How can you identify and assess cyber risks in your organization?

💡 From my vantage point identifying cyber risks demands an astute understanding of your digital landscape. This involves not just scanning, but deeply analyzing all components. 🔍 System Inventory Catalog all IT assets. Understanding what you have is the first step toward identifying where vulnerabilities might exist. 🌐 External Threats Keep abreast of global cyber threats. Awareness and adaptation to emerging dangers are critical. 🔑 Internal Practices Examine internal policies and user behaviors that may inadvertently increase risk, such as poor password management. 📌 Effective risk identification is foundational to cybersecurity. It requires continuous improvement and adaptability.

Sometimes, companies try to use their approach, and in many cases, they forget about a threat, asset, or risk. That's why a good starting point is to use well-known frameworks for risk assessment. A great tool is NIST CFS. They just introduced version 2.0, which covers recent threats and recommendations. You can grab a copy and start your risk assessment. You may be surprised at how many risks or assessments your approach missed.

the importance of regular vulnerability assessments, penetration testing, and staying informed about evolving threats through continuous learning and engagement with cybersecurity communities. These proactive approaches can empower organizations to strengthen their cybersecurity posture and mitigate potential risks effectively.

🔐🔐 -Understand your data -Rank data Sensitivity -Engage with Senior Executives and the Board -Leveraging data Classification tools -Identify the scope breaches-Risk assessment and Prioritisation -Threat intelligence Sharing -Regular Audit and assessment -Scenario Based Risk Analysis -Department Collaborations -Document management and update Etc……🤝🚀☢️🏁

To strengthen cybersecurity posture, organizations should integrate asset valuation practices into their risk management frameworks. Regular reassessments aligned with evolving threats and business objectives ensure that protective measures remain robust and adaptable. This proactive approach fosters resilience and enhances overall security effectiveness.

One thing I noticed is whenever we are valuating our assets we need to consider our IOT devices, cloud applications and third-party services and applications as well, these valuations are not happening in most of the organisations.

🔥🧗Accessing cyber risk within an organisation, understanding asset valuation is a critical step. Few steps to consider could be: -Start with the data -Priority based on data sensitivity -Leverage Data Classification tools -Consider NIST data Classification -Engage with Senior Executives and the Board Prioritise you effort based on the criticality of the assets you r protecting ☢️🎯✅

In my opinion. Asset valuation is very important. By prioritizing your assets based on their value, you can allocate your cybersecurity resources effectively. It's about focusing on what matters most to the organization.

Assessing the value of assets vulnerable to cyber risks is pivotal for gauging potential impact. By evaluating data types, systems, and services in terms of confidentiality, integrity, and availability, you prioritize protection efforts. High-value assets crucial for business continuity warrant heightened security measures, safeguarding against potential breaches and minimizing disruptions.

An organization can only reduce risk by comprehensively understanding its specific threat landscape. Threat analysis initiates with the pivotal question: Which threat actors are targeting the organization, and what capabilities do they possess? In response, organizations can identify the vulnerabilities commonly exploited by these threats. Subsequently, suitable controls can be strategically chosen and applied to address these specific areas of vulnerability. Ultimately, controls should be tailored based on the most significant threats identified.

🧑🚒👨🏫🔆Threat analysis is a crucial step in assessing and managing cyber risk within an organisation. Some process to consider : 1.Understand threat analysis 2.Type of Threats 3.Benefits of Analysis -threat Threat analysis helps organisations to stay ahead of malicious entities by understanding their exploit and vulnerabilities. ✅🔐

In my opinion, Threat analysis helps us identify the Tactics, Techniques, and Procedures (TTPs) commonly used by the attackers who pose the biggest risk. This way, we can develop targeted defenses to counter those specific threats.

Threat analysis involves assessing potential attackers' capabilities, intentions, and methods. From opportunistic phishing to state-sponsored hacking, understanding these tactics enables a targeted defense strategy. By gauging attack likelihoods, resources can be allocated effectively to mitigate the most probable threats, bolstering cybersecurity.

To bolster cybersecurity defenses, organizations should conduct thorough threat assessments, considering the spectrum of cyber threats from opportunistic phishing attacks to sophisticated state-sponsored hacking. This comprehensive understanding allows for the allocation of resources to guard against the most probable threats effectively. Regular updates to threat assessments ensure that defense strategies remain aligned with evolving threat landscapes, enhancing overall security resilience.

Most of the organisations do vulnerability assessments for thier servers, applications, network devices, we need to do regular vulnerability assessments for our IOT devices, cloud applications as well. And need to consider misconfigurations in these devices very seriously.

Organizations should leverage reputable vulnerability scanning tools to automate the assessment process and ensure thorough coverage of known security issues. Additionally, prioritize assessing human factors, such as employee susceptibility to social engineering attacks, alongside technical vulnerabilities. Regularly updating and patching identified weaknesses is essential to maintaining a robust security posture and mitigating potential cyber threats effectively.

A robust vulnerability assessment scans systems for known security flaws, identifying potential entry points for cyber threats. Employ reputable tools to automate and ensure thoroughness. Consider human vulnerabilities, like susceptibility to social engineering, alongside technical weaknesses. Regular updates and patches are essential for maintaining a resilient security posture.

Risk assessment based on the vulnerability is outmost important to know internal strength of your infrastructure. Common Risk that can be infer operation may take accountability in terms of : -Ransomware attacks;Data leaks;Phishing incidents;Malware infections;Insider threats;Cyberattacks Factor that can impact Vulnerability Assessment : --Understand the nature & sensitivity --Assess how susceptible your systems are to exploitation. --Info Value:Consider the reputational or financial damage if a breach occurs Many organization has established Framework in the market that can be best used & implemented : --NIST-Cybersecurity Framework provides guidance for risk assessment. --Align your approach with overall enterprise risk management.

One thing I've found helpful is to conduct vulnerability assessments regularly. By proactively conducting vulnerability assessments, we can identify and address weaknesses in our IT systems and employee awareness.

One thing I've found helpful is to develop scenarios for different breach types. Simulate different attack methods and assess the potential impact on each aspect of your business. By estimating the potential impact of cyberattacks, It allows us to justify investments in security measures based on the potential financial losses they can prevent.

Estimating the impact of cyber incidents involves assessing direct costs, like system repairs, and indirect costs, such as reputational damage. Scenario planning helps prioritize risks based on severity, guiding effective cybersecurity measures.

How effective you can perform you Impact Estimation play curial role in taking the decision. This also draws vital role in maintaining you reputational value. And the risk appetite becomes one of the crucial factor on making decisions. Risk Appetite Includes : --Defining your organization’s willingness to accept risk to achieve strategic goals. How can you do that --Consider: --How cyber assets (data, systems) align with organizational values. --Importance of these assets. --Risk tolerance for each asset (e.g., low for personally identifiable information, medium for operational systems). Its is always recommended to stay vigilant and updated about your system and weakness and keep working on the strengthening for safeguarding your data.

Table-top and threat modelling are great tools to get estimates of the cost of what could go wrong. However, the cost is not only tangible things (like a new endpoint or reparation damage), but also intangible things like lose of reputation. Anyone here still trusts Solar Wind? Or Log4j? …

Assess the potential impact of cyber incidents on the organization's operations, finances, and reputation. Consider the consequences of data breaches, service disruptions, regulatory fines, and legal liabilities. Quantify the potential financial losses, downtime, and reputational damage associated with different types of cyber incidents to prioritize mitigation efforts effectively.

Develop and implement mitigation strategies to reduce the likelihood and impact of identified cyber risks. This may include implementing security controls, such as firewalls, intrusion detection systems, and access controls, to mitigate specific threats. Additionally, develop incident response plans, business continuity plans, and disaster recovery strategies to minimize the impact of cyber incidents on the organization's operations.

To cybersecurity mitigation strategies, organizations need robust defenses to protect against cyber threats. Its single person/team rather the joint responsibility of : 1.Director of Information Technology (IT), 2.Human Resources (sets policy), Director of IT (executes) 3.System Administration 4.Business Operations, CFO/Treasury, and IT Management 5.IT Administration Here are some effective strategies that can be considered : 1. Update and Upgrade Software 2. Limit and Control Account Access 3. Enforce Signed Software Execution Policies 4. Formalize a Disaster Recovery Plan (DRP) 5. Actively Manage Systems and Configurations And at the top stay up-to-date.

Usually it is quite hard to change existing Infrastructure, so take care that you definitely take about new projects. Implementing new resources should always include the Security factor at the highest priority. This will then help you successively in the future to make your life easier.

Leverage frameworks like MITRE ATT$CK which provides a structured view of threats your organizations may face and associated TTP's. Identify techniques that pose great risk to your infrastructure and conduct proper mitigation prioritizing the high-risk asset's. Keeping an inventory of assets, threats or vulnerabilities would be great for risk management while also implementing continuous monitoring.

Continuously monitor and reassess cyber risks to adapt to evolving threats and changes in the organization's environment. Regularly review and update risk assessments, vulnerability assessments, and threat intelligence to ensure they remain accurate and relevant. Additionally, foster a culture of cybersecurity awareness and education throughout the organization to empower employees to identify and report potential cyber risks.

All of the above topics are important steps to be taken. But the biggest mistake is to see them as projects. Cybersecurity is not a project, it's not only IT and it needs continuous attention of security professionals.

Identifying and assessing cyber risks involves cataloging digital assets, identifying threats and vulnerabilities, analyzing risks, prioritizing them, implementing mitigation measures, and continuously monitoring for changes.