority for all companies.

The spread of disruption is not limited to the initially targeted organisation, as supply chains can be affected, potentially impacting the wider economy. Baldwin highlighted that businesses cannot combat this threat alone and that banks like Santander play a role in helping clients understand and manage cyber risks, strengthen resilience, and operate confidently in a digital world.

Emily Darlington MP for Milton Keynes Central, who spoke at the Summit, noted that artificial intelligence is creating substantial opportunities for businesses while simultaneously altering the nature and scale of cyber risks. She highlighted the UK's prominence as a target for cyber attacks despite being a relatively small country.

To build resilience in an AI-powered future, close collaboration is essential. Banks must assist businesses in grasping emerging risks, anticipating potential disruptions, and enhancing their resilience. Darlington stressed that collaboration among government, industry, financial institutions, and businesses could fortify collective defences and bolster the UK's technological capabilities, supporting a secure and resilient economy.

Craig Rice, CEO of the Cyber Defence Alliance, a not-for-profit cyber threat intelligence organisation, discussed the transition from focusing on security to emphasising resilience. Rice pointed out that the concept of cyber resilience acknowledges that disruptive and destructive attacks and operational outages will be common. He emphasised the importance of testing response plans before incidents occur, stressing the need for contingency planning, recovery, and rebuilding efforts.

Rice explained that preparing for incidents involves simulating events and learning from them to make the response more effective.

During an incident, the primary focus should be on identifying the cause and impact and containing the damage. Rice advised that while AI is still improving, the human element remains crucial for quickly addressing cyber incidents. Collaboration among organisations is key, as sharing information about threats allows businesses to learn and prepare ahead of potential attacks.

The Cyber Defence Alliance aims to move beyond mere information-sharing and establish operational capabilities where members can jointly defend against threats, learning from each other's experiences to enhance their defence strategies.