Redefining Cybersecurity Part 1: Cybersecurity and Risk Management

With the rise of digital technology, cybersecurity methods are rapidly evolving to keep pace with the changing threat landscape. Cyber attacks are becoming more sophisticated, posing a challenge for financial institutions (FIs) to safeguard sensitive data and valuable assets. Cybersecurity was always comprised of securing systems and networks to prevent and mitigate breaches while preparing to minimize the impact of an attack. However, as a prime target for threat actors and with the unprecedented growth and increasing sophistication of cyber threats, FIs are now embracing a more effective method to address emerging threats through a proactive and continuous process: Cyber Risk Management.

In this series, Redefining Cybersecurity, we will walk your FI through the process of evaluating your current state of cyber risk readiness so you can employ more efficient solutions to stay threat ready and compliant.

Cybersecurity versus Cyber Risk Management

The conventional approach to cybersecurity involves securing computer systems to prevent and decrease the risk of cyber threats. While this is important, it only addresses a portion of the overall cyber risk exposure. Additionally, this reactive approach often relies on managing attacks after they happen and then reducing their impact. Using traditional cybersecurity solutions to protect against cyber threats is like trying to win a game of whack-a-mole. You may hit a few of them, but another one pops up as soon as you turn your attention away. It’s a never-ending cycle of playing defense to keep up with the latest threats and vulnerabilities as they emerge. Cyber security risk management is a proactive approach to protect against cyber threats by providing greater visibility into your FI’s specific vulnerabilities and the overall threat landscape. It is a continuous process of gathering real-time data to assess and make informed decisions about your cyber defenses which allows your FI to stay one step ahead of threats to prevent a breach before they become costly and destructive attacks.

Cyber risk is particularly dynamic and requires the same level of discipline an FI employs to manage risks related to daily operations, which is influenced by two factors:

Threat actors are always on

Cybercriminals are always looking for vulnerabilities to exploit in FIs and penetrate your defenses.

Financial institutions are in a state of constant operational change

Expanded digital offerings, upgraded technology at existing branches, opening new branches and adding new employees are all reasons to celebrate change, but they open the door to additional cyber risk.

Cyber risk management and monitoring involves:

• Aggregating and analyzing data to identify anomalies in behavior or changes to the network.
• Leveraging data to identify vulnerabilities and security threats.
• Devising a proactive plan based on reliable assessments to prevent threats from becoming attacks.
• Generating security reports to satisfy compliance regulations and requirements.

FIs need a comprehensive cyber risk management system to:

• Proactively prevent, detect, respond, and mitigate cyber threats.
• Improve response and reduce the impact of a cyberattack.
• Accurately identify and address security vulnerabilities and gaps in protection.
• Maintain compliance with reporting regulations and requirements.
• Sustain a security plan that continually evolves to address emerging cyber threats.

With warnings of new and damaging cyber attacks threatening the financial industry, cyber risk management solutions must be modified in order to strengthen cyber defenses. However, the process of evaluating and assessing these solutions can seem daunting and overwhelming. DefenseStorm provides a systematic approach to help you evaluate your existing solutions, assess your FI’s level of risk, and allocate your cybersecurity funds based on current data specific to your FI.

In part 2 of Redefining Cybersecurity, we will share our free resources to help you understand your FI’s level of cyber risk readiness and how you stack up against your financial industry peers.  Follow us in this informative series and let us guide you toward greater security and peace of mind.

Redefining Cybersecurity Part 2: Cyber Security Risk Readiness

Redefining Cybersecurity Risk Management Part 3: Bridging the Communication Gap