Key Cyber Security Priorities for CISO

The rapid growth of remote working, digitalization, and customers' online demands has created a highly interconnected world. While this has opened new business opportunities, it has also intensified the threat landscape, posing greater challenges for CISOs than ever before. According to a recent survey by McKinsey, most enterprises have not yet achieved the advanced levels of cybersecurity management required in today's business environment. Shockingly, only approximately 10% of organizations are actively focusing on reducing cyber risks, with the rest adopting a reactive approach and scrambling to address security vulnerabilities as they emerge. In the coming year, it will be crucial for CISOs to collaborate closely with business leaders throughout the organization to gain support for security initiatives that align with the company's objectives. So, what should be the top priorities for the CISO to focus creating business value creation.

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Strengthening supply chain security

Businesses have gained a deep understanding of the vulnerability of their supply chains, highlighted by prominent incidents such as SolarWinds and the Log4j vulnerability which exposed numerous web applications to risk. Forrester Research predicts that 60% of security breaches this year will stem from problems with third-party entities as hackers target easier targets among smaller vendors and suppliers. To prevent becoming a part of this statistic, Forrester emphasizes the importance of investing in security awareness training via gamification, third party risk management procedures, and technology standards for effective risk management.

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Adopting a zero-trust approach

Cybercriminals are becoming increasingly sophisticated in their use of technology and business models. Ransomware-as-a-service cybercriminals are going to great lengths to ensure that their victims pay up, employing tactics such as launching distributed denial of service (DDoS) attacks, sending emails to clients, and even auctioning off stolen data. As a result, it is crucial for enterprises to stay one step ahead, and this is where the concept of zero trust comes into play. Zero trust is a security architecture that requires all users, whether they are operating within or outside of an enterprise's network, to be authenticated, authorized, and continuously validated in order to access data and applications. This approach, which follows a "need to know" principle, effectively secures remote workers and the hybrid cloud, thereby reducing overall risk. A recent report by the Ponemon Institute highlights that enterprises that are successful in keeping up with the ever-evolving threat landscape and closing security gaps have implemented a Zero Trust Model. By adopting a trust zone framework, CISOs can address multiple vulnerabilities that expose an enterprise's data and put it at risk. By controlling access, compromised devices can be quickly and easily contained. This is particularly crucial when it comes to securing remote workers who operate outside the traditional enterprise perimeter.

Building cyber resilience

Despite the constant risk of a cyber crisis, many businesses are taking bold steps and accepting higher levels of risk exposure. Organizational resilience is continuously tested by macro, geopolitical, and other external events. Despite investments in technology and data, risk leaders, including CISOs, often express their inability to keep up. However, in today's business environment, it is impossible to discuss digital transformation or reinvention without considering cybersecurity. Whether it's from the board or the first-line cybersecurity operations, questions about resiliency and whether enough is being done to protect the company and its customers in the event of a cyber-attack are common. Is there an opportunity to minimize the impact on the business and shareholder value through effective threat response? It is crucial to view cybersecurity as a comprehensive business effort and put yourself in the shoes of a business owner. Adapt to changes in the cyber landscape and take proactive measures to defend against threats by strengthening resilience to disruptions and instilling confidence in your organization's cybersecurity program.

A landing zone is an essential build

According to Gartner, inadequate management of identities, access, and privileges will account for 75% of security failures by 2024, compared to 50% between 2020 and 2023. This increase is primarily attributed to a lack of visibility and control over access rights. Establishing a solid foundation through the implementation of a landing zone is crucial. A landing zone refers to a configured environment that incorporates a centrally managed, standardized, and secure cloud infrastructure, along with policies and best practices to support ongoing operational and governance models. It encompasses various aspects such as cost optimization, performance efficiency, security, and compliance, which are of utmost importance in this context. Deploying security and compliance policies across the cloud can be challenging and may hinder successful adoption. However, a well-designed landing zone facilitates the quick and secure consumption of cloud resources by users. By automating these processes, it ensures that workloads and data are protected to the greatest extent possible.

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Privacy regulations are continuing to evolve

This year is expected to bring a wave of privacy regulations, creating a more intricate regulatory landscape. In order to comply with the law, enterprises must establish strong governance and implement best practices. According to Gartner, it is predicted that by the end of 2024, modern privacy laws will encompass the personal data of 75% of the global population. Recent examples of new privacy laws include the California Consumer Privacy Act (CCPA) and India’s Digital Personal Data Protection (DPDP) Act 2023. In Europe, there are several legislations in the pipeline, such as the Data Governance Act, the Digital Services Act, and the Network and Information Security (NIS) Directive, which is the first EU-wide legislation on cybersecurity. Given the extensive reach of these regulations, enterprises must be prepared to navigate multiple data protection laws across different jurisdictions. Gartner recommends automating privacy management systems, standardizing security operations based on GDPR, and adapting them to individual jurisdictions.

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Shortage of trained talented cyber security professionals

The shortage of cybersecurity professionals is expected to worsen significantly, as one out of every ten experienced individuals is projected to leave the industry this year, as reported by Forrester Research. This trend is attributed to stress and burnout experienced over the past year. According to a Gartner survey of IT executives, the lack of available talent is identified as a key factor hindering the adoption of the latest security technologies. To address this issue, CISOs must closely monitor stress levels within their teams and focus on building a sustainable talent pipeline. In the interim, organizations will need to collaborate with cybersecurity experts to safeguard their data and explore innovative technologies like AI and machine learning to detect irregularities.

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Cyber risk insurance

The significance of cyber insurance as a crucial component of a comprehensive security and business strategy for organizations is on the rise, particularly in light of recent high-profile cyber-attacks such as colonial pipeline, and Microsoft Exchange hacks. As per IDC, cybersecurity insurance policies now necessitate enterprises to undergo thorough security assessments and relinquish some control over the incident response process to insurance providers. Enterprises lacking a strong security posture will face exorbitant premiums. According to IDC, numerous organizations are opting for cybersecurity insurance policies to mitigate potential financial losses resulting from security incidents that compromise sensitive information systems.

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The attack surface and threat landscape are expanding

The growing interconnectedness amplifies the size of the threat landscape. Meanwhile, cybercriminals are becoming more advanced in their tools and tactics. Gartner warns that many current cybersecurity approaches are not meeting the necessary standards of protection. Enterprises should begin 2024 by focusing on enhancing cybersecurity readiness, considering it a deliberate business choice. This necessitates an approach driven by outcomes, striking a balance between investments, risks, and business objectives.

Conclusion

CISOs will continue to play a pivotal role in safeguarding the digital assets of an organization and they must take the lead in guiding business leaders and government entities to navigate the threat landscape by implementing and operating secure digital platform and services which will accelerate business growth and efficient societal public services.