Cyber Security Risk Management

Cyber Security Risk Management in an Organization.

Risk management is among the measures put in place by many enterprise organizations to curb cyber-crime in the modern digital economy. Unlike other actions, risk management is not technical. It involves a lot of planning and preparation through creating policies and implementing measures that guarantee the safety of digital assets among their networks, hardware devices, software and most importantly, data and information, which are the most valuable asset.

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Nowadays, cybercrimes are not news anymore; cyber-attacks are targeting sensitive, confidential data are growing daily despite the technical measures put in place and many cyber experts hired to check on the security status of computer systems in enterprise organizations. So, what is the problem? And what might be the amicable solution to this?

Cybersecurity greatly depends on risk management. However, most senior executives either downplay this process or implement it partially to reduce the expenses incurred without considering the risks of such an approach. Risk management is a process that can only be successful if implemented entirely by the responsible personnel, mainly consisting of executives and cybersecurity experts. Formulating risk management policies as a process leads to the formation of an Incident Response Plan, a perfect tool for identifying, containing, eradicating and recovering from data breaches.

Risk Identification.

Not every attack on an organization’s computing infrastructure qualifies as a cybercrime. Companies have different computing systems depending on their operations and functionalities; hence some cyber-attacks can be dangerous and cause hefty economic consequences. Others might be of no damage to the organization’s assets. To quickly identify risks, executives and cyber experts should first evaluate and prioritize their most valuable assets. Secondly, intrusion detection systems should be installed to alert the experts if the assets are manipulated, stolen or accessed illegally. Lastly, a detailed report should be generated containing information about the type of attack launched against the systems, its source and the damage it has either caused or might cause to the organization’s systems.

Risk Containment.

After conducting a successful risk identification, the next step is to counter the incident to limit the damage caused. In most cases, data breaches attack specific departments within the organization before spreading into the entire company. With the information gathered in the risk identification process, it becomes easy for cyber experts to isolate the attacked entities of the whole system to minimize the attack. However, this is a short-term approach considering that normal operations should resume in the shortest time possible to reduce financial loss to the enterprise organization.

After backing up all the data and valuable information, long-term containment can be executed by sealing all the loopholes and vulnerabilities in the system to resume normal operations and prevent other attacks soon. However, before backing up data, information from the affected entities should be gathered for investigation by forensic experts to obtain evidence.

Eradication Phase.

Every organization has its unique production setup. Eradication entails removing the affected entities from the systems either completely or redesigning them by fixing all the controls affected by the data breach. Updating the whole system security and control features is also part of this phase, and it’s one of the best ways to secure the system from future security incidents.

Recovery Phase.

After fixing all the affected entities and bringing the system back to life, it is essential to enforce new stringent measures to bolster cybersecurity in the organization. Periodic staff training should also be conducted to acquaint the workforce with emerging trends in cybersecurity. The system should be updated regularly to automatically fix the loopholes and vulnerabilities that might be available in the present software. Lastly, the entities affected by the data breach are submitted to 24/7 surveillance by cybersecurity experts to identify if the changes made are productive.

Besides having the Incident Response Plan, organizations should also invest in services provided by Virtual Chief Information Security Officers. Apart from being cyber experts, they also play a governance role and act as cyber advocates for organizations, making it for senior executives to focus on other company duties. Another advantage is that they can be hired at an affordable price and conduct their tasks remotely, reducing the expenses of setting up another office.

vCISO plays a vital role in managing threats within an organization as long as they are granted the correct information and support from the management. They coordinate with the overall security infrastructure to deter any attacks and mitigate the vulnerabilities at various entry points by layering defence-in-depth. Cybersecurity regulations and frameworks are also part of risk management, and every organization should ensure that it complies with all the legal obligations required.  Once everyone within the organization becomes familiar with managing risks, it becomes easy to tackle threats once they arise.

A good IRP should clearly state the roles and responsibilities of everyone within the organization on cybersecurity matters. All the incidents recognized as threats should be enlisted and the employees equipped with the basic cybersecurity measures to counter the threats. Executives should invest in firewalls to filter all the packets of data transferred through the company’s network. Intrusion detection systems should be installed as part of the technical controls to alert the experts if any malpractice occurs within the system.

Penetration and vulnerability testing should be performed regularly as per the Incident Response Plan to identify any fault in the system that might have bypassed the detection systems considering that attacks are evolving and becoming even more sophisticated and challenging to detect. Finally, the Incident Response Plan should be reviewed periodically and updated where necessary because cybersecurity techniques keep changing from time to time. Organizations should also embrace modern and emerging technologies such as Artificial intelligence in performing risk assessment and analysis and cloud computing for data backup.

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