Cybersecurity Challenge - Week One: Schedule a Cyber Security Risk Review

In the digital landscape that defines today’s business world, safeguarding sensitive data has become one of the most urgent priorities for organizations across industries. Businesses are constantly exposed to an evolving array of cyber threats, and the rise of cybercrime has made cybersecurity a critical element of business survival. Every business, regardless of its size or sector, needs to understand where it stands in terms of cyber risk. The first week of any effective cybersecurity strategy should focus on a comprehensive Cyber Security Risk Review, which provides powerful insights that lay the foundation for a secure and resilient business environment.

But what exactly is a cyber security risk review? Who performs it, and why should it be the first step in fortifying your organization’s digital defenses? This article will answer those questions while exploring the broader importance of a risk review, what it reveals, and how businesses can leverage the results to transform their cybersecurity posture.

What is a Cyber Security Risk Review in Business?

At its core, a cyber security risk review is a thorough evaluation of a business's IT infrastructure, data management practices, and operational workflows, all with the intent of identifying vulnerabilities that could be exploited by malicious actors. This isn’t just a surface-level scan of a network or a routine software update; it’s a deep dive into every aspect of how a business handles its digital assets. The review assesses factors such as the integrity of firewalls, the presence of malware protection, the robustness of data encryption methods, and even the behavior of employees when interacting with digital systems.

By conducting this review, businesses can establish a clear understanding of where they are most vulnerable. It also highlights weaknesses that are often unseen until they become a problem—such as unsecured connections, outdated software, or neglected security patches. Businesses cannot improve what they do not understand, and the cyber security risk review is designed to reveal that understanding.

The purpose of the review is twofold: First, it provides a snapshot of the current cybersecurity status, giving the business a clear view of what protections are in place and what is missing. Second, it serves as a roadmap for future security enhancements, guiding decision-makers in making informed choices about the tools, training, and systems needed to improve overall security.

Real-Life Example of Cybersecurity Risk Reviews

To further illustrate the importance and impact of a cyber security risk review, let’s explore real-world examples of businesses that undertook this crucial step and what they discovered. These case studies - located at the bottom of each of the following sections - demonstrate how a thorough review can expose weaknesses that would otherwise go unnoticed and how addressing these vulnerabilities led to a more robust cybersecurity posture.

Example 1: The Colonial Pipeline Incident (2021)

One of the most prominent cyberattacks in recent history occurred in May 2021 when Colonial Pipeline, a major fuel pipeline operator in the United States, suffered a ransomware attack that forced it to shut down operations. This attack led to fuel shortages and highlighted the vulnerabilities in critical infrastructure. In the aftermath of the attack, Colonial Pipeline conducted an in-depth cybersecurity risk review to identify the weaknesses that allowed the ransomware attack to occur.

What They Found: The review uncovered several key issues. First, the company’s internal network was compromised due to inadequate segregation between IT and operational technology (OT) systems. The attackers were able to infiltrate the company’s IT systems and move laterally into its OT systems, which control the pipeline’s physical operations. Additionally, the review found that outdated software and weak access control measures contributed to the attack’s success. Colonial Pipeline had insufficient multi-factor authentication (MFA) protocols in place, allowing the attackers to gain access to the network with stolen credentials.

How They Addressed It: In response to these findings, Colonial Pipeline took immediate steps to enhance its cybersecurity infrastructure. They introduced stricter access control policies, ensuring that only authorized personnel could access sensitive systems. MFA was implemented company-wide, making it more difficult for attackers to use stolen credentials. The company also segmented its IT and OT systems to ensure that future attacks could not easily move between different parts of the network. Additionally, Colonial Pipeline engaged third-party cybersecurity experts to continuously monitor their systems for any signs of intrusion, helping them to proactively defend against future attacks.

Who Conducts the Cyber Security Risk Review?

A cyber security risk review is typically performed by seasoned cybersecurity experts, either as part of an in-house IT team or by hiring an external cybersecurity consultancy. Businesses often turn to external firms for this process because they bring a fresh perspective and a wealth of experience handling cybersecurity assessments across various industries. External cybersecurity professionals are well-versed in identifying the types of cyber threats that specific industries face, such as ransomware in healthcare or phishing attacks in financial services, and can tailor their reviews to these industry-specific risks.

An external review also brings objectivity. Their goal is to uncover vulnerabilities not only in technology but also in processes and human behaviors, offering a holistic view of an organization's risk exposure. Internal IT teams, while knowledgeable, may inadvertently overlook security flaws simply because they are too close to the operations. An external team can provide an unbiased assessment, flagging potential issues that might be missed by internal reviews.

Real-Life Example of Cybersecurity Risk Reviews

Example 2: The Marriott Data Breach (2020)

In 2020, Marriott International suffered a major data breach that exposed the personal information of over 5 million guests. This breach occurred just two years after a previous massive breach in 2018, putting additional pressure on the company to improve its cybersecurity defenses. Marriott decided to conduct a comprehensive cybersecurity risk review following the breach to better understand how the attackers gained access and how to prevent such incidents in the future.

What They Found: The risk review revealed that the breach originated from an insecure third-party vendor system. Marriott’s third-party risk management practices were not adequately addressing the security risks posed by vendors who had access to sensitive guest information. Furthermore, the review uncovered that Marriott’s data encryption protocols were insufficient, as certain sensitive data was not being encrypted at rest. Finally, the company discovered gaps in employee training related to recognizing phishing attempts, which was the initial method the attackers used to gain access to the vendor’s system.

How They Addressed It: Marriott immediately overhauled its third-party vendor management program, requiring all vendors with access to sensitive data to adhere to stringent security standards. The company also strengthened its data encryption practices, ensuring that all sensitive guest information was encrypted both in transit and at rest. To address the human element of cybersecurity, Marriott launched a company-wide employee training initiative focused on phishing prevention, which taught employees how to recognize and report suspicious emails and activity. The company also implemented more rigorous incident response protocols to quickly detect and mitigate future threats.

Why Should a Risk Review Be the First Step?

Before any business invests heavily in new cybersecurity systems, tools, or services, a cyber security risk review should always be the first step. Without a clear understanding of vulnerabilities, any investments may be misguided or inadequate. By conducting this review first, businesses ensure that their cybersecurity efforts are targeted, efficient, and effective.

One of the most significant reasons why the risk review is crucial as the starting point is that it creates a baseline for understanding the current cybersecurity landscape. Cybersecurity is a broad field, and businesses often face numerous types of threats—from data breaches and phishing scams to insider threats and ransomware attacks. A risk review helps businesses understand which of these threats pose the most danger and where they are most likely to strike.

This baseline understanding allows businesses to make informed decisions about where to focus their resources. For example, if the review uncovers that outdated software poses a greater risk than employee phishing susceptibility, the organization can prioritize software updates and patching over other interventions. In this way, the review prevents wasted resources by ensuring that efforts are directed at the most pressing vulnerabilities.

Additionally, a cyber security risk review helps businesses create custom solutions for their unique security needs. No two businesses are exactly alike, and their cybersecurity measures shouldn’t be either. A retail business, for example, will have different security requirements than a healthcare organization. The risk review ensures that the strategies implemented are not generic but instead tailored to address the specific risks and challenges that each organization faces.

Real-Life Example of Cybersecurity Risk Reviews

Example 3: The Norsk Hydro Ransomware Attack (2020)

Norsk Hydro, a global aluminum producer based in Norway, suffered a crippling ransomware attack in 2020 that forced the company to switch to manual operations for several weeks. In the aftermath of the attack, Norsk Hydro conducted a full cybersecurity risk review to assess the damage and identify weaknesses that left the company vulnerable.

What They Found: The review revealed that the ransomware attack was made possible by a phishing email that tricked an employee into downloading malicious software. The company's decentralized security approach, where different branches managed their own security policies, made it difficult to implement a cohesive cybersecurity strategy. This lack of centralization meant that some parts of the company were better protected than others, leaving certain systems more vulnerable to attack. The review also found that Norsk Hydro lacked a comprehensive backup strategy, making it difficult to restore operations quickly after the attack.

How They Addressed It: Following the review, Norsk Hydro implemented a unified cybersecurity policy across all of its global branches, ensuring that all locations adhered to the same security standards. The company also bolstered its phishing defenses by implementing advanced email filtering technologies and providing additional training to employees about how to recognize phishing attempts. To improve resilience in the event of future attacks, Norsk Hydro invested heavily in backup systems, ensuring that all critical data was regularly backed up and could be quickly restored. The company also adopted a "zero trust" security model, where all network traffic is treated as potentially hostile, reducing the risk of lateral movement in the event of a breach.

Why is a Risk Assessment Important?

A cyber security risk review is one of the most important steps a business can take to protect itself in the face of an increasingly hostile digital landscape. This process not only uncovers vulnerabilities but also provides the business with actionable insights about how to address those vulnerabilities before they can be exploited. Without this review, businesses are essentially flying blind, unaware of the risks they face, and therefore unable to protect themselves effectively.

One of the primary reasons a cyber security risk review is so important is that it enables preventative measures. In cybersecurity, prevention is always better than reaction. Once a breach occurs, the damage is already done—data may be lost, systems may be compromised, and trust may be broken. A risk review allows businesses to identify potential weaknesses before they become points of entry for attackers, allowing for fixes that prevent breaches from happening in the first place.

This review is also crucial from a financial standpoint. The costs associated with cyberattacks are enormous and can include fines for non-compliance, the cost of repairing damaged systems, legal fees, and, perhaps most costly of all, the loss of customer trust. A data breach can tarnish a brand’s reputation beyond repair, especially if customer information is compromised. Conducting a cybersecurity risk review helps businesses avoid these financial repercussions by strengthening their defenses early on.

Furthermore, many businesses operate in highly regulated industries where compliance with data protection laws and cybersecurity regulations is mandatory. In sectors such as healthcare, finance, and government, failing to meet these regulations can lead to severe penalties. A risk review helps businesses ensure that they fully comply with relevant cybersecurity laws, avoiding fines and maintaining their standing in their industry.

Lastly, a well-conducted cyber security risk review can improve an organization’s overall security posture. By identifying and addressing vulnerabilities, businesses can become more resilient to cyber threats. Instead of merely reacting to attacks as they happen, businesses that prioritize cybersecurity risk reviews can remain one step ahead of potential attackers, minimizing damage and disruption when threats do occur.

Real-Life Example of Cybersecurity Risk Reviews

Example 4: The Zoom Security Overhaul (2020)

During the COVID-19 pandemic, the video conferencing platform Zoom experienced an explosive increase in users. However, this growth came with significant security challenges, as numerous incidents of "Zoom-bombing" and unauthorized access to meetings were reported. Zoom conducted a major cybersecurity risk review in response to these issues, with the goal of improving its platform’s security and restoring user trust.

What They Found: The review uncovered several vulnerabilities in the platform’s default settings, which allowed unauthorized individuals to join meetings without the host’s permission. Additionally, the company’s end-to-end encryption practices were not fully implemented, leaving users’ video calls vulnerable to interception. The risk review also identified weaknesses in Zoom’s privacy policies, which were not transparent enough about how user data was being collected and used.

How They Addressed It: Zoom made significant security improvements following the review. They changed their default settings to require passwords for all meetings and enabled waiting rooms to allow hosts to control who enters the meeting. To address encryption concerns, Zoom introduced full end-to-end encryption for all users, ensuring that only participants in the meeting could access the content of the calls. The company also revamped its privacy policies to be more transparent and easy to understand, addressing user concerns about data privacy. Zoom continued to invest in its cybersecurity infrastructure by hiring external experts to perform regular security audits and launching a bug bounty program to encourage ethical hackers to report vulnerabilities.

What Types of Results Will the Risk Review Return?

After the cyber security risk review is complete, businesses receive a detailed report outlining their security landscape. This report doesn’t just list the vulnerabilities; it also provides insights into the broader security posture of the organization, including where it stands in terms of industry standards and best practices. The results of this review are often eye-opening, as they uncover issues that might have gone unnoticed for years. For example, the review may reveal that firewalls are outdated, encryption methods are insufficient, or that employees are using unauthorized devices to access sensitive data.

One of the most valuable insights from a cyber security risk review is the identification of vulnerabilities in a business’s IT infrastructure. Whether it’s unpatched software, outdated hardware, or improper access controls, these vulnerabilities can be exploited by cybercriminals to gain access to the company’s systems. Addressing these vulnerabilities is often the first recommendation made in the review report.

Another key finding that often arises from a risk review is related to employee behavior. Human error is one of the leading causes of cyber incidents, and a risk review often highlights areas where employees may be unintentionally putting the business at risk. For example, employees may be reusing weak passwords, failing to recognize phishing emails, or neglecting to follow security protocols. The review will suggest areas where training or policy changes are needed to reduce these risks.

In many cases, the review may also highlight the existence of shadow IT within the organization. Shadow IT refers to software, devices, or systems that employees use without the approval of the IT department. While these may seem harmless, they often bypass security controls and can become an entry point for cyberattacks. A risk review helps to identify these unauthorized tools and provides recommendations for managing them in a way that doesn’t compromise security.

Data encryption is another area often assessed during a cyber security risk review. Businesses that deal with sensitive information, such as customer data or intellectual property, must ensure that this data is properly encrypted both in transit and at rest. The review will indicate where encryption needs to be strengthened, ensuring that sensitive data is protected even if an attacker gains access to it.

Real-Life Example of Cybersecurity Risk Reviews

Example 5: SolarWinds Supply Chain Attack (2020)

One of the most significant cyberattacks in recent history was the SolarWinds supply chain attack, which compromised the systems of several U.S. government agencies and numerous private companies in 2020. SolarWinds, an IT management company, was targeted by cybercriminals who inserted malicious code into their widely used software product, Orion, allowing hackers to access the systems of thousands of customers when they installed updates. Following this attack, many companies conducted in-depth cybersecurity risk reviews to identify vulnerabilities, assess the damage, and prevent future incidents.

What They Found: The reviews conducted by affected organizations revealed multiple layers of security vulnerabilities. Many organizations lacked proper monitoring for supply chain attacks and did not have strong multi-factor authentication (MFA) measures in place for critical software updates. The reviews also uncovered that many organizations were overly reliant on third-party vendors without properly assessing the security protocols of these vendors. The attack highlighted the risks posed by complex supply chains and insufficient oversight over third-party software.

How They Addressed It: In response to these findings, companies that were affected took several key steps to strengthen their cybersecurity defenses. Many businesses implemented more stringent third-party risk management programs, requiring vendors like SolarWinds to meet higher security standards before their software could be integrated into critical systems. They also began using "code-signing" tools to verify that software updates came from legitimate, trusted sources and had not been tampered with. To further reduce the risk of future supply chain attacks, companies expanded their use of continuous monitoring tools to detect unusual activity in real-time, making it harder for attackers to remain undetected for long periods. Some organizations also mandated the use of MFA for all users accessing critical systems to ensure that even if an attacker gained access to credentials, they wouldn’t be able to exploit them.

What Do Clients Do with the Risk Assessment Results?

Once a business has received the results of their cyber security risk review, they are in a powerful position to take actionable steps toward strengthening their cybersecurity. The insights from the review serve as a blueprint for improving security, and businesses must decide how to prioritize and implement these changes.

The first step is often to develop a comprehensive cybersecurity action plan. This plan will outline the specific steps the business needs to take to address the vulnerabilities uncovered in the review. For some businesses, this may mean upgrading outdated systems, while for others, it might involve implementing new security protocols or training employees in cybersecurity best practices.

Budget reallocation is another common next step. The results of the review help businesses decide where to invest their cybersecurity budget. Instead of blindly spending on new tools or technologies, businesses can allocate their resources to the areas with the most impact. Whether it’s investing in stronger firewalls, purchasing more advanced antivirus software, or hiring additional IT staff, the review provides a clear roadmap for where to spend.

Employee training often emerges as a critical area for improvement. The review may have highlighted gaps in employees’ understanding of cybersecurity protocols or risky behaviors that could lead to data breaches. In response, businesses frequently implement cybersecurity training programs to ensure that all employees are aware of the role they play in maintaining security.

In some cases, businesses may decide to partner with external cybersecurity service providers to manage ongoing security concerns. The review may reveal that the in-house IT team is overstretched or lacks the expertise needed to manage complex security needs. By outsourcing certain aspects of cybersecurity, such as threat detection and monitoring, businesses can ensure that they are receiving expert support while allowing their internal teams to focus on other priorities.

Lastly, the review process doesn’t end with the implementation of fixes. Many businesses set up regular monitoring and evaluation systems to ensure that their security posture continues to evolve alongside emerging threats. Cybersecurity is not a one-time project but an ongoing effort, and businesses that conduct regular risk reviews are better prepared to adapt to new challenges.

Real-Life Example of Cybersecurity Risk Reviews

Example 6: The Twitter Account Takeover Attack (2020)

In July 2020, Twitter suffered a high-profile cyberattack in which the accounts of prominent individuals—including public figures such as Elon Musk, Bill Gates, and Barack Obama—were hijacked to promote a cryptocurrency scam. Hackers used social engineering techniques to access Twitter’s internal systems by targeting employees with access to sensitive tools. Following the breach, Twitter conducted an extensive cybersecurity risk review to understand how the attack occurred and to prevent future breaches.

What They Found: The review uncovered that Twitter’s internal controls were insufficient to protect against insider threats and social engineering attacks. The attackers had successfully manipulated employees into granting access to internal tools, which were then used to take control of high-profile accounts. Additionally, the review highlighted weaknesses in Twitter’s access control policies, noting that too many employees had broad access to critical systems that they did not need for their everyday responsibilities. It also revealed a lack of robust multi-factor authentication protocols for accessing administrative tools, making it easier for attackers to gain unauthorized entry.

How They Addressed It: In response to these findings, Twitter immediately implemented stricter access control measures, ensuring that only a limited number of employees had access to high-level administrative tools. The company also introduced more robust internal security training to help employees recognize and respond to social engineering tactics more effectively. Additionally, Twitter required all employees with access to sensitive systems to use multi-factor authentication, reducing the likelihood that stolen or compromised credentials could be used by attackers. Twitter also improved its incident response protocols, allowing it to detect and shut down unauthorized activity more quickly in the future.

Other Key Considerations

Conducting a cyber security risk review often reveals that cybersecurity requires a shift in culture, not just the implementation of new tools. It’s essential for cybersecurity best practices to become ingrained in the daily operations of the business. This cultural shift involves educating employees, fostering a mindset of caution and vigilance, and ensuring that cybersecurity is seen as everyone’s responsibility, not just the IT department’s.

Moreover, it’s important to remember that a single risk review isn’t enough. The digital landscape is constantly changing, as are the threats businesses face. Cybercriminals are always developing new tactics to exploit weaknesses, so businesses must conduct ongoing risk reviews to stay ahead of these evolving threats. Ongoing reviews help to ensure that businesses remain protected as new vulnerabilities emerge.

Finally, executive buy-in is critical to the success of any cybersecurity initiative. C-level leadership must fully engage in the process and understand the importance of the risk review. Without executive support, cybersecurity initiatives may lack the necessary funding, resources, or commitment to succeed. Executives should be involved in reviewing the findings, setting the budget, and ensuring that the recommendations from the review are implemented effectively.

Clear communication is key after a cyber security risk review. The findings should be shared across all relevant departments, ensuring that everyone in the organization understands their role in mitigating risks. Transparency in this process helps foster a culture of accountability and vigilance, which is crucial for maintaining long-term security.

In today's ever-evolving digital landscape, a cybersecurity risk review is not just a recommended practice—it’s an essential first step in defending against the growing wave of cyber threats. By identifying vulnerabilities, assessing current security measures, and providing a roadmap for improvement, this review forms the foundation of a resilient cybersecurity strategy. Businesses prioritizing this process gain invaluable insights, enabling them to stay one step ahead of cybercriminals and protect their sensitive data, operations, and reputations.

Action Step for Businesses:

Schedule a Cybersecurity Risk Review: Engage cybersecurity experts to conduct a thorough evaluation of your current infrastructure. This will give you a clear understanding of where your business stands regarding vulnerabilities and security gaps.

By taking this simple proactive step, your business can significantly reduce its risk of falling victim to cyberattacks and create a secure environment that supports long-term success.

At Adaptive Office Solutions, cybersecurity is our specialty. We keep cybercrimes at bay by using analysis, forensics, and reverse engineering to prevent malware attempts and patch vulnerability issues. By investing in multilayered cybersecurity, you can leverage our expertise to boost your defenses, mitigate risks, and protect your data with next-gen IT security solutions.

Every device connecting to the internet poses a cyber security threat, including that innocent-looking smartwatch you’re wearing. Adaptive’s wide range of experience and tools fills the gaps in your business's IT infrastructure and dramatically increases the effectiveness of your cybersecurity posture.

To schedule a Cyber Security Risk Review, call the Adaptive Office Solutions’ hotline at 506-624-9480 or email us at [email protected]