What Does Cyber Security Management Entail? Cyber security management is more than installing firewalls. If you want to know how to manage risks properly, you need to understand what it truly entails.
Cyber security management is a crucial piece of any organization. Without it, your organization is risking lost revenue and customer trust.
There were 35 data records stolen every second in 2016. If your company hasn’t experienced a cyber attack, you’re one of the lucky ones.
The average cost of a cybersecurity breach is expected to be $150 million by 2020. That can make your organization’s profits disappear.
How can your organization achieve an effective cyber security management plan?
Keep reading to find out.
What is Your Cyber Security Management Strategy?
For a long time, cyber security management focused primarily on prevention.
Prevention strategies focus on internal risks. Employees are responsible for 60% of cybersecurity incidents. It’s up to IT pros to create a strategy that secures data but doesn’t hamper users to the point where it stifles creativity and growth.
The best way to do that is through employee training. Just over half of organizations do this.
A training program should include employees, contractors, and vendors. The training should talk about how employee actions can put the company in a precarious position. It won’t be effective if it’s done once. Employee training needs to be ongoing.
Since hacking has become pervasive, cybersecurity strategies have shifted to include detection and damage control. IT teams operate with the mindset of when they’ll be attacked, not if.
Security budgets reflect this shift. Gartner reports that 60% of cybersecurity management budgets will be devoted to detection and response by 2020.
The essence of cyber security management comes down to knowing what information is valuable and what isn’t. You don’t need to have a blanket security policy that treats all assets the same. In fact, that can be detrimental to your business.
When you have an idea as to what is important, you can allocate the appropriate amount of resources to secure the data.
The steps to classify data involves a few steps.
The first is to know what needs to be protected. Confidential and private information will require more resources to protect them while public information can use little resources for protection.
Next, you’ll need to catalog where the most critical information resides. Is the data on backup drives, on one server or on multiple servers?
Finally, you’ll need to know who has access to that data. Then you’ll be able to determine who truly needs access to the organization’s most sensitive data.
Implement Security & Privacy Controls
Once you identified what’s important and what’s not, you can implement the proper security controls. The controls can be automated or manual procedures.
Security controls are designed to accomplish three goals: prevent, detect, and respond.
Prevention controls make it difficult for a hacker to compromise your organization’s systems. These controls can include testing for vulnerabilities, user access controls, and password maintenance.
Detection controls are meant to discover incidents and report them as soon as possible. Activities such as reviewing firewall and looking for changes to systems configurations fall under this category.
Controls to respond to an attack should be planned out in advance as part of your response plan.
It’s essential to develop a coordinated response plan between departments and test your response plan often. You’ll need to determine who will contact the authorities, employees, and vendors that may be affected.
In some cases, you may have to work with your public relations team on damage control to the organization’s reputation.
To effectively implement your plan, you’ll need to take these steps:
- Select your Security Controls
- Align your controls with the data you want to protect
- Prioritize which controls are implemented first
- Design your security controls
- Train employees and users affected by the controls
- Implement and monitors your security controls
Keep in mind that there are several reputable security control standards in place.
The National Institute of Standards and Technology offers this framework for organizations that do business with the federal government.
Evaluate Security Controls
When you have your security controls in place, it is necessary to test them periodically. All too often, organizations implement controls, but they are never audited.
You want to be sure that your cyber security management system is tested internally and externally. You or your audit department can evaluate the effectiveness of the controls by focusing on your detection, prevention and response controls.
Prepare for an Attack with a Response Plan
While prevention strategies are ideal for your organization, there will be a time when your organization is attacked.
How you respond to an attack will define whether your controls worked or not.
If you expect that you’ll get attacked, then it would make sense to have a crisis response plan in place.
When you create your response plan, it’s up to your company to define every possible scenario. Once you have these scenarios outlined, you can create a response plan to address each one.
You’ll need to create a response team. This team might be across several departments, such as human resources and risk management.
Next, you’ll need to know who needs to be informed of the breach. That can be your response team, your C-Suite executives, and law enforcement.
Your first step may be to take the affected machines offline as soon as possible. That’s not the best move since the hacker will know he’s been found and leave your networks immediately.
You, and potentially the authorities, will want to monitor the activities of the attacker in a way that doesn’t tip them off.
You’ll also have to estimate the extent of the damage due to the attack.
Invest in Insurance
Did you know that there’s cybersecurity insurance available to organizations?
It’s also called data breach insurance. This type of insurance can provide an extra layer of protection in the event of a cyber attack.
Polices can protect against business losses if your organization is attacked by ransomware. They can also protect in these events:
- Electronic theft
- Damaged or lost data
- Lost revenue during downtime
Data breach insurance can be a smart choice to supplement your cyber security management program.
Have Cyber Security Management Questions?
Protecting your company’s data and IT systems cannot be understated. It can impact your company’s ability to function and profitability.
It can also impact the way your organization is perceived by customers.
If you have questions about cyber security management, we’re here to help. Our team has prevented over one billion cyber attacks. Contact us today.
Request a risk and threat assessment to learn how Paranet can provide your organization peace-of-mind.