Topic: Cybersecurity Risk Management USA 2021
Cybersecurity Risk Management USA 2021
If you have some digital assets on the internet, those are not 100% safe from perpetrators. At the same time, no organization can be successful without a strong online presence. Therefore, a key to success for an organization is to have a strong cybersecurity risk management program.
According to a 2020 survey about the components of cybersecurity risk assessments in U.S. healthcare organizations, 58 percent of respondents stated that while conducting cybersecurity risk assessments in their organizations, cybersecurity policies, procedures, and documentation are included as one of the components.
Cybercriminals work harder than software engineers to find a new way to breach the latest network security measures. A cybersecurity risk management plan should be effective enough to counter newly emerging security threats.
Instead of being static, risk management should be flexible and evolve constantly to respond to ever-changing threats effectively. This program saves your business and keeps you always ready to fend off any type of potential cyber threats. Let’s dive deeper into cybersecurity risk management…
What is Cybersecurity Risk Management?
Rather than doors, vaults, and locks, IT companies adopt different strategies and technologies to protect against cyber-attacks that can breach systems and steal valuable information. Such attacks can severely damage the reputation of enterprises. The need for cybersecurity risk management increases as the severity of cyber-attacks grows.
Cybersecurity risk management applies the idea of real-world risk management to the cyberworld to protect against any cyberattack. It identifies risks and vulnerabilities in the system and applies administrative actions and comprehensive solutions to protect the security of the system.
What are Common Cybersecurity Risks?
Cybersecurity risks vary from one organization to the next. They keep evolving constantly. However, you should keep in mind a few considerations when planning your organization’s cybersecurity risk management.
Here are some common security risks that an organization may face:
Third-Party Vendor Risk
Third-party vendors help organizations to cut down on cost and increase operational efficiency, outsourcing business operations. Such vendors often have access to the most sensitive data of an organization like the personal identifying information of customers.
Therefore, all organizations must keep an eye on all entities within the entire network. Cybersecurity risk management helps companies to take full advantage of vendors but without compromising on security.
Insiders like contractors and employees play a key role in maintaining the cybersecurity posture of an organization because they have access to the network. Their act, intentionally or unintentionally, can be a very risk for the organization. That’s why insiders must have cybersecurity awareness and social engineering training to mitigate the risk. They should know what to do after discovering different vulnerabilities and risks.
Companies should also adopt a zero-trust security model to counter insider threats. This model prevents successful data breaches by eliminating the trust from the network architecture of an organization. The principle of this model is “never trust, always verify”. So this model controls the access of insiders to the system maliciously.
Benefits of Cybersecurity Risk Management
There are numerous benefits of the cyber risk management program. If you properly implement this program, you can get the following benefits:
- You can detect a phishing attack.
- Prevent different fraudulent activities.
- Sensitive data leakage monitoring.
- Mitigate supply chain risks.
- Malicious mobile app identification
- Prevent unauthorized data access
- Track dark web activity.
- Prevent internal and external network breaches.
How to Mitigate Risk with Cybersecurity Risk Management
There are plenty of ways to prevent potential cyberattacks. You should take different security measures to mitigate the risk to protect your system.
Here are some cybersecurity precautions to consider:
- Install Network Access controls
- Automated patches for operating systems
- Control traffic using firewalls
- Install the latest anti-virus programs and endpoint security
- Try to reduce the number of devices connected to the internet
- Don’t give administrator rights to multiple people and control the rights for each administrator
- Enable two-step authentication when gaining access to specific data on the system.
- Keep your operating systems up-to-date and run all the latest software.
These precautionary steps play a key role to prevent perpetrators’ attacks on your system. Take all security measures to protect your systems. Here are some other recommendations to enhance risk management.
For the foolproof security of the system, organizations must implement encryption more systematically and strategically. It is the most effective to protect data from insider and cybercriminals threats. This process includes standards-based cryptography, granular separation of duties, advanced key management, and state-of-art algorithms to decrease exposure dramatically.
Encryption is not as effective for internal threats as it is for outside breaches. Because insiders will have the credentials to decrypt the data. Therefore, companies should protect data removal from enterprise systems via removable media like thumb drives, etc.
Data reduction is another important way to protect your data. It is basically a data masking technique that enables you to redact data by substituting all or a part of the field value. You can use it to protect your personal sensitive data.
How to Create Cybersecurity Risk Management Program?
You can counter cybersecurity risk effectively by identifying the real risks to your digital assets. Follow the five points below to assess the cybersecurity threats:
- Make a priority list of all storage systems and proprietary programs that you want to protect. And, try to identify the types of potential risks to these assets.
- Create a list of third-party contractors and rank them by the level of their access to the systems. It helps you to identify the contractors who access the highest volume of data and to which extent they access data. It means that contractors who have frequent access to huge data pose the highest risk for the data breach.
- List down all potential threats to your information system that can be internal and external as well. The list should include all types of threats that can infiltrate your system.
- Assess each cybersecurity threat and estimate its cost to your company. And, try your best to determine the likelihood of each threat including the cost.
- Now, rank the list of threats based on which ones are most likely to happen and how expensive they would be for your company.
- After finding out the potential threats, take all security measures to mitigate the risks. For example, you can reduce the risk by data encryption, firewalls, two-step verification, and malware detecting software.
Finding the perfect cybersecurity solution is a very challenging process. It is a continuous process that never ends because the threat landscape is changing dramatically. Hackers discover new exploits and organizations have to release different patches to fix them.
Organizations continually add new vulnerable devices to the network that increase the attack surface. Therefore, organizations must have an effective cybersecurity risk management team to counter such attacks. They should take all precautionary steps to protect the systems. Plus, they should conduct in-depth vulnerability risk assessments regularly. After finding out any threat, remove that immediately to enhance the security of digital assets.
So, this concludes the topic of Cybersecurity Risk Management USA 2021.