Cyber-Risk Monitoring: Aligning Cybersecurity with the Business

    Oct 18, 2019 11:00:00 AM Keeran Networks Business Cybersecurity Alignment, Cyber-risk Monitoring

    With the kind of budgets that companies allocate for IT, they expect high outputs from it. Cybersecurity is one of the most basic requests from their technology teams. Ironically, essential cybersecurity checks seem to miss in most IT plans, while companies try to capture too much from technology.

    Quite astonishingly, most companies are not able to detect a cyber incident themselves. According to one research, up to 70 percent of data breaches are discovered by third parties. This gives us a clear indication that the current methods of security monitoring are ineffectual.

    As the environment grows complex, there are more gaps and vulnerabilities for criminals to exploit. On the other hand, security teams are overwhelmed with IT data from millions of devices, detection technologies and other sources.

    We have big data problems and organizations lack access to the right data. Conversely, threat detection requires better-automated intelligence to sift through all the data.

    What we believe is IT security monitoring needs to evolve into cyber risk monitoring. We need to move from merely watching for malicious activity to proactively monitoring activities that are detrimental to our business.

    While this approach will differ from organization to another, there are two basic elements that we need to incorporate:

    Linking Data to Business Context:

    If we need to make sense of all the data a business has, we require more data from a wide range of business sources. However, it is more important to link it together to put the stream of IT data in context.

    Risk Guidance:

    Technical teams in the company must be guided on how cyber-threats can impact the business. The team should engage with different business functions to identify what matters.

    A risk-focused monitoring function enables organizations to develop business strategies more freely and safely. We believe this transition is not limited to technical leaders and security teams instead of need guidance, collaboration and governance at the executive level as well.

    What can Prompt Cybersecurity failure?

    Most forward-thinking companies tend to emulate security monitoring as their cybersecurity strategy. The security team watches dozens of screens and follow leading practices, especially when making investments.

    The teams make sure to centralize and correlate reams of data from a wide range of security tools. Moreover, the common practice is to launch a data loss prevention initiative, which includes threat intelligence to understand the landscape of malicious activities.

    Your security team could be doing a pretty good job of patching critical systems considering your business’ extensive and diverse infrastructure. However, a click on the harmless-seeming attachment in by one of your employees in his/her email may rapidly spread malware through the company’s systems.

    We have witnessed many monitoring teams classifying certain malware as a low-risk commodity based on automatically generated alerts by the company’s intrusion detection systems. Unfortunately, the team could lack direct access to the actual devices that are generating the alerts, which may limit your information. As a result, your business could lose up to millions of customer records.

    Sometimes IT teams fail to understand the nature of the breach. The attack may seem like a common low-risk threat – and hackers may customize to target and manipulate the company’s records. It may take weeks from here to discern the full scope of the attack.

    Using Cyber-risk Monitoring Approach

    What we believe here at Keeran Networks is that the monitoring program should focus more on the cyber risks to the business. This transition involves an executive-level involvement to set the tone and priorities around the cyber threats. This will then form as a part of the organization’s broader business risk management programs.

    Our team suggests changes in four functional areas:

    Alignment: Aligning the organization horizontally and vertically around significant cyber risks

    Data: Leverage data for event detection rather than solely depending on technology for event detection

    Analytics: Use analytics to transform from an indicator-driven approach to a pattern-driven approach

    Talent: Using talent and talent models to transition from reactive to proactive action models.

    What Cyber-risk Monitoring Approach Does?

    With cyber-risk monitoring, security alerts associated with customer records stand out as high priority. The system automatically assigns a level 2 security analyst to find if new desktop connections are being made. Hence, threat information on another console could show if the IP addresses being used is associated with a network that has previously been linked with criminal command and control network activity.

    The cyber risk management approach put out critical characteristics of the malware to cyber defence teams and tools. This automatically prevents the company computers from connecting to the malware’s command and control service, automates the removal of the malware where found and prevents infection of new systems.

    In the End

    When technical and non-technical teams meet regularly to identify emerging dangers, this enables security engineers to configure monitoring technologies. This way, you can look for specific events and patterns that would indicate possible abuses and frauds.

    The security team should also bring your cloud-based assets into the monitoring program, so the security teams have the visibility into application logs. This will help the team to detect suspicious activities.

    If you are a company trying to grow, enter into new markets, launch new products, drive efficiency, having an awareness of cyberthreats can protect strategic interests. This is the core mission of the new cyber risk monitoring function.

    If you need to learn more about cyber-risk monitoring management and how you can align this with your business, get in touch with our team.

    Keeran Networks

    Written by Keeran Networks