Contact us anytime to know more - Abhishek P., Founder & CFO CISIN
Why Are Cyber Security Strategies Important?
The Number Of Cyber-Attacks During The Pandemic Has Increased By 600%
The average ransomware payout jumped 82% to approx $572,00 from last year. Threat actors are not slowing down, and there is evidence that they will continue to target vulnerable systems.
Recent Cyber Attacks Have Increased
Threat actors are finding more and better ways to attack businesses, and the situation is only getting worse.
This year, we've discussed a few recent cyber-attacks, including:
- Microsoft Azure SSRF Vulnerabilities.
- Slack GitHub Account Hack.
- Stolen Data From approx 228 Million Users Of Deezer.
- Twitter leaks data on approx 200 million users.
- Cisco Cyber Attack.
- Twitter Zero Day.
- Starlink Dish Hacked.
- Mantis Botnet.
- Maui Ransomware Attack.
- Conti Ransomware Attack.
- This ransomware attack is called Kaseya.
- Saudi Aramco data breach of approx $50 million.
- Accellion FTP Data Breach.
Cyber attacks are increasing across all industries. A recent study found that social engineering techniques in the retail sector pose the greatest risk. 89% have experienced data breaches in the last two years, despite security measures being in place. Cyber attacks are possible because web-based applications that connect to vital healthcare data can be vulnerable. Small businesses are also at risk in nearly every sector. Cyber attacks are aimed at small businesses 43%. This is a serious problem that small business owners cannot ignore. It is, therefore, important that you address the cyber risks of your business and develop a plan, as more and more companies are using cloud-based and online applications.
Cyber attacks will continue to increase, and their effects on your business can be detrimental. SolarWinds ransomware and Colonial gas pipeline attacks show how malicious actors can exploit weaknesses in software or security controls. Hacking your business is not unusual if these hackers can target systems that monitor networks for the government or energy. This exposed approx 18.8 billion records.
Regulatory Requirement & Penalties
If organizations are found in violation of laws and regulations such as HIPAA or PCI or do not comply with SOX, GBLA, or GDPR, they will be fined. Platforms such as the Cloud and the machines supporting the data have also grown due to the growth in companies that process data. Cyber attacks are more common now that data is being processed in the Cloud or on-premises. According to recent statistics, many organizations are not implementing or developing a cybersecurity strategy.
New Mobile Workforce
COVID-19 has changed the way many people work and is likely to continue changing the ways they will be working in the future. VPNs have been available for a while, but today, it is a common practice to connect remotely to a company network, whether at home or in the office. International Data Corporation has released a forecast that predicts the U.S. population of mobile workers will increase at a constant rate in the coming four years. The number is expected to grow from approx 78.5 million in 2024.
IDC predicts that by the end of this forecast period, mobile workers will make up nearly 60% of all U.S. employees. Many businesses have been able to stay profitable by allowing employees to work from home, particularly if their role does not involve face-to-face interactions or equipment handling. Remote working can be risky. For example, if a device is stolen and contains sensitive data, weak passwords, outdated software, or an application, it could provide an entry point for malicious actors.
Data Center & Cloud Transformations
Businesses today are using both the traditional data center and the Cloud. Today, many companies are creating business applications on cloud-based containers that support staff are unaware of. These breaches exposed approx 33.4 billion records.
The network is either not managed or underutilized by the server farm in the data center. Many times, sensitive data are not properly secured, or the owner of the data cannot be determined to solve security problems. There are several problems that many companies face today when it comes to data protection.
Why Mid-Market Companies Need Cyber Security Now More Than Ever
Cyber-attacks are increasing exponentially in mid-market companies. Mid-market businesses are more vulnerable to cyber attacks as they increase their advanced technology footprint to compete with enterprise companies. Marcela Denniston, CISSP SVP of Marketing at Foresite Cybersecurity, discusses the importance of considering cybersecurity when expanding technology to increase revenue.
Mid-market companies are "soft targets" because of their limited resources and lack of cybersecurity expertise. The increased volume of cyber attacks is making matters worse. New legislation has been introduced that demands a decrease in exposure to cyber risks and an increase in responsibility on behalf of businesses. Mid-market businesses are under pressure to stay competitive, and they face a high level of liability if cyber attacks occur. They must implement security controls more than ever.
Cybersecurity: The Mid-Market Challenge
Data and technology expansion can be a significant benefit to businesses in the middle market. This allows companies to grow and remain relevant in the face of their larger competitors, even with a smaller budget. Many companies have shifted investments to technology, not realizing these tools can open up new entry points for sensitive data. This creates unknown risks which require expertise in cyber security.
Mid-market firms are becoming small businesses. In contrast, mid-market companies do not put the same amount of resources or capital towards securing the new digital environments that they invest in accelerating revenue growth. Cyber-hackers are well aware of the challenges faced by businesses in the mid-market. Cyber hackers have taken full advantage of the opportunity they've been given to gain access to information which can then be used to make financial gains.
Insufficient Budget, Expertise, And Resources
Businesses still don't understand how an attack can affect their bottom line, even though attacks are becoming more common in the middle market. Mid-market businesses often treat cybersecurity as an unimportant issue and invest little or no money in security before they suffer a data breach. The funding for cybersecurity often falls under IT budgets. Dollars are usually invested in improving accessibility and availability rather than security. Mid-market businesses have not prioritized cybersecurity expertise, nor has funding. Mid-market businesses lack the strategic understanding of how to reduce cyber risks and create a strong security plan due to limited resources devoted to cyber security. Breach costs include investigation, recovery of brand, downtime, and even fines when negligence is found. Mid-market companies that suffer a security breach are often forced to close their doors if they do not have a dedicated cyber expert to implement the necessary measures.
Insurance Premiums Are Increasing, And Legislators Must Be Held Accountable
Cyber insurance is often used by businesses to cover cyber incidents, as cyber security services costs aren't included in the budgets of mid-market companies. Insurance can provide some assurance of assistance in the event of a cyber security breach. However, as attacks have increased, insurance companies are now under more scrutiny, which has led to higher rates of cyber insurance. Insurers have increased their compliance and security analyses to determine the risks associated with a business before issuing quotes or policies.
Insurers and government agencies are now addressing the issue of accountability for businesses in cyber attacks. The introduction of 18 new laws relating to privacy, compliance, cyber awareness, and breach notification will be a major step forward.
What Mid-Market Companies Can Do To Address Cybersecurity
Mid-market companies are required to treat cybersecurity as an integral part of their operations and strategy due to the increased number of attack surfaces, liability, and possible business losses. Due to budgetary constraints, mid-market companies must approach cybersecurity in a different way than enterprise businesses. Mid-market businesses should not build an internal cybersecurity team but instead hire one or more strategic cyber advisors or experts who can focus on building a solid security plan and understanding business risks. To achieve this, it is important to identify a framework for security and set attainable goals that will help you improve your security posture continuously over time. It will help middle-market companies prevent cyber attacks, as well as reduce their insurance rates and liability.
Businesses that are unable to build their own cybersecurity teams can also benefit from outsourcing. Today, Managed Security Service Providers and Virtual Chief Information Security officers (CIOs) can help you build and implement security plans. Working with an MSSP allows you to combine product and service purchases under one vendor, which simplifies the procurement of cybersecurity. Security providers who are outsourced can provide Key Performance Indicators (KPIs), which will show the executive team how much money they have invested in security. It is possible to provide indicators that indicate attacks that were mitigated or prevented more quickly, thus reducing financial and business losses.
Businesses in the mid-market cannot continue operating under the assumption that they will not be targeted. In order to protect mid-market companies from the devastating effects of an imminent attack, increased awareness and liability will be crucial.
Considerations For A Security Strategy
The Information Security Policy Is An Important Part Of A Successful Security Strategy
The security policies consist of a written set of practices and procedures which all employees are required to follow in order to maintain the integrity and confidentiality of information and resources. Security policies describe the goals of the company, the methods by which they will be met, as well as the possible consequences if the policy is not followed. Many organizations choose to create specific policies in addition to an Information Security Policy. By breaking down the policy into smaller sections, it is easier for users to understand. Here are some sample policies you can add to your main security policy.
Network Security Policy
This is a set of general security policy templates. They outline rules for network access and the security environment.
Data Protection Policies
The data security policy is a formal document that describes the data security objectives and controls of an organization.
Depending on the type of business and threat being addressed, data security policies can include different security controls.
Acceptable Use Policy
- Acceptable/unacceptable Internet browsing and use.
- Acceptable/unacceptable email use.
- Acceptable/unacceptable usage of social networking.
- Transfer of confidential files electronically.
Clean Desk Policy
- This article explains why it is important to keep a tidy desk. You may find sensitive documents taped or strewn on the desk.
Policy for Remote Access
- Remote access Definition.
- Employees/Vendors are allowed to attend.
- What types of devices and operating systems are permitted?.
- The methods that are allowed (SLVPN and site-to-site VPN).
Create A Cyber Security Plan In 8 Easy Steps
When creating a strategy for cyber security, there is not a one-size fits all solution. Every business has unique needs.
This section outlines eight key steps your company can follow to create and implement an effective security strategy:
- Assessing Security Risk.
- Establish Your Security Goals.
- Examine Your Technology.
- Choose a Security Framework.
- Review Security Policy.
- Create A Risk Management Plan.
- Your Security Strategy.
- Review Your Security Strategy.
First, Conduct A Security Risk Assessment
Organizations perform an IT enterprise risk assessment to identify and improve their security posture. Multiple groups, data owners, and stakeholders will need to collaborate on the risk assessment. It is important to get the commitment of management to implement security measures and allocate resources. An enterprise-wide security assessment helps to determine the importance of various data types generated by and stored in the company.
Read More: Cybersecurity Providers For Data Protection And Security Solutions
It is almost impossible to allocate and prioritize technology resources without assessing the value of the different types of data within the organization. For an accurate risk assessment, the management should identify which data sources are the most important to the company, the location of the storage, and the vulnerabilities associated with them. Below is a list of sources that can be used to assess the risk.
How to Identify Assets
Use your existing asset tracking system (a repository that contains all assets such as workstations and laptops, server operating systems, mobile devices owned by the company, etc.)
Classify Your Data
- Public: Any information you share publicly, such as the content on your website, financial data that is publicly accessible, or other data which would not negatively impact a business if it were compromised.
- Confidential: Data that should not be made public. Data that is confidential can be shared with third parties or even, in some cases, given to legal entities outside the company. However, it would need to have a Non-Disclosure Agreement or another protection to stop the public from accessing the information.
- For Internal Use Only: Similar to confidential data, but that should or can't be shared with third parties.
- Intellectual Property: Data that is essential to the business core and could damage the competitiveness of the firm if it were compromised by cyber intelligence service.
- Restricted Compliance Data: These are data that must be controlled strictly. This information is subject to strict controls on access and storage.
Asset Map
- Software: Keep a repository of authorized corporate software.
- Systems: Use a Central Management Database to map assets back to a specific system or asset.
- Users: Group users by role assignment, for example, Active Directory.
- ID: Track and ensure that users are assigned to assets/resources based on the current roles or functions.
How To Identify Your Threat Landscape
- Vendors and Assets: Work with legal teams to identify 3rd party contracts, such as NDAs or BAA lists of businesses that provide healthcare.
- Internal vs. External Infrastructure: Identify network ingress and egress points
- Show where the Environments are Connected: Make sure network diagrams and other documentation are available. If you are conducting your business on the Cloud, make sure that infrastructure diagrams can be accessed.
Prioritize Risks
- Conduct a Business Impact Analysis to determine critical systems and owners of data.
- Maintain a register of risks to help identify the systems and assets which pose the greatest risk to Confidentiality, Integrity, and Availability (CIA) for the business systems.
Reducing Your Business' Attack Surface
- Implement Network Segmentation.
- Conduct Penetration Testing.
- Perform Vulnerability Assessment.
Step 2: Establish Your Security Goals
After establishing the organization's goals, a cyber-security program can be implemented to protect the whole company. The section below outlines the various aspects that will help you achieve your security goals.
Calculate Your Security Maturity
- Assess Your Security Program: Review the architecture and past and recent incidents and breaches. Also, review your Identity Access and Management System performance.
- Assess Metrics: And Review Key Performance Indicators or Service Level Agreements.
- Benchmark the Current State: Utilize a tool to measure the maturity level of an organization's cybersecurity capabilities.
Understanding Your Company's Risk Appetite
The results of a cyber risk analysis and the registrar will determine where and how to prioritize the issue.
Expectations: Set Them As Reasonable
- Resources: Is there expertise to achieve the cyber strategic objectives? Is there a budget to hire a Managed Security Services Provider?
- Timelines: Establish milestones to achieve each goal and communicate regularly with stakeholders.
- Budget: Carefully examine the results of your cyber security risk assessment. The budget is determined by the results of the risk assessment. It also determines whether additional systems are needed to reduce or mitigate the risks.
- Execution: After determining expectations, evaluate the resources available to ensure that they can be achieved.
Catch Low-hanging Fruit Right Away
Low-hanging fruit can be a metaphor for simple, easy-to-achieve tasks or a "quick win." This will give you confidence and help you to achieve your strategic goals, even as you face more challenging challenges.
Step 3: Assess Your Technology
After identifying the assets, determine whether they meet the security standards, how the systems work on the entire network, and who is responsible for the support of the technology in the company. These items will help you gather information on this important area of your security strategy roadmap.
Which Version Is Currently Used?
Determine the state of Asset Operating Systems. Patches, security updates, and bug fixes will automatically cease with End-of-Life technology. If there are any business applications that run on the system, this could lead to a compromise.
Is There Enough Manpower To Manage These Platforms?
The expertise required to support technical platforms, as outlined in step 2 of the plan, is crucial. These systems require resources to be patched. Resources must be readily available to respond to and mitigate threats in the event of an attack.
Does Technology Bloat Exist?
The problem of technical bloat in large enterprises is well-known. These environments have multiple systems performing duplicate functions. It will be more expensive to document and rework the code that was released initially if it is poorly written. Software that is not approved for installation can also cause problems. These systems are typically created by independent groups without any involvement from the support staff. Shadow IT is the name given to this practice.
What Is The Data Flow In And Out Of Your Systems Due To Using This Technology?
It is important to document technology security flaws. During the entire lifecycle, from application development through to the release of production, security should be a priority.
Selecting A Security Framework
You can choose a framework based on the results of your cyber security assessment. This security framework provides guidance for the control needed to continually monitor and measure your security posture.
Calculate Your Current Security Maturity
Use the results of Step 2 to create a maturity model.
Review Security Policies
Cyber security and security policies are designed to combat cyber threats. A company may have a single overarching policy on security, as well as specific sub-policies to deal with the various technologies that are in use. A thorough review is required to ensure that security policies reflect the latest threats and are updated. Here are some steps you can take to review your current security policy.
Today, What Policies Are Being Used?
It is important to review the policies periodically and ensure that they are aligned with the model of business.
Do These Policies Actually Exist, Or Are They Just Written?
Policies should be enforced. Every employee in an organization must adhere to security policies. Employees should have easy access to the policies. Policies should map to controls that monitor, record, or stop an activity documented in the policies.
Teach Employees Security Principles
It is important to provide security awareness training because this can help enforce policies.
You have multiple ways to reach this goal:
- Choose a platform that manages real-time phishing campaigns through corporate emails and gives immediate feedback to senior management.
- Security awareness applications are an investment worth making.
- Use guest speakers for security awareness programs, such as lunch-and-learns and annual events.
Step 6: Create A Risk Management Plan
A risk management strategy is a key component of implementing a cyber security plan. The plan includes an assessment of the potential threats that could impact your organization. The proactive approach allows the company to analyze and identify risks that may negatively impact the business in advance.
Below are some examples of policies that can be included in your plan for risk management.
- Data privacy policy- Provides proper governance for the handling and security of corporate data.
- Data Retention Policy- Defines where and how to store or archive various corporate data types.
- Data Protection Policy- This policy explains how an organization handles the personal information of employees, clients, suppliers, and third parties.
- Incident response plan -This document outlines the procedures and responsibilities that must be adhered to in order to respond to Security Incidents quickly, effectively, and efficiently.
Step 7 Implement Your Security Strategy
Now is the time to assign remediation tasks and prioritize efforts:
Prioritize Remediation Tasks And Assign Them To Teams Within The Organization.
Use the Project Management Office of your company to oversee this project. Provide leadership, and work with internal teams to plan and coordinate the effort if there is no team.
Set Realistic Remediation Deadline Goals
A deadline that is too aggressive or unrealistic can lead to disaster. It is better to exceed your expectations and set realistic time frames.
Step 8: Assess Your Security Strategy
The creation of a cyber security plan is only the beginning of continuous support for the strategy. No matter how large an organization is, threats will still exploit weaknesses. The security strategy must be regularly monitored and tested to make sure that it is aligned with current threats. These are the key items to keep in mind when maintaining an ongoing and thorough oversight.
Create A Board Of Key Stakeholders Within The Organization
The success of a security strategy depends on the involvement of all stakeholders. The group is responsible for providing resources, ongoing support, and ensuring the success of the project.
Conduct Annual Risk Assessment
Threat landscapes change quite frequently, but the goal of the security plan does not. The strategy must be reviewed to identify any program gaps. A general review period is an annual one.
Get Feedback From Internal And External Stakeholders
They will appreciate and accept your decisions when they understand you're making strategic business decisions. Information from both internal and external stakeholders can help you justify your security processes and budgets.
Common Pitfalls To Avoid When Implementing Your Cyber Security Strategy
Cybersecurity strategies are only successful if they have been carefully planned and backed by the executive team. The strategy is doomed to failure if the leadership does not support it. The leadership of senior members is crucial to the success and implementation of a cybersecurity strategy. You may need to avoid or minimize any roadblocks or pitfalls that are still in your path.
Lack Of Documentation And Technology Sprawl
As time passes, servers and software are added to meet a specific business need or for development testing. These systems can spread and stay on the network for as long as there are no change management or decommissioning procedures. Some systems are not patched or may contain backdoors.
Legacy Systems
A legacy system that cannot be updated or is no longer maintained poses a risk. This pitfall is caused by a lack of monitoring of the cyber security plan continuously or a weak management of application security.
Insufficient Resource
Cyber security is a challenge that companies face when it comes to time and resources. Most SMBs have a small staff, and one person does all the work. While it may seem like a lot of work, if you don't patch your equipment regularly, there are vulnerabilities that can remain in place for many months or even years.
Conclusion
Cyber security strategies should implement defense in depth to effectively handle emerging risks and threats today. This strategy aims to layer security defenses. This strategy, when used correctly, increases the ability of an organization to limit and minimize damage from a threat agent. To protect endpoint devices, a company can use a variety of tools, including antivirus, antispam, VPN, and host firewalls.
