The world has come a long way from putting Chief Information Security Officers in a position as either a savior or a weak link in the IT system – depending on whether the business encountered any cyber crisis. But now, every business feels a specific need to have the CISO by their side and ensure enterprise security at all costs.
Such a transition is beneficial as CISOs usually don’t need to make their voices heard within the organization. Cybersecurity has rapidly been integrated into every workforce’s vocabulary, and now CISOs are more informed and willing to manage current and future cyber risk than they have been in the past. There is also a strengthened cybersecurity defense, allowing the modern-day CISOs to progress.
There are different approaches required for the risk assessment for security to the center stage in any business. The guidelines are also not as precise as to whether or how such an assessment should be carried out. The problem here is that the scope of the test is integral to the ultimate result.
To execute a cyber risks assessment effectively, you need to think about the complicated network of overlapping systems and supply chains that are now essentially part of your business.
Traditional risk evaluations continue to be relevant as part of an overall risk management program, and many requirements still include them. However, given the changing nature of the cyber environment, there is a dire need for frequent evaluations and more methodologies.
For this, three critical factors contribute to how the CISOs respond to any such cyber risks:
The threat and defense relationship is highly disproportional.
Cybercriminals benefit from organization rapid transitions and operate from home and remote workers’ vulnerability to new COVID-19 themed attacks. Threat actors exploit remote workers’ often weak security.
Lawmakers Build up the Burden
Governments worldwide react to cyber incidents by introducing more stringent data security and privacy legislation – adding to the patchwork sophistication.
Increased Government Enforcement
Where legislation or regulations are already in place, enforcement is stepped up. The US Securities and Exchange Commission (SEC) has focused more on businesses’ timely disclosure needs. The Federal Trade Commission of the United States (FTC) has sharpened its conventional recommendations to companies where the case is opened.
CISOs should adopt these five main practices, according to security leaders with extensive cybersecurity experience:
Consider the employment contract details
CISO should record its relationship with the business, including comprehensive jobs, closing terms, monitoring, escalation procedures, governance, and even the resources needed. Documenting resources needed for effective security is critical in navigating a business plan or changing leadership, but not always in a contract.
Creating a responsive playbook
The primary safety documentation should include the description and classification of the playbook on incident response. Further information about how threats are assessed, escalated, and prioritized to be consistent and well recorded should be provided in this context.
There’s a need for clear communications routes and information management. Critical security information coupled with reporting duties is delegated to CISOs and the rest of the response team (for example, Legal, Communications, CEO, and CFO).
Prepare an advance communications strategy to define and strategy to resolve future disclosure obligations. For instance, different data security and violation disclosure laws require an event to be reported within hours, and these standards also vary based on competence. There are a few cyber insurance policies that demand requirements for disclosure.
Creating a robust communications security
There are high possibilities for communication fog, making it difficult for a business to have security talk. Therefore, it gets crucial to acknowledge the power of a robust security channel. For example, for critical communications, the updates of the CEO and Board, pre-approved templates may contribute to pace and accuracy.
Chief Information Security Officers across businesses would also need to have three other considerations critical to effectively managing security incidents. It includes;
Building trust and powerful memory
The response team should start using tabletop simulations and scenarios for key team members, including key corporate executives, the Executive Board, and the Audit Committee. This practice promotes trust, mutual understanding, and common goals to avoid unnecessary crises.
Concise and meticulous data can make a difference during escalating security incidents. Assign an individual to record all discussions and decisions to allow an accurate audit trail that will avoid issues later.
CISOs looking to properly handle legal, organizational, and reputational risk should participate in more communication, planning, and documents — and they don’t need to be shy.
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It is about time to take the first towards advanced security. This is no time to be shy. Reach out to security experts at expandFORCE.