Information And Cyber Security Services
Effective management of cyber and information security goes beyond simply managing risks; it’s a strategic issue that influences product capabilities, organizational effectiveness, and customer relationships. However, many businesses struggle to integrate security considerations into their products and processes while maintaining innovation. Our cybersecurity team can assist organizations by:
I. Providing a clear understanding of the current cyber risk posture and capabilities, thereby enabling businesses to invest wisely in managing cyber risks.
II. Developing a cyber strategy and program that allows for structured decision-making and financial analysis.
III. Educating employees to reduce the impact of human behavior on cyber risks.
IV. Improving regulatory and public perception, strengthening senior executive capabilities, and enabling businesses to mitigate the impact of cyberattacks on their operations.
V. Through our holistic, risk-based approach to cybersecurity, we offer our clients the necessary risk information and reporting to prioritize threats and implement effective controls.
Sorting risk events based on their potential impact magnitude and likelihood of happening.
Controls are implemented in a risk-based approach, taking into account the organization’s risk appetite and the likelihood and potential impact of risk events. This approach is crucial for ensuring that the most significant risks are adequately mitigated in a cost-effective manner because every control comes with a cost. A risk-based approach facilitates quick adaptation to the changing risk landscape and promotes transparency with stakeholders. There are two essential components to a risk-based approach:
I. Risk identification: An Enterprise Risk Management (ERM) approach is used to comprehend the risk universe, taking into account the organization as a whole instead of departmental or functional silos.
II. Risk prioritization: Risks are classified from most severe to least severe based on their impact and likelihood using both qualitative and quantitative measures.
Tier-1 controls are mandatory for managing medium-impact risks.
high-impact and very-high-impact risks, both tier-1 and tier-2 controls are necessary
Additionally, very-high-impact risks must adhere to tier-3 controls to stay within the risk tolerance level.
Risks categorized as low-impact or very-low-impact don’t require adherence to any controls to remain within the accepted risk level. Nevertheless, it’s advisable to implement baseline controls when it’s a “no regrets” decision, meaning that the costs are low, and the benefits are high, or when necessary for enhancing productivity or regulatory compliance.
Cyber risk appetite framework?
There are several benefits to implementing a structured and comprehensive risk appetite statement that is aligned across the business, technology function, and second line. These benefits include:
I. Facilitating business-oriented discussions on investments and priorities by promoting transparent communication with the board on technology risk and cyber risk
II. Creating an objective platform for discussion between the first and second lines of defense regarding residual risk
III. Providing regulators with objective evidence that the organization is effectively managing technology risk and cyber risk in accordance with its risk appetite on both the first and second lines of defense
Protect your organization's crown jewels
The top priority is to identify the capabilities that have a direct impact on the systems and processes driving business value, which are often referred to as the “crown jewels.” These assets, data, and applications are critical to the success of the business and require targeted protection. To safeguard these crown jewels, it is necessary to identify the necessary controls and assign the appropriate individuals to implement them based on the level of risk.
One helpful framework is the National Initiative for Cybersecurity Education (NICE) developed by the National Institute of Standards and Technology (NIST), which can aid organizations in identifying the necessary skills for priority controls. By conducting a self-examination, businesses can determine which personnel can be up-skilled and when new hires are necessary.
Taking a risk-based approach to cyber security is the next step for most companies.
To ensure the effectiveness and efficiency of their cybersecurity posture, companies are increasingly adopting a risk-based approach that involves identifying, assessing, and prioritizing potential threats and vulnerabilities based on their potential impact on the organization’s objectives.
This approach enables companies to allocate their resources effectively and focus on protecting their most critical assets, particularly in light of the growing frequency and complexity of cyber attacks.
I. IT audit annual planning
II. Designing bespoke control framework
III. Control testing
IV. Internal audit quality assurance review
V. Regulatory compliance (SOC, HITRUST, HIPAA, GLBA, FFIEC, ISO, NIST, etc.)
VI. Pre/Post-implementation reviews and assessments
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