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Evaluation Of Cyber Security Inherent Risks

Risk assessments can be performed on any application, function, or process within your organization. But no organization can realistically perform a risk assessment on everything. That’s why the first step is to develop an operational framework that fits the size, scope, and complexity of your organization. This involves identifying internal and external systems that are either critical to your operations, and / or that process, store, or transmit legally protected or sensitive data (such as financial, healthcare, or credit card).

Once you determine your framework, you’re ready to embark on your individual risk assessments. When going through the process it’s important to keep in mind that there are different categories of risk that may affect your organization. These include.

a) Strategic risk : related to adverse business decisions, or the failure to implement appropriate business decisions in a manner that is consistent with the institution’s strategic goals.

b) Transactional risk is related to problems with service or product delivery.

c) Compliance risk is related to violations of laws, rules, or regulations, or from noncompliance with internal policies or procedures or business standards.


Enterprise Risk Management and Oversight

Are the Board, Executives, Internal Audit and Human Resources leaders engaged with the business risks of a breach?

Is our level of investment tied to the organisation's top risks, cybersecurity goals and roadmap?

Organizational Risk Management Controls,Administration and User Controls

Is the CISO role included in the Board's regular management succession review

Are Management and Directors fostering a culture of security awareness?


Threat intelligence and Collaboration

Good threat intelligence starts with conducting an inventory of all the devices on a company’s network. This includes listing manufacturers, devices, OS versions, patch levels, etc. This data will help companies identify devices that are vulnerable to exploits, as well as decide what threat intelligence is most likely to help their network.

Once companies are tracking all the physical and virtual devices on their network, they need to begin to gather and correlate threat intelligence from log files and management consoles. This data needs to include endpoint and IoT devices, virtualized data centers, and SaaS and IaaS multi-cloud devices and traffic. This will require a centralized collection and analysis system.

Next, organizations need to evaluate and update logging and analytics platforms to make sure that local data can be combined with external intelligence. Correlating local and global intelligence provides critical insights, but because of the speed of today’s attacks, this needs to be done quickly. This means threat intelligence must provide actionable information rather than just raw data, because that will require a lot of manual processing. Companies must use open standards to efficiently combine and correlate different data sets. This will help to efficiently identify indicators of compromise and prioritize the response to potential threats.


External Dependency and Vendor Risk Management

Increasingly Complex Vendor Networks

Today, companies deal with hundreds or even thousands of vendors who, in turn, have their own sub-contractors, agents, and partners. Vendor risks can arise at any point in this large network. The challenge is that vendors may provide the business expertise required, but often do not assume ultimate responsibility for the risks and compliance violations involving the products or services offered by them.

Heightened Regulatory Pressure

Company policies dealing with vendors need to be aligned to regulatory rules and requirements. If not, companies could end up facing significant non-compliance issues,Security Breaches, fines, and penalties.


Cyber Incident Management and Resilience(BCP/DR)

Cyber resilience is the ability to prepare for, respond to and recover from cyber attacks. It helps an organisation protect against cyber risks, defend against and limit the severity of attacks, and ensure its continued survival despite an attack.

The first element of a cyber resilience programme involves being able to identify, assess and manage the risks associated with network and information systems, including those across the supply chain.

The second element of a cyber resilience programme depends on continual monitoring of network and information systems to detect anomalies and potential cyber security incidents before they can cause any significant damage.

Implementing an incident response management programme and measures to ensure business continuity will help you continue to operate even if you have been hit by a cyber attack, and get back to business as usual as quickly and efficiently as possible.

The final element is to ensure that your programme is overseen from the top of the organisation and built into business as usual. Over time, it should align more and more closely with your wider business objectives.


Information Sharing

With effective information sharing, we can :

Analyze the risks in a more relevant way by considering the context

improve knowledge of threats

enrich the bases for detecting infections

Information to be shared can vary widely in nature: all information on IT and OT security, the flaws, vulnerabilities and elements that could help a company tackle a similar problem, the tactics, techniques and procedures (TTP) used by attackers, zero-day reports, security alerts from defense software as well as threat reports.


Social Engineering and Insider threats

Social engineering involves the manipulation of individuals to get them to unwittingly perform actions that cause harm or increase the probability of causing future harm, which we call "unintentional insider threat

Attacker uses human interaction (social skills) to obtain or compromise information about an organization or its computer systems. An attacker may seem unassuming and respectable, possibly claiming to be a new employee, repair person, or researcher and even offering credentials to support that identity. However, by asking questions, he or she may be able to piece together enough information to infiltrate an organization's network.

Training

Organizations must continue to develop and deploy effective training and awareness programs so that staff members are aware of social engineering scams and can identify deceptive practices and phishing cues. Training plans should also teach effective coping and incident management behaviors to respond to social engineering.


Data Loss Prevention (DLP)

EndPoint Data Protection

Increased Visibility and Control

Discover, Inventory, and Classify Data

Increase Speed Of Breach Detection and Response

Universal Cloud Protection, from Server to Cloud Services

Easily extend data policies to the cloud

Centralised Incident Management and Reporting

Fingerprinting for Structured Data

Unified Data Protection


Data Classification and Risk Based Controls

In order to protect data and comply with data protection and privacy requirements such as the European General Data Protection Regulation (GDPR), you need visibility into the data you’re collecting and storing in order to determine what’s important, and what isn’t. Identify where sensitive data resides, set policies for handling it, implement appropriate technical controls, and educate users about current threats to the data they work with and best practices for keeping it safe.

Information is divided into predefined groups that share a common risk, and the corresponding security controls required to secure each group type are identified. Classification tools can be used to improve the treatment and handling of sensitive data, and promote a culture of security that increases awareness of data sensitivity to prevent inadvertent disclosure, and the storing of sensitive content on removable media or third-party web portals. Just as products with warning labels in eye-catching colors can change our behavior by making us aware of hazards that can lead to injury, visual labels and watermarks such as “Confidential” can remind users to think twice and behave more cautiously with digital data and physical copies.


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