In actuality, the average cost of a data breach is already $4.35 million, according to an IBM analysis from 2022. Chief Risk Officers (CRO) must pay special attention to cyber threat information and its significance in strengthening your organization’s cybersecurity posture given the increasing prevalence and impact of cyber threats.
intelligence on cyberthreats
Cybersecurity specialists compile, examine, and hone information regarding assaults to provide cyber threat intelligence. Operational, tactical, strategic, and technical danger are the four categories of intelligence.
Cyber threat intelligence advantages
thorough risk evaluation
Assessing and managing the different risks that a business faces is one of a CRO’s most important responsibilities. A 2020 Ponemon Institute study found that the likelihood of an effective cybersecurity posture is 2.5 times higher for firms that use threat intelligence. Cyber threat intelligence offers priceless information about the particular cyberthreats that are aimed at your company, sector, or clientele. You may gain a deeper awareness of the cyber risk landscape facing your company and make wise choices regarding resource allocation and security measure investment by integrating threat intelligence into your risk assessment process.
proactive defense
With the help of threat intelligence, your company can take a proactive approach to cybersecurity by foreseeing and averting possible risks before they become a security event. Maintaining awareness of the most recent tactics, methods, and procedures (TTPs) used by cyber adversaries will help you make sure that your organization’s defenses against new threats are current and effective. According to a 2019 SANS Institute report, the deployment of CTI increased prevention and detection capabilities in 72% of enterprises.
Setting resource priorities
CROs must focus their limited security expenditures and efforts on areas that will have the most effects on lowering risk. By assisting you in determining the most likely and significant risks to your company, cyber threat intelligence helps you deploy resources more wisely and make well-informed decisions regarding your cybersecurity investments. Organizations that used threat intelligence saw a 50% decrease in the average cost of a data breach, according to the Ponemon Institute.
enhanced reaction to incidents
To reduce the impact on your company in the event of a security breach, quick and efficient incident response is essential. By giving your incident response team vital knowledge about the attacker’s TTPs, threat intelligence can help them address the issue more skillfully and shorten the mean time to response (MTTR). According to a 2020 Enterprise Strategy Group study, incident response was enhanced in 71% of firms using cyber threat intelligence.
Improved handling of third-party risks
For a variety of services, many businesses depend on outside vendors, which raises the danger of cyberattacks. According to a Ponemon Institute report from 2021, 59% of firms had a data breach brought on by an outside party. By assessing the cyber risk offered by your supply chain partners and vendors, threat intelligence may assist you in making well-informed decisions about which third parties to collaborate with and how best to mitigate risks.
adherence to regulations
Ensuring adherence to pertinent cybersecurity laws and guidelines is crucial for CROs. You can prevent costly fines and penalties by proactively addressing any potential weaknesses in your organization’s compliance posture with the use of cyber threat information. A Ponemon Institute report from 2021 states that the average cost of non-compliance was $5.47 million.
An edge over competitors
In a company environment where competition is fierce, sustaining a robust cybersecurity posture can make a significant difference. According to a 2019 Information Systems Audit and Control Association (ISACA) survey, 69% of businesses reported that their cybersecurity investments gave them a competitive edge. Using CTI will provide your company a competitive edge in the market by ensuring that it remains ahead of cyber risks and demonstrates its dedication to safeguarding consumer data and upholding trust.
- Communication at the board level
It’s critical for a CRO to convey to the board of directors the value of cybersecurity investments. According to a 2020 National Association of Corporate Directors (NACD) survey, 73% of board directors desired greater access to threat intelligence and information on cyber hazards. Cyber threat intelligence can give you hard data and useful insights to assist you explain the risks to your company and the possible returns on your cybersecurity investment.
Lower Number of False Positives
Threat intelligence can help your organization’s security operations become more successful and efficient by lowering the amount of false positives that security products produce. A 2018 Ponemon Institute study found that companies use CTI saw a 27% decrease in the quantity of false positives produced by their security products.
Awareness and Training for Employees
The development of focused staff training and awareness programs can also greatly benefit from cyber threat intelligence, ensuring that the personnel of your company is more prepared to identify and address cyber threats. A 2021 SANS Institute survey states that 66% of enterprises felt that CTI significantly improved their cybersecurity awareness and training programs.
Which components make up cyber security governance?
Effective risk management and mitigation inside your organization requires cyber security governance. There are a few important factors that you need to take into account when creating your approach. Among them are:
In order to minimize the impact of cyber hazards on the organization, risk management analyzes, evaluates, and ranks them. Frequent evaluations are necessary for effective risk management in order to find potential weak points and threats to the company’s systems and data. Once these risks have been recognized, your organization can take action to lessen their likelihood and impact.
Your staff must adhere to security policies and procedures in order to guarantee the privacy, availability, and integrity of your company’s systems. Password management, data classification, access controls, and incident reporting should all be covered by policies.
Plans for incident response and recovery help to minimize the effects of cyberattacks while resuming regular company activities. These plans specify how your company will respond to an incident, including how to control it, look into what caused it, and get data and systems back.
Programs for security awareness and training make sure your staff is aware of the dangers posed by cyberattacks and how to avoid them. People can learn the value of cyber security, how to recognize and report breaches, and the best practices for safeguarding sensitive data by participating in security awareness and training programs.
What advantages does the governance of cyber security promote?
Your company can achieve a number of significant advantages by implementing strong cyber security governance procedures, such as:
Sustaining uninterrupted business operations: Cybersecurity incidents have the potential to cause major financial losses as well as disruptions to corporate operations. Your organization may lessen the effects of incidents and preserve business continuity in the event of a disaster by putting into place efficient incident response and recovery procedures.
Respecting industry rules and standards: A lot of industries have to follow industry rules and standards, which mandate that they have cyber security procedures in place. Your company may stay in compliance with these rules and guidelines and stay out of trouble by putting in place strong cyber security governance procedures.
Increasing trust and reputation: Cybersecurity incidents have the potential to seriously harm a company’s brand. By putting in place strong cyber security governance procedures, your company shows that it is committed to safeguarding client information. This can enhance your company’s reputation as a reliable one and foster employee and consumer trust.
Five top strategies for putting cyber security governance into effect
To provide effective cyber security governance, a comprehensive strategy comprising many rules, processes, and practices is necessary. There are various recommended practices that your company can adhere to, such as:
Creating a thorough plan for cyber security: This describes how your company will handle cyber hazards. In addition to mentioning the laws and guidelines you have to go by, this plan should contain policies and procedures for risk management, security awareness and training, incident response, and recovery.
Forming a cyber security team: This group is in charge of managing the company’s cyber security initiatives, which include detecting and evaluating cyber threats, creating and executing security guidelines and protocols, and handling security-related issues.
Examining policies and procedures on a regular basis: Cyber dangers are always changing, therefore your company has to be informed on the newest risks and weaknesses. Your organization will be able to respond to emerging threats and weaknesses if security policies and procedures are routinely reviewed and updated.
Regularly performing risk assessments: To find any weak points and threats to your data and systems, your company should regularly perform risk assessments. Your cyber security team should take action to lessen the possibility and impact of these threats in accordance with the findings of these evaluations.
Constant awareness and training: When it comes to a company’s cyber security defenses, employees are frequently the weakest link. Continual training and awareness initiatives aid in educating your staff about the value of cyber security and attack prevention techniques. To ensure that new hires have the necessary knowledge and to refresh the skills of your seasoned team, it is ideal to hold these sessions on a regular basis.
