Governance of Risk and Compliance: Overview

In today's complex business landscape, organisations face a myriad of risks that can impact their operations, reputation, and bottom line. Effective governance of risk and compliance is crucial to mitigate these risks and ensure that organizations operate ethically and within the bounds of the law. This article provides a comprehensive overview of the governance of risk and compliance in a thousand words, highlighting its importance, key principles, and best practices.

Risk refers to the possibility of an event occurring that could have an adverse effect on the achievement of an organization's objectives. These risks can be categorized into various types, including financial, operational, strategic, and reputational. Compliance, on the other hand, involves adhering to laws, regulations, industry standards, and internal policies and procedures.

Governance in the context of risk and compliance refers to the processes, structures, and leadership in place to oversee and manage these aspects of business operations. Effective governance is crucial for several reasons:

a. Legal and Ethical Obligations: Organizations have a legal and ethical responsibility to operate within the boundaries of the law and to conduct business ethically. Failure to do so can result in legal penalties, fines, and damage to reputation.

b. Protecting Stakeholder Interests: Governance ensures that an organization's actions align with the interests of its stakeholders, including shareholders, employees, customers, and the broader community.

c. Risk Mitigation: Governance processes help identify, assess, and mitigate risks, reducing the likelihood and impact of adverse events.

d. Enhancing Decision-Making: Effective governance provides a framework for informed decision-making, considering risks and compliance requirements in strategic planning.

3. Key Principles of Governance of Risk and Compliance:

To establish robust governance of risk and compliance, organizations should adhere to the following key principles:

a. Leadership and Culture: Top leadership must set the tone for risk awareness and compliance. A culture of integrity and accountability should be fostered throughout the organization.

b. Risk Assessment: Regularly assess and prioritize risks to the organization. This involves identifying potential threats, evaluating their impact, and determining the likelihood of occurrence.

c. Policies and Procedures: Develop and implement clear policies and procedures that address compliance requirements and risk management strategies.

d. Training and Awareness: Ensure that employees are educated about compliance requirements and risk management practices. Ongoing training programs are essential.

e. Monitoring and Reporting: Establish mechanisms to monitor compliance with policies and procedures. Implement reporting systems that allow for the timely identification and resolution of compliance issues.

f. Continuous Improvement: Regularly review and update governance processes to adapt to changing risks and compliance requirements. Continuous improvement is key to staying ahead of emerging threats.

4. Best Practices in Governance of Risk and Compliance:

To effectively implement the principles of governance, organizations can adopt best practices:

a. Board Oversight: The board of directors should provide oversight and guidance on risk and compliance matters. Establish risk and compliance committees to focus on these specific areas.

b. Risk Appetite: Define the organization's risk appetite – the level of risk it is willing to accept to achieve its objectives. This helps guide decision-making.

c. Risk Management Framework: Develop a comprehensive risk management framework that includes risk identification, assessment, mitigation, monitoring, and reporting.

d. Compliance Programs: Implement robust compliance programs that incorporate regulatory requirements, industry standards, and internal policies. Regularly audit and assess compliance.

e. Technology and Data Analytics: Leverage technology and data analytics tools to enhance risk assessment and compliance monitoring. These tools can provide real-time insights into potential issues.

f. Whistleblower Mechanism: Establish a confidential whistleblower mechanism that allows employees and stakeholders to report potential compliance violations without fear of retaliation.

g. External Partnerships: Collaborate with industry associations, regulatory bodies, and external experts to stay updated on evolving risks and compliance standards.

h. Crisis Management: Develop a crisis management plan to respond effectively to unexpected events, such as data breaches or regulatory investigations.

5. Case Studies:

Examining real-world examples of governance of risk and compliance can provide valuable insights. For instance, the Enron scandal in the early 2000s highlights the devastating consequences of poor governance, including financial fraud and bankruptcy. In contrast, companies like Johnson & Johnson are often praised for their proactive approach to product recalls, demonstrating a commitment to compliance and consumer safety.

6. Conclusion:

In conclusion, the governance of risk and compliance is an essential aspect of modern business operations. It ensures that organizations adhere to legal and ethical standards, manage risks effectively, and protect stakeholder interests. By following key principles and best practices, organizations can build a robust governance framework that enhances their resilience and sustainability in an ever-changing business environment. Ultimately, governance of risk and compliance is not just a regulatory requirement; it's a fundamental element of responsible and successful business management.

 How Internet affected Education| Internet and Education

The internet has had a profound impact on education, with the advent of the internet of education (IoE) further expanding this impact. IoE refers to the integration of various technologies, such as the internet, artificial intelligence, and machine learning, to improve education outcomes. Here are some of the impacts of IoE on education:

1. Access to educational resources: IoE has made it easier for students to access educational resources from anywhere and at any time. With online courses, e-books, and virtual learning environments, students can learn at their own pace and convenience.

2. Personalized learning: IoE technologies can be used to personalize learning experiences for individual students. Adaptive learning algorithms can tailor the curriculum to meet the needs of each student, resulting in better learning outcomes.

3. Collaboration: IoE technologies can facilitate collaboration between students, teachers, and peers across the globe. Students can engage in collaborative projects, share knowledge and ideas, and learn from each other.

4. Cost-effective: IoE can make education more affordable, especially for students who live in remote or underserved areas. Online courses and digital resources can be accessed at a fraction of the cost of traditional education.

5. Data-driven insights: IoE technologies can generate valuable data insights that can be used to improve teaching and learning outcomes. By analyzing student data, teachers can identify areas where students are struggling and provide personalized support.

The internet has revolutionized education, and online education is one of its most significant applications. Online education refers to learning experiences that are delivered over the internet, using various digital technologies. Here are some of the ways in which the internet is used for online education:

1. Online courses: The internet is used to deliver courses online, allowing students to learn at their own pace and from anywhere in the world. Online courses can include text-based lessons, videos, interactive quizzes, and assessments.

2. Virtual classrooms: The internet is used to create virtual classrooms where students can interact with teachers and peers in real-time. Virtual classrooms can include live lectures, discussions, and group projects.

3. E-books and digital resources: The internet is used to provide students with access to e-books, digital resources, and other educational materials. This makes it easier for students to access learning materials, regardless of their location.

4. Online collaboration: The internet is used to facilitate collaboration between students and teachers. Online collaboration tools such as discussion forums, messaging apps, and video conferencing make it easy for students to work together and learn from each other.

5. Gamification: The internet is used to gamify the learning experience, making it more engaging and interactive. Gamification uses game mechanics such as points, badges, and leader boards to motivate students and encourage them to learn.

While the internet has had a significant impact on education, it also has some drawbacks. Here are some of the drawbacks of using the internet in education:

1. Lack of social interaction: One of the primary drawbacks of online education is the lack of social interaction. Students who learn online may miss out on the social aspect of traditional education, including face-to-face interactions with teachers and peers.

2. Limited engagement: Online learning can be less engaging than traditional learning. Students may be more likely to get distracted or lose focus while learning online, resulting in lower levels of engagement and retention.

3. Dependence on technology: Online education is dependent on technology, and technical difficulties can disrupt the learning process. Poor internet connectivity or software issues can cause frustration for both students and teachers.

4. Quality concerns: The internet has made it easier for anyone to create and distribute educational materials, but not all of this material is of high quality. There is a risk that students may be exposed to inaccurate or unreliable information, which could impact their learning outcomes.

5. Cheating and plagiarism: The internet has also made it easier for students to cheat and plagiarize. With online resources readily available, students may be tempted to cut corners or take shortcuts in their work.

Conclusion-

1. The internet has revolutionized education by providing access to online courses, virtual classrooms, digital resources, online collaboration, and gamification. These tools have made education more accessible, engaging, and effective, opening up new opportunities for learners all over the world.

2. The internet of education has revolutionized education by making it more accessible, affordable, and personalized. It has opened up new opportunities for students to learn, collaborate, and grow, while also enabling educators to provide a more effective and efficient learning experience.

 3. While the internet has many benefits for education, it also has some drawbacks. These drawbacks include a lack of social interaction, limited engagement, dependence on technology, quality concerns, and increased opportunities for cheating and plagiarism. It is important to be aware of these drawbacks and work to mitigate them to ensure that online education remains effective and beneficial for students.

What is cyber insurance?

Cyber ​​insurance is a type of policy that covers loss and damage caused by cyber-attacks or related types of incidents such as infrastructure failure or service outages. Most cyber insurance policies are for businesses, as they face much greater risk and potential loss from a cyber-attack than private individuals.

Cyber insurance is critical for any enterprise, especially those that deal with exclusive or touchy information.

With the boom of the internet inside the past 10 years, cyber dangers like social engineering attacks, statistics breaches and cyber extortion (i.e., ransomware) have additionally grown exponentially. Due to this, many coverage companies now offer committed cyber insurance guidelines.

Whether or not it’s cyber criminals gaining sensitive facts, a community security failure or a statistics breach, probabilities are your business insurance don't cover your losses. In case you’re concerned for a cyber incident, you’ll need to start searching round for a cyber coverage quote.

Cyber insurance covers things like liability attributable to data breaches, community interruption and media legal responsibility. Cyber ​​risk to business is much higher than personal risk.

Cyber insurance pricing varies wildly depending on what you need to include, the dimensions of your deductibles and how large your business is. These elements can change the rate from some hundred dollars per year to lots.

Given the relativity of cyber coverage markets, there’s a terrific degree of variability in both what’s blanketed and policy value. This makes it hard to generalize the entire discipline, but we’ll talk what a cyber insurance coverage normally covers, as well as what you might expect to pay for it.

Cyber insurance coverage

Cyber ​​insurance generally provides protection against four distinct types of risk: privacy, security, operational and service risk. These risks represent the biggest cyber threats to business and are typically covered by four different types of insurance policies within a cyber policy mentioned below.

Network Security and Privacy covers the most obvious risks and dangers posed by cyber-attacks. On the security front, cyber policies will generally cover forensic efforts to identify the attack path, legal expenses related to the attack, ransomware payments, data recovery, consumer outreach and public relations costs.

Conversely, privacy responsibility applies to you if your business maintains confidential or private data that is governed by regulation or contract. For example, if your business has a lot of customer personal records that were stolen in a cyber-attack, privacy liability insurance will cover you if the people whose records were stolen seek compensation.

For many businesses, a server outage can mean a catastrophic amount of lost revenue. For this reason, cyber insurance will cover lost profit for the duration of a network interruption that occurs as a result of a cyber-attack or system failure.

If your intellectual property is stolen as a result of your media presence, be it advertising or something else, then cyber insurance can help with that. The policy generally doesn't cover lost profit as a result, but it does cover things like legal fees associated with enforcing your intellectual property.

In the event of a cyber-attack or system failure, there is a good chance that your business will be unable to continue providing its services, at least temporarily. If this happens, cyber insurance will generally cover any liability you face from customers.

What does cyber insurance not cover?

Now that we've covered what cyber insurance will generally cover, let's take a quick look at what is typically not covered.

The first is any future lost profits that arise as a result of a cyber security incident. Whether it's the result of user exodus due to a significant data breach, data loss, or anything else, cyber insurance generally won't cover lost revenue that isn't a direct and immediate result of a cyber-attack or incident.

Next in line are losses related to intellectual property theft. For example, if someone steals your IP (Intellectual property) and uses it to create a product that competes with yours, those lost profits won't be covered by your insurance.

Finally, cyber insurance generally does not include coverage for any proactive cybersecurity measures, such as upgrading infrastructure or software or improving security procedures.

What does cyber insurance cost?

The cost of cyber insurance will vary greatly depending on the size of your company, the insurance provider you go with, and what you want your policy to cover. Because of this, it's hard to predict exactly how much an individual policy will cost, but we can look at some averages.

Cyber ​​insurance for individuals generally costs $25 to $100 per month. However, most private individuals do not need cyber insurance, as regular theft or home owner insurance will often cover the aspects most useful to personal users.

Businesses, on the other hand, can expect to pay $500 to $5,000 per year for cyber insurance. As mentioned, there are many factors that determine where you end up in this price range, and the biggest companies are likely to pay much more than this.

Should You Get Cyber ​​Insurance?

Unless you're handling some very sensitive data or have a specific reason to believe you're at risk of an attack, you probably don't need cyber insurance as a private individual.

If you're concerned about the consequences of potential cyber-attacks or data breaches affecting you, finding a home or theft insurance package that includes some coverage for these types of events may be a better option.

However, for many businesses, cyber insurance is an absolute necessity. Cyber ​​security statistics show that attacks and security breaches have been on the rise in recent years, with cyber-attacks routinely targeting businesses large and small.

This can take the form of ransomware, where your systems and infrastructure are shut down until you pay the hackers a fee, or a more traditional hack aimed at breaching data security or stealing confidential information.

With a 600% increase in cybercrime since the start of the COVID-19 pandemic, it is clear that this has become such a common problem that it should be considered alongside other "analog" threats such as burglaries, fires and the like.

Take-away-

That's it for our guide to the cyber insurance space.

We hope we have given you a better understanding of what cyber incidents are covered by cyber risk insurance as opposed to traditional insurance policies.

Most, if not all, modern businesses should consider finding cyber insurance providers and getting a cyber liability insurance quote. The cyber insurance market is still relatively young and not every insurance company offers cyber insurance.

What do you think of our guide to cyber  insurance?

Do you feel like you understand how cyber policies work and what cyber threats are generally covered? Do you have cyber insurance? If so, has it helped protect your business from various cyber exposures? Let us know in the comments  section. 

Thank you for reading.

What is an assessment of security risks?

The process of identifying and evaluating risks for assets that could be affected by cyberattacks is known as cybersecurity risk assessment. In essence, you identify threats from both within and without; examine how they might affect things like the integrity, confidentiality, and availability of data; and figure out how much it would cost to suffer a cybersecurity incident. Using this data, you can fine-tune your cybersecurity and data protection measures to your company's actual risk tolerance.

You must respond to three crucial questions in order to begin an IT security risk assessment:

1.       What are the data that, in the event of loss or exposure, would have a significant impact on your company's operations? These are your organization's critical information technology assets.

2.       What essential business procedures call for or make use of this data?

3.       What threats might make it harder for those business functions to function?

You are able to begin design strategies once you are aware of what you need to safeguard. But before you spend a penny or an hour of your time implementing a risk-reduction strategy, think about the type of risk you're dealing with, how important it is to you, and whether your approach is the most cost-effective.

The significance of conducting comprehensive IT security assessments on a regular basis developing a solid foundation for business success is aided by conducting comprehensive IT security assessments on a regular basis.

In particular, it gives them the ability to:

Assess potential security partners, Evaluate potential security partners, Establish, maintain, and demonstrate compliance with regulations Accurately forecast future needs.

 Explanation of cyber risk (IT risk) definition

According to the Institute of Risk Management, a cyber risk is “any risk of financial loss, disruption, or damage to the reputation of an organization from some sort of failure of its information technology systems.”

Prevent data breaches, choose appropriate protocols and controls to mitigate risks.

Cybersecurity risks include:

When taking stock of cyber risks, it is essential to detail the specific financial damage they could cause to the organization, such as legal fees, operational downtime and related profit loss, and lost business due to customer distrust. Hardware damage and subsequent data loss Malware and viruses Compromised credentials Company website failure.

The four essential components of an IT risk assessment

In a moment, we'll talk about how to evaluate each one, but first, a brief definition for each:

Threat: Anything that has the potential to harm an organization's people or assets is a threat. Natural disasters, website failures, and corporate espionage are examples.

A vulnerability is any potential flaw that would permit a threat to cause harm. A vulnerability that can make it possible for a malware attack to succeed, for instance, is out-of-date antivirus software. A vulnerability that increases the likelihood of equipment damage and downtime in the event of a hurricane or flood is a server room in the basement. Disgruntled employees and outdated hardware are two additional examples of vulnerabilities. A list of specific, code-based vulnerabilities is kept up to date in the NIST National Vulnerability Database.

The total damage an organization would suffer if a vulnerability were exploited by a threat is referred to as the impact. A successful ransomware attack, for instance, could result in not only lost productivity and costs associated with data recovery but also the disclosure of customer data or trade secrets, which could result in lost business as well as legal costs and penalties for compliance.

Probability — This is the likelihood that a danger will happen. Usually, it's a range rather than a single number.

Risk = Threat x Vulnerability x Asset. The following equation can be used to understand risk: Despite the fact that risk is represented here as a mathematical formula, it is not about numbers; It is a well-thought-out plan. Take, for instance, the scenario in which you want to determine the level of danger posed by the possibility of a system being hacked. Your risk is high if the asset is crucial and your network is extremely vulnerable (perhaps due to the absence of an antivirus solution and firewall). However, even though the asset is still critical, your risk will be medium if you have strong perimeter defences and a low vulnerability.

There is more to this than just a mathematical formula; It is a model for comprehending the connections among the factors that contribute to determining risk:

Threat is an abbreviation for "threat frequency," which is the anticipated frequency of an adverse event. One in one million people will, for instance, be struck by lightning in any given year.

The term "the likelihood that a weakness or exposure will be exploited and a threat will succeed against an organization's defences" is abbreviated as "vulnerability."

What is the organization's security environment like? If a breach does occur, how quickly can it be mitigated to avoid disaster? How likely is it that any given employee will pose an internal threat to security control, and how many of them are there?

A security incident's total financial impact is measured by its cost. Hard costs like hardware damage and soft costs like lost business and consumer confidence are included. Other expenses include:

Data loss: The theft of trade secrets could result in your competitors taking your business. Loss of trust and customer attrition could result from the theft of customer information.

System or application downtime: Customers may be unable to place orders, employees may be unable to perform their duties or communicate, and so on if a system fails to perform its primary function.

Legal repercussions: If someone steals data from one of your databases, even if the data isn't particularly valuable, you could be hit with fines and other legal fees because you didn't follow HIPAA, PCI DSS, or other data security regulations.

How to conduct a security risk assessment Now, let's go over how to conduct an IT risk assessment.

1.       Identify and prioritize assets- Servers, client contact information, confidential documents from partners, trade secrets, and so on are all examples of assets. Keep in mind that what you consider valuable as a technician may not actually be the most valuable for the company. As a result, you must collaborate with management and business users to compile a list of all valuable assets. Collect, if necessary, the following data for each asset:

• ·         Software

• ·         Hardware

• ·         Data

• ·         Interfaces

• ·         Users

• ·         Support Personnel

• ·         Mission or Purpose

• ·         Criticality

• ·         Functional requirements

• ·         IT security policies

• ·         IT security architecture

• ·         Network topology

• ·         Information storage protection

• ·         Information flow

• ·         Technical security controls

• ·         Physical security environment

• ·         Environmental security

Since most businesses only have a small budget for risk assessment, you will probably only need to cover mission-critical assets for the remaining steps. As a result, you must establish a standard for assessing each asset's significance. The asset's monetary value, legal status, and significance to the organization are common criteria. Use the standard to classify each asset as critical, major, or minor after it has been approved by management and formally incorporated into the risk assessment security policy.

2.       Identify Threats- Anything that has the potential to harm your business is a threat. While malware and hackers are probably the first to come to mind, there are many other kinds of threats as well.

Natural catastrophes. Fire, earthquakes, floods, hurricanes, and other natural disasters have the potential to destroy not only data but also servers and appliances. Consider the likelihood of various natural disasters when choosing a location for your servers. For instance, there might be a low chance of tornadoes but a high risk of flooding in your area.

Absence of hardware. The quality and age of the server or other machine determine the likelihood of hardware failure. The likelihood of failure is low for equipment of high quality that is relatively new. However, the likelihood of failure is significantly increased if the equipment is old or comes from a "no-name" vendor. No matter what industry you operate in, you should put this threat on your watch list. It is possible for people to accidentally delete important files, click on a malicious link in an email, or spill coffee on critical systems-hosting equipment.

There are three types of wrongdoing:

When someone damages your business by physically stealing a computer or server, engineering a distributed denial of service (DDOS) attack against your website, or deleting data, they are committing interference.

Your data is stolen through interception.

Impersonation is the misuse of another person's credentials, which are typically obtained through social engineering, brute force, or the dark web.

3.       Identify Vulnerabilities- A weakness that could allow a threat to harm your business is a vulnerability. Analysis, audit reports, the NIST vulnerability database, vendor data, information security test and evaluation (ST&E) procedures, penetration testing, and automated vulnerability scanning tools are all methods by which vulnerabilities can be identified.

Don't confine your thinking to software flaws; Additionally, there are human and physical vulnerabilities. Having your server room in the basement, for instance, increases your vulnerability to flooding, and not informing employees about the dangers of clicking on links in emails increases your vulnerability to malware.

4.    Controls- To reduce or eliminate the likelihood that a threat will exploit a vulnerability, analyse the controls that are either in place or in the planning stage. Encryption, methods for detecting intrusions, and solutions for identification and authentication are all examples of technical controls. Security policies, administrative actions, and physical and environmental mechanisms are examples of nontechnical controls.

Nontechnical and technical controls can be further divided into preventive and detective categories. Preventive controls, as the name suggests, attempt to anticipate and avert attacks; Devices for authentication and encryption are two examples. Detective controls are used to find threats that have already happened or are about to happen; They include intrusion detection systems and audit trails.

5.        Determine the Likelihood of an Incident- Consider the type of vulnerability, the capability and motivation of the threat source, and the effectiveness of your controls to determine the likelihood that a vulnerability will actually be exploited. When determining the likelihood of an attack or other adverse event, many organizations use the categories high, medium, and low rather than a numerical score. 

The asset's mission and any processes that are dependent on it; the asset's value to the organization; and the asset's sensitivity. A business impact analysis (BIA) or mission impact analysis report can provide this information. The impact of harm to the organization's information assets, such as loss of confidentiality, integrity, and availability, is quantified or qualitatively assessed in this document. The impact on the system can be graded as high, medium, or low qualitatively.

6.        Determine the Level of Risk to the IT System for Each Threat/Vulnerability Pair Prioritize the Information Security Risks

The risk-level matrix is a useful tool for estimating risk in this manner. The likelihood that the threat will exploit the vulnerability. The approximate cost of each of these occurrences. The suitability of the planned or existing information system security controls for eliminating or reducing the risk. A probability of 1.0 indicates that the threat will be met; A value of 0.5 is assigned to a medium likelihood; and a 0.1 rating for a low likelihood of occurrence. In a similar vein, the values for a high impact level are 100, a medium impact level is 50, and a low impact level is 10. Risks are categorized as high, medium, or low based on the result of multiplying the threat likelihood value by the impact value.

7.        Recommend Controls - Determine the necessary steps to reduce the risk using the risk level as a foundation. For each level of risk, the following are some general guidelines:

High: As soon as possible, a plan for corrective action should be created.

Medium: Within a reasonable amount of time, a plan for corrective measures should be developed.

Low: The group must decide whether to take the risk or do something about it.

Be sure to take into account the following when evaluating controls to reduce each risk:

Policies of the organization Cost-benefit analysis Operational impact Feasibility Regulatory requirements in effect.

The recommended controls' overall effectiveness, Safety and reliability of the  Document ,the Results ,The development of a risk assessment report is the final step in the risk assessment process. 

This report will help management make good decisions about the budget, policies, procedures, and other things. The report ought to provide a description of the vulnerabilities that correspond to each threat, the assets that are in danger, the impact on your IT infrastructure, the likelihood of occurrence, and the control recommendations.

Report on the IT risk assessment- The risk assessment report can point to important steps that can be taken to reduce multiple risks. For instance, taking regular backups and storing them off-site will reduce the likelihood of flooding and accidental file deletion. The associated costs and business justifications for making the investment should be explained in detail at each step.

Always keep in mind that the core of cybersecurity are the enterprise risk management and information security risk assessment processes. The information security management strategy as a whole is built on these processes, which answer questions about which threats and vulnerabilities can cost the company money and how to reduce them.

Data from a recently released Security Navigator report shows that companies still need 215 days to fix a reported vulnerability. Even critical vulnerabilities usually take more than 6 months to fix.

Good vulnerability management does not mean that all potential data breaches are fixed quickly enough. The goal is to focus on real risk, prioritizing vulnerabilities to fix the most critical bugs and reduce the company's attack surface as much as possible. Business data and threat intelligence must be interconnected and automated. This is necessary so internal teams can focus on resolution. Appropriate techniques may take the form of a global vulnerability intelligence platform. Such a platform can help prioritize vulnerabilities using risk scores and allow companies to focus on their true organizational risk.

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Three facts to consider before building an effective vulnerability management program:

 1. The number of discovered vulnerabilities increases every year. On average, 50 new security holes are discovered every day, so we can easily understand that it is impossible to fix all of them.

2. Only a few vulnerabilities are actively exploited and pose a very high risk to all organizations. About 6 percent of all vulnerabilities are exploited in the wild. We need to reduce the burden and focus on the real risks.

3. The same vulnerability can have completely different effects on the business operations and infrastructure of two separate companies, so both business exposure and vulnerability severity must be considered. Based on these facts, we understand that there is no point in patching all the security holes. Instead, we should focus on those that pose a real threat based on the threat landscape and organizational context.

Risk-Based Vulnerability Management Concept

The goal is to focus on the most critical and higher-risk assets that are targeted by threat actors. To approach a risk-based vulnerability program, we need to look at two environments.

Internal environment: The customer landscape represents the internal environment. As corporate networks grow and diversify, so does their attack surface. The attack surface represents all the components of the information system that hackers can reach. A clear and up-to-date overview of your information system and attack surface is the first step. It is also important to consider the business environment. Companies can actually be a bigger target depending on the industry because of the proprietary information and documents they hold (intellectual property, classified protection, etc.). A final important factor to consider is the unique context of the business itself. The goal is to categorize assets according to their criticality and highlight the most important. For example: assets that are unavailable would cause significant disruption to business continuity, or highly confidential assets that become available if the organization is involved in multiple lawsuits.

 External Environment: The threatening landscape represents the external environment. This information is not available from the intranet. Organizations must have the human and financial resources to find and manage this information. Alternatively, this activity can be outsourced to specialists who monitor the threat landscape on behalf of the organization. Knowing about actively exploited security holes is important because they pose a greater threat to the enterprise. These actively exploited security holes can be tracked thanks to threat intelligence features and vulnerabilities. Even better is to connect and correlate threat intelligence sources for the most effective results. Understanding what attackers are doing is also valuable because it helps prevent potential threats. For example: intelligence about a new zero-day or a new ransomware attack can be reacted in time to prevent a security incident. Combining and understanding both environments help organizations define their true risks and more effectively determine where preventive and remedial actions should be implemented. It is not necessary to install hundreds of patches, but ten of them, selected to significantly reduce the organization's attack surface.

Five Key Steps to Implementing a Risk-Based Vulnerability Management Program Detection: 1. Identify all your assets to find the attack surface: Exploratory scanning can help provide initial insight. Then regularly scan your internal and external environment and share the results with a vulnerability intelligence platform.

2. Contextualization: Determine the criticality of your business context and assets in a vulnerability intelligence platform. The scan results are then put into context with a specific asset-based risk score.

3. Enrichment: To prioritize the threat landscape, scan results must be enriched with additional sources provided by the vulnerability intelligence platform, such as threat intelligence and attacker activity.

4. Fix: A vulnerability-specific risk score that can be targeted based on threat intelligence criteria such as "easily exploited", "exploitable in the wild", or "widely used" makes it much easier to prioritize effective remediation.

5. Evaluation: Track and measure the progress of your vulnerability management program using KPIs and custom dashboards and reports. It is a continuous process of improvement!

Common Enterprise Network Security Vulnerabilities That Need Attention

A few years ago, corporate network security viewed differently than they are today. As companies began to apply modern technologies to their businesses, they opened the door to digital attacks, exposing additional network vulnerabilities that attackers could easily exploit. As such, "enterprise web security" has become one of the key considerations for companies as they grow their digital business. The web security at companies must effectively control network threats to avoid the financial or reputational damage normally associated with data breaches. Prioritizing web security as an active part of an enterprise risk management solution can therefore help organizations protect their sensitive digital assets.

 Before we delve into the vulnerable areas of corporate web security, let's understand what they are:

 What is corporate security? It includes systems, processes and controls to protect IT systems and critical data in an organized manner.

 Privacy and compliance regulations are tightening around the world as organizations continue to rely on cloud-based infrastructure. Therefore, appropriate measures should be taken to protect critical assets.

 Let's take a look at common cyber vulnerabilities faced by  organizations:

 What are the common cyber vulnerabilities of enterprise organizations? It has become one of the biggest concerns for companies in the industry.

 Review these common vulnerabilities and stay alert.

 Missing or Weak Data Encryption

 Missing or weak encryption coverage makes it easier for cyber attackers to access end-user and central server communication data. Unencrypted data exchange makes it a very easy target for attackers to access sensitive data and inject malicious files into your server.

 Malware files can seriously undermine an organization's cybersecurity compliance efforts and result in fines from regulators. Organizations typically have multiple subdomains, so using a multi-domain SSL certificate is ideal. Organization can protect the main domain and multiple domains with a single certificate.

 Certain software vulnerabilities that are ultimately known to an attacker but have not yet been discovered by an organization can be defined as zero-day vulnerabilities. Regarding the zero-day vulnerability, there is no resolution or fix available as the vulnerability has not yet been reported or detected by the system vendor. There is no protection against such vulnerabilities until an attack takes place, so of course they are very dangerous.

 The least an organization can do is to stay vigilant and regularly scan systems for vulnerabilities to minimize, if not stop, zero-day attacks. Apart from that, businesses can be armed with a comprehensive endpoint security solution to prepare for malicious events.

 Social Engineering Attacks

 Malicious actors launch social engineering attacks to bypass verification and authorization security protocols. This is a widely used method for accessing networks.

 “Social engineering” can be defined as any malicious activity carried out through human interaction. This is done through psychological manipulation that tricks web users into making security mistakes or accidentally sharing sensitive data.

 Over the past five years, network vulnerabilities have increased significantly, making it a lucrative business for hackers. Internet users are not fully aware of Internet security and may (unintentionally) pose a security risk to your organization. They accidentally download malicious files thereby causing severe damages.

 Common social engineering attacks include:

 Phishing Email

 Spear Phishing

 Whaling

 Vishing

 Smiting

 Spam

 Pharming

 Tailgating

 Shoulder Surfing

 Trash Diving

 Accidentally exposing an organization's network to the Internet is one of the biggest threats to an organization. If an attacker is detected, they can snoop corporate web traffic, compromise a network, or steal data for malicious purposes.

 Network resources with weak settings or conflicting security controls can lead to system misconfiguration. Cybercriminals typically scan networks for system misconfigurations and use them to misuse data. As digital transformation progresses, network misconfigurations are also increasing.

 To eliminate this, an organization often uses a "firewall" in his DMZ. It acts as a buffer between your internal network and the Internet, acting as your first line of defense. Therefore, it tracks all outgoing and incoming traffic and decides to limit or allow traffic based on a set of rules.

 Outdated or Unpatched Software

 Software vendors typically release updated versions of their applications to patch known critical vulnerabilities or to incorporate new features or vulnerabilities. Outdated or unrepaired software is an easy target for sophisticated cybercriminals. Such vulnerabilities can be easily exploited.

 Software updates may contain important and valuable security measures, but organizations should update their network and each or all endpoints. However, it is quite possible that updates for various software applications will be released daily.

 This puts a heavy burden on the IT team and can delay patching and updating. This situation paves the way for ransomware attacks, malware, and multiple security threats.

 These are some of the most common vulnerabilities in enterprise web security. Therefore, take appropriate measures to counter these threats.

 There is always the risk of network vulnerabilities being compromised as malicious actors try to find various ways to exploit and gain access to systems. And as networks become more complex, there is an imperative to proactively manage cyber vulnerabilities.

 Vulnerability management is the consistent practice of identifying, classifying, remediating, and mitigating security vulnerabilities within organizational systems such as endpoints, workloads, and systems.

 Summary- An organization's IT environment can have multiple cybersecurity vulnerabilities, so a robust vulnerability management program is required. Use threat intelligence and IT and business operations knowledge to identify risks and detect all cybersecurity vulnerabilities in the shortest possible time.

 👉Identity theft definition 

Identity theft is the use of someone else's personal information without permission, typically to conduct financial transactions. By personal information, we mean data that institutions use to recognize any individual associated with the institutions. Examples are social security number, bank account number, address history, and soon and so forth.

These types of valuable information are in theory private and should be treated as SPII, but in practice can often be discovered in a variety of ways by a dedicated identity thief, who can then either access individual’s own accounts or open new ones in your name. The latter practice can be particularly having a harmful effect,  with just your social security number, identity thieves can take out loans or credit cards that they never pay off — and the resulting damage to your credit rating can be very difficult to undo.

While identity theft is a very old crime, in many ways it is a defining problem of our modern digital age, in which your personal information can easily be exposed online due to your own negligence or the poor security practices of companies you do business with, and so much of your financial life rides on the accuracy of your credit rating. The damage can be mitigated, but it's better to prevent the theft in the first place.

Impact of identity theft on business

Identity theft is most often associated with the act of stealing an individual's identity.

Here we are talking about an identity thief pretending to be someone within a company who has the authority to make financial transactions, just like they might pretend to be another individual.

The consequences can be dire, particularly for small businesses where the founder's or owner's finances are deeply entangled with the company's.

How is identity theft committed?

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Identity theft examples

Once identity thieves have identifying information about you or your company, there's a lot of different techniques they can use to profit from it.

•    Accessing existing financial accounts. This is probably the most straightforward way to profit from identity theft-- by simply stealing your money. With a credit card or bank account number, identity thieves can make purchases until the fraud is noticed and the accounts frozen. Businesses, which may have large amounts of cash or credit for day-to-day operations, are a particularly tempting target.

•    Opening a fraudulent credit card or other line of credit. This can be achieved with as little data as a name and a social security number. Once the credit is available to the identity thief, money can be withdrawn and spent or charges made to the card — and of course they'll make no attempt to pay off the loan. Since the debt is attached to the victim's social security number, there are little or no consequences for the identity thief. Again, businesses are a particularly tempting victim of these scams, as they can often acquire bigger lines of credit than individuals can.

 Identity theft protection

There's a wealth of information out there on how to protect yourself from identity theft, from outlets ranging from credit agencies to government websites to personal finance publications. While the details differ, there are some bits of advice that almost everyone seems to agree on, and they apply to individuals and businesses alike.

Following are the points we can practice to our confidential data safe from theft.

1.    Don't share personal information (birthdate, Social Security number, or bank account number) because someone asks for it.

2.    Pay attention to your billing cycles. If bills or financial statements are late, contact the sender.

3.    Secure your Social Security number (SSN). Don't carry your Social Security card in your wallet. Only give out your SSN when necessary.

4.    Collect mail every day. Place a hold on your mail when you are away from home for several days.

5.    Store personal information in a safe place.

6.    Install firewalls and virus-detection software on your home computer.

7. Create complex passwords that identity thieves cannot guess. Change your passwords if a company that you do business with has a breach of its databases

8.  Update sharing and firewall settings when you're on a public wi-fi network. Use a virtual private network (VPN), if you use public wi-fi.

How to report identity theft

That's a long list of precautions you need to take, and while many people make strong efforts to meet all of them, it's hard to do it all perfectly — and an identity thief only needs to get lucky once. And as we've noted, many identity thieves get personal data derived from hacks of corporate systems, so even if you've been completely vigilant about your data, you can still find yourself a victim of identity theft if some company you've done business with lets down its guard.

If you think, you have been hacked or your confidential information are compromised, here are few tips you can follow.

1.    Pull your credit report. Every year, you’re entitled to one free credit report from each of the main credit card company You can access these reports from the respective credit card issuer company’s website as well.

2.    File a police report and fraud affidavit. These can be obtained from your creditor(s) recovery department, and provide copies of these documents and any additional necessary paperwork to creditors’ fraud departments.

3.  Create an Identity Theft Report. Do inform the credit card issuer about the fraud online .The online report asks a few questions about your situation, then devises a personal recovery plan.

4.    Place an extended fraud alert on your credit file. This alert lasts seven years and is available only to identity theft victims. To get an extended fraud alert, you’ll first need to fill out an Identity Theft Report.

5.    Make a list of suspicious  activity. Applications to open new accounts, as well as the accounts that have already been fraudulently opened in your name, must be noted and forwarded to the three credit bureaus and listed on your Identity Theft Report.

6.    Provide creditors’ fraud departments with the details and contacts. It will take up to 90 days to conduct a full investigation.

7.    Obtain letters from your creditors. These letters should state that the fraudulence on your account has been confirmed, resolved and removed from your account. Then make sure that your creditors have expunged this negative reporting on your account and that a letter stating this has been sent to all three credit reporting bureaus. (As a backup, you should personally send a copy of these letters to the credit reporting agencies as well.) Be sure to call afterward to make sure that they have received this information.

Conclusion

Identity theft not only impacts you financially but emotionally as well. The emotional stress can disrupt your sleeping and eating and lead to depression. If such things happens then giving yourself room to breathe and allowing some time to pass to repair the damage, noting that recovering from identity theft can be a process that takes weeks or even months.

Identity Guard

👉With reference to the COVID-19 pandemic, where in one hand staying healthy is a big issue and on the other hand  the abnormal becomes our new normal, Business houses and especially the SMBs need to approach remote work by using a combination of cloud-based services, e.g GCS, AWS, MS Azure and on-premises solutions to keep employees and systems safe and ensure business productivity.

SMBs are proactively putting tools in place to combat attacks and limit their vulnerabilities even though they continue grappling with limited security budgets and resource constraints. SMBs are coordinating with vendors and engaging in-house experts to incorporate multi-layered network security tools and a hybrid network infrastructure, such as SD-WAN, to avoid large-scale network vulnerabilities, regardless of budget and resource size.

SD-WAN allows opportunity to small businesses who are operating in multiple physical locations and using bandwidth intensive applications, such as Voice over IP tools, Zoom, or Salesforce, to take advantage of this technology. SMBs can increase branch office network security, increase Internet efficiency, and decrease IT spending. 

 However, dealing with these challenges during a work-from-home shift has created gaping vulnerabilities within an organization's networks and adds another challenge to an already overburdened IT department to maintain the deliverables on time.

If you go through the forum and articles related to IT security, you will notice that many companies/SMBs haven't had the time or resources to ensure an adequate security policy for their workforce. They are, continuing business operations against lower levels of protection due to lack of IT security framework, policies and guidelines.

In addition to framing a general security check policy, SMB leaders should remind employees of security best practices for end users, review and update disaster recovery plans, and establish strong lines of communication among all remote teams.

Security and IT professionals also suggests the same for the SMB leaders to strengthen their overall business continuity strategy

There’s enough room of opportunities for small- and medium-sized businesses (SMBs) to tighten their IT security infrastructure — and no lack of reasons they should.

We’ve prepared list of an IT security checklist for small businesses — the core practices moving IT teams off the hamster wheel and into proactive, not reactive, IT enterprise security.

Business IT security checklists should be potent enough to address these top malicious cybersecurity incidents and attacks before they become mission-critical, non-recoverable breaches.

Here is a simple guide on how to perform a basic IT security audit for a small to medium business.

👉Identify the Business Assets

The first and foremost task for an organization is to identify the various assets a business maintains and owns. During the audit this makes it easier to map out the scope of the audit and ensure that nothing is overlooked.

Asset details creation

The IT auditor or the person conducting the audit should list down all the valuable assets by taking help of asset and inventory management team of the company that requires protection. Items to be included in the master list are framed below:

·  Hardware and Equipment including but not limited to computers, laptops, servers, hard drives, modems, printers, phone systems, mobile devices, etc.

·  Software, online tools, and apps including email servers, cloud storage, data management systems, financial accounting systems, payment gateways, websites, social media accounts, etc.

· Files and data storage systems including company finance details, customer databases, product information, confidential documents, intellectual property, etc.

·  Existing IT Security Software and Procedures

Asset classification based on importance

Once the asset master list is created, the next step should be to prioritize the assets based on how essential they are to the business. One of the criteria to decide what should be on top of the list is to consider how big an impact the business could experience should a problem occur to these assets.

Schedule the audit

Based on the asset classification based on the importance list, the audit should be scheduled accordingly. Managers and employees should be informed of the scheduled dates in case access and operations would need to be interrupted.

Customers and clients who use certain assets such as websites or apps should also be informed in advance for any downtime during the audit window.

Recognize Risks and Threats

After generating the list of assets and identifying the scope of the review, the IT auditor should pre-identify the potential risk and threats the business could face. These risks and threats are the factors the audit should be testing against to ensure that security measures are well-implemented.

These risks and threats can include:

·         Hardware and equipment failure

·         PC viruses, malware, phishing, ransomware and hacking attacks

·         Natural disasters such as fire, flood, and earthquake

·         Theft of physical property or equipment

·         Theft of data whether external and internal

·         Loss of Data

·         Unofficial access

Audit Techniques

Before performing the on-site evaluation, the IT auditor should set audit techniques that will be utilised to do the review. These techniques can include:

·  Technical examinations including physical performance testing, monitoring and scanning through software

·  Visual inspection of location, placement, and physical condition of the hardware

·   Observation and analysis of assets in relation to threats and risks

·  Questionnaires and in-person interviews to determine compliance to security protocols, password practises, and access control to data and accounts

Perform On-site Evaluation

This is when the actual audit takes place. All the previous steps that were taken into account should prepare the IT auditor to effectively conduct the  review of the assets. It is important to also assess existing security procedures, if any, during this time.

The IT auditor should use a uniform evaluation scheme during his appraisal. This does not need to be complicated and should be easy for the business managers and stakeholders  to understand.

An example of an evaluation scheme is below:

·  Highly Secure, no further actions needed

·  IT Security Deficiency Identified, actions implemented

·  IT Security Deficiency Identified, with recommended actions for further implementation.

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While the audit is ongoing, the IT auditor should use his preferred evaluation scheme to note down the results of the tests, all the actions taken during the audit, as well as what further actions need to be implemented after the audit.

There are times when straightforward resolutions can be executed immediately such as re-installing an outdated antivirus software or limiting access controls. However, there are also solutions that may be more time-consuming such as data backup or may involve purchase of new assets to be implemented.

Diligently noting down his findings will make it easier for him to remember these details when creating the post-audit report. This is the next step of the process.

Observations, Reports and Recommendations

The final yet most important part of the IT security audit is the preparation of the audit report. This will include the details of the testing, findings as well as the recommended action plans to be taken. This report must conclude what needs to be resolved, revised and upgraded to meet industry IT security standards.

In creating the report, the IT auditor should note down the security gaps that were identified during the system checks, with probable cause and state clear recommendations on how to resolve the issue. It should also indicate the potential impacts the problem will further create if not immediately rectified.

For example, if a business is suffering from no AV updates and windows security patch updates  his recommendation report should specify this issue as the problem.

Potential causes can be unexpected electric surges or out-of-date equipment not compatible with the existing office network. He should then list down the business consequences caused by this IT issue such as loss of productivity and project delays.

Lastly, he should research and specify an actionable recommendation such as employing remote diagnostics as an immediate troubleshooting method to prevent long downtime periods or maybe purchasing new equipment altogether.

Better Secure than Sorry

Any Business house , big or small, is vulnerable to the hazardous threats and cyber-attacks that can disrupt the  business operations. The survival of SMB’s will depend on how fast they can adapt to the digital landscape that is constantly transforming the face of business.

Having a security-first mentality through the performance of regular audits is a smart way to establish a secure IT environment and will keep SMB’s equipped and ready to meet the challenges head-on.

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