Principles of an Effective Cybersecurity Strategy

Effective Cybersecurity Strategy

A number of trends contribute to today’s reality in which businesses can no longer treat cybersecurity as an afterthought. These include a rapid increase in the number of internet connected devices, an increased dependency on third party applications, self-provisioning as a result of bring-your-own-device and public cloud. Add to these, unprecedented levels of smart phone and mobile device adoption and we can see that the cybersecurity ‘attack surface’ has increased massively.

According to MetricStream’s, ‘The State of Cyber Security in the Financial Services Industry’ report, around 66 percent of financial services institutions have faced at least one cyber-attack in the last 12 months. The cost of this, which can be catastrophic, can include regulatory penalties, eroded share prices, a loss of customer confidence and reputational damage. It can even result in a complete shutdown of the business.”

It is clear therefore, that organizations need to constantly evolve their security strategies and tactics to safeguard data, systems and operations against ever-evolving security risks.

In today’s cloud era, an effective strategy should leverage industry-standard cybersecurity frameworks and unified threat management systems. A sole reliance on traditional approaches and tools, such as firewalls and security solutions, may now leave networks exposed.

Companies attracted by the cost, flexibility and adaptability of cloud still have concerns over how secure it is. According to Crowd Research Partners’ 2016 Cloud Security Spotlight Report, security concerns top the list of barriers to cloud adoption and one in three organizations say external sharing of sensitive information is the biggest security threat.

Cybersecurity Strategies and Risks

Understanding the Cyber Landscape

The constant threat of cyber-attacks hangs over all businesses. So prevalent are security breaches that over half (54 percent) of cybersecurity professionals anticipate a successful cyber-attack on their organization in the next twelve months, while Ponemon tells us there is a 26 percent likelihood that a material data breach involving 10,000 lost or stolen records will occur in the next 24 months.

The explosive growth in digital transactions, together with the increased volume of personal and sensitive information now stored digitally has raised the potential for targeted attacks.  The emergence of cybersecurity threats can be broadly attributed to:

  • Consumerization resulting in a loss of data control and device usage beyond the traditional data center
  • Collaboration that means highly sensitive data is now shared across channels and platforms
  • Innovation, and with it the lack of clear understanding of the risks and threats due to cloud, social media, virtualization, mobile and shared services.

It is a challenge to keep pace with technological change and to adapt to new ways of protecting data from internal and external threats. Not surprisingly therefore, cybersecurity is one of the top priorities for regulators during supervisory reviews.

Add to this the complexity of maintaining compliance with evolving regulations, such as the EU’s General Data Protection Regulation (GDPR), Federal Information Security Management Act (FISMA), Gramm-Leach-Bliley Act and the Homeland Security Act and a significant effort has to be put into assessing current policies and practices to ensure compliance.

Principles of an Effective Cybersecurity Strategy

An effective cybersecurity strategy should be sufficiently flexible to cope with the evolving threat landscape and should:

  • Include the implementation of security policies
  • Incorporate security assessment models such as the Open Web Application Security Project (OWASP), the Software Assurance Maturity Model (SAMM) and other industry standard frameworks
  • Monitor for early warnings, continually gathering threat intelligence accordingly
  • Include a rapid response plan including crisis communications, so that the business is prepared to minimize material impact should a cyber-attack occur.

A cybersecurity framework is a good starting point for enterprises to define, adopt and refine the critical infrastructure. It helps organizations to assess current capabilities and draft a prioritized roadmap towards improved cybersecurity practices.

Frameworks provide a toolkit to assess security measures against industry standard best practices and compliance requirements. The Federal Financial Institutions Examination Council (FFIEC), National Institute of Standards and Technology (NIST) and other regulatory bodies have all released specific frameworks and tools to strengthen cybersecurity policies.

Enterprises today allocate considerable budget and resource to establish security policies and adopt industry frameworks. However, with threats becoming more sophisticated, it is extremely important for organizations to invest in threat intelligence systems and better business continuity, disaster recovery and redundancy mechanisms.

What Cybersecurity Means in a Cloud Era

Cloud abuse is one of the top cybersecurity threats. The recent spear phishing campaign on Dropbox’s cloud storage, where the attackers were able to carry out their activity while hiding as legitimate users shows that attackers continually adapt new technologies as well as Vulnerabilities to further their ends.

Alarmingly, as per the 2016 Cloud Security Spotlight Report, a huge majority (84 percent) of cybersecurity professionals are dissatisfied with traditional security tools when applied to cloud infrastructure. The report also states that unauthorized access or improper access controls is the single biggest threat to cloud security, followed by hijacking of accounts (44 percent) and insecure interfaces/APIs.

Organizations need secure cloud to preserve the integrity of systems and operations and to protect their data, and for this they must work collaboratively on risk assessment and security planning with cloud Service Providers. Clarity and rigor is required around security protocols including access and data separation as well as roles and responsibilities around compliance and assurance over business continuity.

Is Cloud Enabled Cybersecurity the Way Forward?

PwC’s Global State of Information Security Survey 2016 highlights the importance of using cloud-based monitoring and analysis technologies and adopting new safeguards for digital business models. Cloud-based threat management systems allow organizations to rapidly identify and analyze a threat in order to take action.

The future lies in harnessing the power of cloud to improve cybersecurity for organizations. This includes using cloud to create highly secure platforms which can be used to block any tools and procedures used by the attackers.

By Vibhav Agarwal

Kevin Julian

Patients Increasingly are embracing technology, and so must the pharmaceutical industry

Patients Increasingly Embracing Technology COVID-19 has driven home the need to use digital solutions more broadly, which means C-Suites may be turning to their CTOs for advice As lockdown restrictions went into effect due to ...
Chris Collins

Why Cloud Technology is a Smart Business Move for Higher Education

Higher Education Technology Cloud technology is not just for the world of big business. A growing number of higher education institutions are also embracing the cloud’s many advantages, especially for its data gathering and analytics ...
Non-Fungible Tokens

Non-Fungible Tokens (NFTs) As Digital Artwork

NFTs As Digital Artwork NFT stands for Non-Fungible Token. Anything fungible is replaceable with something that is of an equal value. A basic example would be money. A $10 note is fungible as it can ...
Digitizing Contact Center to Reduce Call Volume by 30% and Improve NPS

Digitizing Contact Center to Reduce Call Volume by 30% and Improve NPS

Digitizing Contact Center With a Net Promoter Score (NPS) average of 24, telecom holds the lowest industry average according to the NPS Benchmarks Report. Operational inefficiencies in contact centers play a major role in the low ...
Quantum

The Next Computing Revolution: Quantum Chips Are Here

The Next Computing Revolution: Quantum Chips There has been a lot of talk over the past few years about quantum computing and how it promises to revolutionize the computing world. But for many years this ...

PROXY SERVICES

The CloudTweaks technology lists will include updated resources to leading services from around the globe. Examples include leading IT Monitoring Services, Bootcamps, VPNs, CDNs, Reseller Programs and much more...

  • Smartproxy

    Smartproxy

    Smartproxy is a rising star in the constantly growing proxy market. Smartproxy offers awarded customer service, impressive performance, and is serious about your anonymity (yes, cybersecurity matters). The latest features developed by Smartproxy are 30 minute long sticky sessions and Google Proxies. Rumor has it, the latter guarantee 100% success rate

  • Bright Data

    Bright Data

    Bright Data’s network is one of the most robust of its kind globally. Here are its stark advantages: Extremely stable connection for long sessions (99.99% uptime guaranteed). Free to integrate with our Proxy Manager which allows you to define custom rules for optimized results. Send unlimited concurrent requests increasing speed, cost-effectiveness, and overall efficiency.

  • Rsocks

    Rsocks

    RSocks team offers a huge amount of residential plans which were developed for plenty of tasks and, most importantly, has been proved to be quite efficient. Such variety has been created on purpose to let everyone choose a plan for a reasonable price, online, rotation and other parameters.

  • Storm Proxies

    Storm Proxies

    Storm Proxies' network is optimized for high performance and fast multi-threaded tools. You get unlimited bandwidth. No hidden costs, no limits on bandwidth. Try Storm Proxies 100% Risk Free. If you are not happy with the service email us within 24 hours of purchase and we will refund you.