CISOs Must Lead the Way in Risk Mitigation

Individuals and organizations worldwide rely on digital technologies on a day-to-day basis, a situation that has accelerated thanks to the impact of the COVID-19 pandemic and the cultural changes it has brought about to how we work, live and play. Bad actors are catching wind of the big paydays that can come from successful cyberattacks, especially on digital-centric organizations. To protect their organizations against cyberthreats in our ever-evolving risk landscape, Chief Information Security Officers (CISOs) must champion risk mitigation.

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CISOs are aiming at rapidly moving targets in their efforts to mitigate risk. Once a matter of obvious email scams and file downloads from less-than-reputable sites, the laundry list of risks now fills books.

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There are endless articles and warnings about critical threats to organizations in every industry. Alarmingly, cybercrime is projected to reach $10 trillion in 2025. These are the top attack methods and risk profiles contributing to that number:

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●?????Cloud vulnerabilities – These risks include misconfiguration, neglected access control, API security faults and weak authentication.

●?????Communications attacks – We are more cellphone-dependent and digital communcation-dependant than ever. Platforms for comms are therefore a prime target and offer multiple options for exploitation. Attacks are on the rise via phishing, smishing (phishing via SMS), malicious apps and spyware.

●?????Insider threats – Employees, vendors, contractors and even partners can pose a threat to organizations, either intentionally or unintentionally.

●?????Cyberattacks – These risks include social engineering, phishing, ransomware, vishing (using video or deep fakes) and data breaches.

●?????Governance, risk and compliance (GRC) – As regulatory bodies seek to address cyberthreats through compliance requirements, the reality of fines and disciplinary action is ever-present.

How to develop a risk management strategy

Effective risk management requires a deep understanding of organizational risks and a well-designed strategy to mitigate them.

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Paramount in risk management strategy is collaboration. CISOs must work closely with organizational stakeholders, including IT and legal teams, business leaders and security experts. Through this alignment, they’re able to gain a multilayered understanding of the corporate risk profile and develop key strategies to address them.

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With this team of cross-organizational allies, CISOs can execute a practical, structured and systematic approach to mitigating risk. The foundations of your strategy should include five key components:

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1.????Identification - Risk identification is the starting point of any effective strategy. This involves documenting and categorizing your organization’s potential and actual risks. Taking a systematic approach is crucial. Think beyond the current state of play and toward risks that could emerge in the future. Consider them when making business decisions, as changes in fundamental aspects — such as remote or hybrid workforces or onboarding a new service provider — are bound to shift your risk profile.

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2.????Analysis - ?Once you’ve identified your actual and potential risks, analyze their potential impact and the likelihood of an incident. This stage includes understanding exposure to the risk and the inherent cost if it becomes a threat or incident. Categorize risks based on their potential for business disruption. Many organizations choose high, medium and low values.

You must then decide how to address these risks. This process isn’t as clear-cut as you may think. For instance, some risks may carry a severe impact but be relatively low in their likelihood of occurring. In that case, you may prefer to prioritize risks at a lower cost but with a high probability of occurrence.

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3.????Planning - CISOs are tasked with designing a response plan, particularly since they’re liable to be the first place people turn should an incident occur. Response plans are informed by the information you gathered in the identification and analysis stages and may include security awareness training to ensure end users are always alert. As part of this stage, you should define the actions based on identified priorities.

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4.????Mitigation - Risk mitigation is where all of these elements come together and the stage where an organization implements the response plan. The mitigation plan is a set of actions, including onboarding materials, cybersecurity awareness training and offboarding steps, to mitigate future risks. You may be responsible for designing controls to mitigate risk to appropriate levels. While you won’t be the person executing these controls, you must hold a prominent position in the reporting line to ensure efficacy.

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5.????Monitoring - The global risk landscape is constantly evolving, so too are organizational risk profiles. Risk monitoring includes regular assessments of identified and new risks requiring categorization and appropriate action. It is not a set-it-and-forget-it event. While a well-designed strategy will take a lot of pressure off your shoulders, ongoing monitoring is an essential part of the job.

GRC for effective risk mitigation

In the today’s world, it’s a package deal. GRC is vital to meeting organizational, industry and governmental needs and standards. GRC is a structured approach that aligns IT and security with business goals while keeping risk front of mind.

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Learn more about how CISOs can lead the way in risk mitigation in The Ultimate Guide to the CGRC. Find out how CGRC and (ISC)2 can help you discover your certification path, create your plan and acquire the knowledge and skills to effectively mitigate risk in your role.