What constitutes a disastrous cybersecurity incident?
It helps to clarify what constitutes a catastrophic cybersecurity occurrence in order to grasp the issues at hand:
1. A coordinated cyberattack that causes the loss of backup and production data at the same time
2. A deterioration in service that renders clients’ accounts inaccessible, renders infrastructure, apps, and related services unusable, and eventually results in a loss of confidence and lost business.
3. A cybersecurity incident that spreads throughout the company and takes down the entire IT infrastructure, helped and abetted by insiders who are either malevolent or inadvertent.
4. An IT failure that prevents users from accessing recovery systems and renders it hard to continue with essential business functions
5. A widespread disturbance in the market that hinders the availability of a wide range of bank goods
Only a small number of financial institution leaders have active capability, despite the fact that they are evaluating and funding efforts to learn how to recover from a situation that limits their access to their data and/or infrastructure.
Standard disaster recovery planning must be modified in order to recover from cyberattacks that render systems unusable. Disaster recovery works under the presumption that backups and systems are available. As a result, even if a system fails for a few hours, backup facilities can swiftly restore it.