Defense strategy:
Use DMC to stop the AMC. Since there are only one striker you can use 3 defenders, DR-DC-DL. But if the opponent have a high quality forward, AMC and winger, you might want to use 4 flat defenders instead.
Attacking strategy:
Depends on your opponent's defender skill, use wing attack if your opponent's wingbacks are weaker than the DC, use center attack if the DCs are weaker than the wingbacks. Use mixed if both are relatively the same quality. Long passing or mixed passing if you don't have a high quality MCs.

To summarize there are a lot of formation can be used to counter this formation depending on your analysis of your opponent's strength and your own squad's strength. For example, 3W-1-4-2, 3W-1-4-1-1, 3W-2N-3W-2, 4-1-3W, 4-1-3W-1-1