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10 Disastrous Cyber Incidents That Happened in 2023: Reviewed

10 Disastrous Cyber Incidents That Happened in 2023
A cyberattack leads to compromise of sensitive data, service disruption and financial losses. Analyzing the causes of past cyber incidents in 2023 and identifying vulnerabilities will save companies.
 

Contents

1. Looking Back at 2023’s Major Cyber Incidents
2. 2023 Cyber Incidents : The Learning Curve
3. Costly Mistakes Smart CISOs are Avoiding
4. Beyond the Cyber Horizon: The 2023 Aftermath

The year 2023 was a rollercoaster ride in the field of cybersecurity. High-profile ransomware attacks and data breaches left indelible marks, reminding us of the expanding threat surface. A staggering 8.2 billion records were breached, underscoring the importance of robust cybersecurity measures.
 

1.  Looking Back at 2023’s Major Cyber Incidents

From the crippling ransomware attack on The Guardian to the unique case of Toronto SickKids, where the ransomware provider publicly apologized, raising questions about cyber ethics. Each incident served as a stark reminder of the increasing threat landscape. The year 2023 also witnessed the shocking breach of the World Bank’s database, leading to a global outcry for stronger data protection measures. In another incident, the renowned e-commerce giant, Amazon, fell victim to a sophisticated phishing attack, causing a temporary disruption in its services. In a surprising turn of events, 2023 also saw an unprecedented cyberattack on the global social media platform Facebook, affecting millions of users worldwide. This was closely followed by a massive data breach at LinkedIn, exposing sensitive user data and shaking the trust of its user base.

These incidents from 2023 are not just statistics, but lessons for shaping future cybersecurity strategies. They serve as a wake-up call, emphasizing the critical need for stringent data privacy laws and advanced security protocols. These cyberattacks should be viewed as catalysts for change, prompting us to rethink our approach to cybersecurity and data privacy. Let’s reflect on these cyber incidents as lessons of awareness that fortify defenses and shape strategies for a secure future.

2.  2023 Cyber Incidents : The Learning Curve

The year 2023 was marked by several high-profile cyber incidents that affected various sectors and regions, exposing the vulnerabilities of critical infrastructure, sensitive data, and public services. These cyber incidents revealed the importance of implementing advanced threat detection systems, maintaining up-to-date security patches, and fostering a culture of cybersecurity awareness among all employees. They also highlighted the role of international collaboration in mitigating cyber threats.
 
To prevent similar cyber incidents in the future, organizations should adopt the following cybersecurity best practices, based on the latest trends and recommendations in cybersecurity:
 
  • Create responsive ecosystems: that improve organizational readiness. This involves applying a continuous approach to threat management and cybersecurity validation, which can help improve detection and response capabilities and build more digitally immune identity ecosystems. This will address the pain point of threat volume and complexity, as organizations can better cope with the dynamic and evolving threat landscape and reduce the impact of cyberattacks on their operations and reputation.
  • Restructure approach points to solutions and greater attack coverage: This involves balancing the need for operational simplicity with other platforms and providing solutions to cover more of the expanding attack surface. This can be achieved by consolidating cybersecurity platforms, transforming security operating models, and composing security solutions as needed. This will address the pain point of a growing cybersecurity skills gap, as organizations can leverage the benefits of emerging technologies, such as quantum computing, 5G networks, and edge computing, without compromising their security posture or relying on scarce and expensive cybersecurity talent.
  • Rebalance practices to focus on people, process, and technology: This involves shifting the emphasis from technology-centric to human-centric security design, enhancing people management, and increasing board oversight. This can help reduce human error, phishing, and insider threats, as well as improve employee engagement and accountability. This will thus address the pain points of the need for threat prioritization, as organizations can align their cybersecurity programs with their business objectives and risk appetite, and optimize their return on investment with the effectiveness of their cybersecurity measures.
 
Get into the details of the major cyber incidents in 2023 including data breaches and cyberattacks for analyzing 2023 cyber threats.

2.1  Dark Beam Cybersecurity Incident:

  • Date: The incident occurred on September 18, 2023.
  • Attack Type: It was a data breach.
  • Execution Method: The breach happened due to an unprotected Elasticsearch and Kibana interface.
  • Damage Extent: Over 3.8 billion records, including login pairs, were stolen.
  • Detection Method: The breach was detected by Bob Diachenko, CEO of SecurityDiscovery.
  • Immediate Measures: The vulnerability was swiftly addressed upon discovery
  • Future Prevention: The incident led to the implementation of enhanced incident-finding processes, improved incident reporting mechanisms, and an increased focus on supply chain security
  • Reputation Impact: The breach resulted in substantial financial losses, operational disruptions, and reputational damage

The aftermath of the Darkbeam breach is significant making it one of the major cyber incidents in 2023. The exposed data poses a threat to individuals and entities, potentially leading to impersonation and phishing attempts. Users with duplicate passwords are advised to change them.This incident underscores the critical need for robust cybersecurity measures and proactive defense strategies. It helps learn the potential risks faced by individuals and organizations.

2.2  Real Estate Wealth Network (REWN) Cybersecurity Incident:

  • Date: December 2023
  • Attack Type: Data breach
  • Execution Method: Unprotected database
  • Damage Extent: Exposure of 1.5 billion records, including data on millions of property owners, investors, sellers, and even celebrities and politicians
  • Detection Method: Discovered by a cybersecurity researcher
  • Immediate Measures: The exposed database has been secured
  • Future Prevention: Users should be cautious when sharing personal information and understand the risks associated with semi-public data
  • Reputation Impact: High, given the scale of the breach and the sensitive nature of the exposed data

The aftermath of the Real Estate Wealth Network (REWN) cybersecurity incident is substantial. The breach exposed 1.5 billion records, including real estate ownership data for millions of individuals. The leaked data, which included property history, tax records, and mortgage details, could be exploited by threat actors for social engineering and financial fraud. The database has been secured, but it's unclear if unauthorized access occurred. Property owners are advised to be cautious when sharing personal information and to understand the risks associated with semi-public data.

This incident is a reminder for organizations to prioritize the protection of sensitive data.

2.3  Indian Council of Medical Research (ICMR):

  • Date: October 9, 2023
  • Attack Type: Data breach
  • Execution Method: The exact method is unknown. The data was found being sold on the dark web.
  • Damage Extent: Personal details of over 81.5 crore citizens, including Aadhaar and passport details, names, phone numbers, and addresses, were exposed.
  • Detection Method: The breach was discovered by the US-based cybersecurity and intelligence firm Resecurity.
  • Immediate Measures: The breach was reported, but specific immediate measures taken are not mentioned.
  • Legal Implications: Four people were arrested in connection with the data leak.
  • Reputation Impact: This incident could potentially harm the reputation of ICMR, given the scale of the breach.

The breach has raised serious concerns about data protection practices, and individuals are advised to be cautious when sharing personal information.

2.4  KidSecurity Incident:

  • Date: September 16, 2023
  • Attack Type: Data breach
  • Execution Method: Misconfigured Elasticsearch and Logstash instances
  • Damage Extent: Over 300 million records were exposed, including 21,000 telephone numbers and 31,000 email addresses.
  • Detection Method: Discovered by researchers
  • Future Prevention: Proper configuration of Elasticsearch and Logstash instances
  • Reputation Impact: Significant, as it exposed sensitive user data

There are indications that unknown threat actors compromised the leaked data. This cyber incident in 2023, represents a severe breach of privacy and security for the affected users. This incident underscores the importance of proper configuration and security measures in protecting user data. It serves as a stark reminder of the potential risks posed by data breaches, especially when sensitive information is involved.

Users are advised to be cautious when sharing personal information.

2.5  Twitter (X) Incident:

  • Date: January 8, 2024
  • Attack Type: Account hijacking
  • Execution Method: The perpetrators compromised the admin's phone number, cloned the SIM card, and reset the account password.
  • Damage Extent: The threat actors promoted exchange-traded funds (ETFs) using Bitcoin transactions. The impact was immediate, with BTC prices skyrocketing from $39,000 to $48,000 per bitcoin, only to plummet back to $38,000 in the following days.
  • Detection Method: Discovered by researchers
  • Future Prevention: Implementation of 2-factor authentication to bolster defenses
  • Reputation Impact: Significant, as it exposed sensitive user data

This is one of the top cybersecurity data breaches in 2023 that led to a significant drop in user engagement and a rise in AI-generated spam content. The platform, which was rebranded as X after its acquisition by Elon Musk, faced a severe blow to its reputation. The incident has raised serious concerns about data protection practices on the platform.

Users are advised to be cautious when sharing personal information.

2.6  TuneFab Cybersecurity Incident in 2023:

  • Date: The incident was publicly disclosed in December 2023.
  • Attack Type: This was a data breach.
  • Execution Method: The breach occurred due to a MongoDB misconfiguration.
  • Damage Extent: Over 151 million records and 280GB of data were exposed.
  • Detection Method:The security researcher Bob Diachenko identified the leak and contacted TuneFab, which fixed the misconfiguration within 24 hours.
  • Notification Delay: The database was left with user data publicly accessible for roughly twenty-four hours.
  • Reputation Impact: The incident could potentially aid threat actors in enhancing previously leaked data.

Users of TuneFab are advised to be cautious when sharing personal information.

2.7  Dori Media Group Cyber Incident 2023:

  • Date: December 2023
  • Attack Type: Data exfiltration
  • Damage Extent: More than 100 TB of data was allegedly exfiltrated.
  • Reputation Impact: The incident has been publicly reported, which could potentially impact the company's reputation.

The MalekTeam Group hackers claimed to have destroyed more than 100 TB of data from Dori Media Group, an international group of media companies located in Israel, Switzerland, Argentina, Spain, and Singapore. The hackers threatened to leak the exfiltrated data. This incident represents a serious breach of privacy and security for the affected users.

Users are advised to be cautious when sharing personal information.

2.8  Tigo Telecoms Cyber Incident in 2023:

  • Date: July 2023
  • Attack Type: Data leak
  • Damage Extent: Over 700,000 individuals were affected. Leaked information included names, usernames, genders, email addresses, IP addresses, user uploaded photos, and private messages.
  • Detection Method: The incident was made public by Troy Hunt, who runs the site Have I Been Pwned.
  • Notification Delay: Multiple unsuccessful attempts were made to contact Tigo about the breach before it was made public.
  • Reputation Impact: Tigo has previously faced scrutiny over its data privacy practices.

This is one of the notable cyberattacks in 2023 underscoring the importance of robust cybersecurity measures and the potential impact of data leaks on both individuals and organizations. It serves as a reminder that cybersecurity is not just about protecting systems, but also about safeguarding sensitive user data.

2.9  Cybersecurity Incident at SAP SE Bulgaria in 2023:

  • Date: November 2023
  • Attack Type: Data Exfiltration
  • Execution Method: Exposure of Kubernetes Secrets in public GitHub repositories
  • Damage Extent: Access to 95,592,696 artefacts with sensitive information like passwords, tokens or keys
  • Detection Method: Discovered by researchers from Aqua Nautilus
  • Future Prevention: Secure handling and storage of sensitive data like passwords, tokens, or keys
  • Legal Implications: Potential GDPR violations due to data breaches
  • Reputation Impact: Significant, as it affected a multinational software company

The issue was promptly remediated after the researchers notified SAP SE. However, the incident has raised serious concerns about data protection practices.

Users are advised to be cautious when sharing personal information.

2.10  Luxottica Group Cyber Incident in 2023:

  • Date: The data was leaked on hacking forums on April 30 and May 12, 2023.
  • Attack Type: Data breach.
  • Execution Method: The breach occurred at an unnamed third-party data storage provider.
  • Damage Extent: The personal information of over 70 million customers was exposed.
  • Detection Method: Luxottica discovered the breach through proactive monitoring procedures.
  • Immediate Measures: Luxottica reported the incident to the FBI and the Italian Police.
  • Future Prevention: Luxottica remains confident that its systems were not breached and its network remains secure.
  • User Protection: The data did not include individuals’ financial information, social security numbers, login or password data.
  • Legal Implications: The FBI has detained the website’s owner as a result of the data posting.

The stolen database was leaked on various hacking forums, making the data far more accessible to threat actors. The incident has raised serious concerns about data protection practices. Luxottica has confirmed the breach and is conducting an ongoing investigation.

It is recommended that individuals exercise caution when disclosing their personal information.

3.  Costly Mistakes Smart CISOs are Avoiding

In the face of escalating cyber threats, savvy Chief Information Security Officers (CISOs) are avoiding costly mistakes and bolstering their defenses. They're no longer overlooking basic security measures, recognizing that even simple lapses can open doors to attackers. They're also addressing the often underestimated risk of insider threats, acknowledging that threats can come from within as well as from external sources.

Investment in staff training has become a priority. CISOs understand that a well-trained workforce is a key line of defense and are ensuring their teams are equipped with the knowledge and skills to identify and counteract threats.

Promoting a security-first mindset has become integral to their strategy. This involves fostering a culture where every team member understands their role in maintaining security and is vigilant about potential threats.

Employing multi-factor authentication (MFA) is another tactic being widely adopted. MFA adds an extra layer of security, making it harder for unauthorized users to gain access.

Finally, they're harnessing the power of artificial intelligence (AI) for threat detection. AI and machine learning algorithms can analyze vast amounts of data in real-time, identifying patterns and threats that would be impossible for humans to spot. Complying with the latest GRC laws and regulations is a must for all organizations.

By taking these steps, smart CISOs are not just reacting to cyber threats but proactively working to anticipate and prevent them, thereby fortifying their organizations' defenses.

3.1  GRC Software to Consider for Smart Businesses:

A GRC software streamlines compliance, risk management, and governance processes, enhancing efficiency and ensuring regulatory adherence. With its robust features, these software empowers businesses to proactively manage risks and maintain a secure, compliant environment. Here are a few to consider:

3.1.1  A-LIGN

A-LIGN is a technology-enabled security and compliance partner trusted by thousands of global organizations. Its services span across various compliance frameworks, making it a comprehensive choice for businesses seeking robust GRC solutions. Here are the key features:

a) World-class audit experience:
  • A-LIGN's audit staff ensures a seamless audit process with consistent communication and support.
  • Its commitment to stringent cybersecurity compliance standards results in thorough audits that customers can trust.

b) Audit management technology:

  • Collaborate with auditor and team using A-LIGN's centralized platform for efficient audit management.
  • Streamline communication, track progress, and centralize evidence collection with their easy-to-use audit management dashboard, A-SCEND.

c) Widest breadth of services:

  • Beyond SOC 2, A-LIGN helps users tackle multiple audits in a single motion, saving time and money.
  • They integrate seamlessly with leading GRC tools, allowing users to leverage technology while partnering with A-LIGN for an audit.

A-LIGN's innovative approach, combined with their expertise, ensures a seamless audit experience resulting in reports or certifications that businesses and customers can trust.

3.1.2  AKITRA

AKITRA is a cutting-edge, AI-enabled compliance automation platform designed to streamline and simplify regulatory adherence for businesses. Their comprehensive suite of tools empowers organizations to navigate various compliance frameworks seamlessly, ensuring adherence to industry standards and regulations.

Here are the key features of AKITRA:

a) PCI DSS Compliance:

  • PCI DSS (Payment Card Industry Data Security Standard) was formed to safeguard sensitive cardholder data from theft and forgery.
  • Organizations adhere to this framework to prevent theft and unauthorized access to sensitive cardholder data.
  • Compliance with PCI DSS boosts customer trust during payment transactions and helps businesses meet legal requirements in multiple jurisdictions.
  • Key requirements and objectives include maintaining secure networks and systems, protecting cardholder data, implementing strong vulnerability management, enforcing access control standards, conducting periodic network scanning and testing, and having a well-defined data protection policy.
  • AKITRA offers a complete Compliance Automation Solution tailored to simplify PCI DSS compliance. Their solution includes automated scans, real-time monitoring, and simplified reporting to specify vulnerabilities, provide continuous compliance, and enhance audit readiness.

b) HIPAA Compliance Automation:

  • HIPAA (Health Insurance Portability and Accountability Act) compliance is crucial for healthcare organizations.
  • AKITRA accelerates HIPAA compliance using automation.

c) Features include:

  • Delightful and effortless experience: AKITRA simplifies ongoing security and compliance monitoring.
  • Time and cost savings: Customizable policies, 100+ integrations, and automated evidence collection reduce compliance efforts by up to 80%.
  • Continuous compliance: Stay compliant 24/7 with AKITRA's Continuous Compliance Monitoring.
  • Rapid compliance at a fraction of the cost: AKITRA helps organizations achieve HIPAA compliance efficiently.

d) 24/7 Availability of Experts:

  • With AKITRA, organizations have round-the-clock access to knowledgeable professionals who provide guidance and address inquiries related to compliance.
  • AKITRA is trusted by fast-growing SaaS companies globally, making compliance easier and more efficient.

3.1.3  Fidelis Security

Fidelis Security is a trusted leader in cybersecurity for enterprise and government. With over 20 years of experience, it has been protecting leading organizations worldwide. Here are some key points about Fidelis Security:

a) Proactive Cybersecurity Platforms:

  • Fidelis Security provides proactive cyber defense solutions that detect post-breach attacks over 9x faster than competitors.
  • It has defended 7 of the 10 largest US government agencies and 5 of the 6 branches of the US military.
  • Its expertise extends to various sectors, including being the cybersecurity partner for the largest cellphone manufacturer, largest pharmacy chain, largest mobile service provider in the US, largest defense contractor, and largest pharmaceutical company globally.

b) Cloud-Scale Security and Compliance:

  • In the era of digital transformation, Fidelis unifies and automates cloud computing security controls and compliance across servers, containers, and more.
  • Its solutions ensure efficiency, cost savings, business agility, and innovation while maintaining robust security.

c) Fidelis Elevate:

  • Fidelis Elevate is an Active XDR platform that enables proactive cyber defense across cloud environments and on-premises.
  • It empowers organizations to engage adversaries earlier in the attack lifecycle, reshape the attack surface, and take control of enterprise security.
  • Fidelis Security continues to innovate and provide cutting-edge solutions to combat evolving cyber threats.

3.1.4  Hyperproof

Hyperproof is a cloud-based platform that helps organizations stay on top of their security assurance and compliance work on a continuous basis. It empowers compliance, risk, and security teams to scale their workflows efficiently. Here are the key features of Hyperproof:

a) Operationalizing Compliance and Risk Management:

  • Hyperproof enables a user to automate workflows, prepare for audits, and mitigate risk.
  • It optimizes compliance and risk management by mapping common controls to compliance requirements, automating evidence collection, mitigating issues, and monitoring compliance posture in one place.
  • User can manage controls flexibly, create custom controls, and track them efficiently.

b) Risk Management:

  • Hyperproof helps identify and prioritize risks, orchestrate and automate risk workflows, and create alignment between risk management and compliance activities.
  • The risk register centralizes risk management, ensuring no risk is missed.
  • Analyze company risks and track risk posture over time.

c) Audit Management:

  • Streamline audit preparation with Hyperproof:
  • Connect audit requests automatically to controls and their associated evidence.
  • Collaborate with auditors in a dedicated audit space.
  • Monitor audit progress using the audit dashboard.

d) Vendor Management:

  • Manage vendor risk with ease using Hyperproof.
  • Track vendor risk posture over time and ensure compliance.
  • Hyperproof is a powerful solution for organizations aiming to efficiently manage compliance and risk across multiple frameworks, including SOC 2, ISO 27001, NIST, and PCI.

3.1.5  ISMS.online

ISMS.online is an auditor-approved compliance platform that simplifies the process of achieving and maintaining compliance with various standards and regulations. Here are the key features of ISMS.online:

a) ISO 27001 Compliance and More:

  • Organizations can quickly achieve and maintain compliance with ISO 27001 and over 100 other in-demand standards using ISMS.online.
  • These standards include ISO 9001, SOC 2, GDPR, NIST, and more.
  • Whether managing multiple standards or new to ISO 27001, ISMS.online provides a comprehensive solution.

b) Headstart Content:

  • Up to 81% of the work is already completed with pre-built tools, frameworks, policies, and controls.
  • This streamlined path to first-time certification saves time and avoids unnecessary complexities.

c) Assured Results Method (ARM):

  • ARM simplifies the certification process by breaking it down into manageable steps, guiding users through each one.
  • It's a practical, time-saving approach to certification success.

d) Integration Capabilities:

  • ISMS.online seamlessly integrates with existing setups, automating tasks and reducing manual effort.
  • Custom integrations can also be created using their public API.

e) Risk Management Made Easy:

  • Streamlined risk management within ISMS.online helps identify, evaluate, and treat risks effectively.The platform ensures a stress-free approach to risk assessment.

f) Secure Asset Management:

  • Manage all assets in a secure, shared workspace using dynamic asset management tools.

g) Supplier Management:

  • ISMS.online facilitates simple, secure supplier management by integrating with supply chains.
  • ISMS.online is trusted by over 1,000 companies worldwide and provides powerful features for controlling compliance across various domains.

3.1.6  LogicManager

LogicManager is an auditor-approved compliance platform that simplifies the process of achieving and maintaining compliance with various standards and regulations. Here are the key features of LogicManager:

a) Enterprise Risk Management (ERM):

  • LogicManager offers a comprehensive suite of solutions to manage risk across various areas:
    • IT Governance & Cybersecurity
    • Third Party Risk Management
    • Compliance Management
    • Business Continuity Management
    • Internal Audit Management
    • Financial Controls
    • Human Resources Risk Management
  • The platform serves as a single source of truth, connecting different departments and providing analytical insights to strategically allocate resources.

b) Expert Risk Management Support:

  • Customers benefit from personalized training sessions and best practice consulting services.
  • LogicManager's team of expert risk management consultants helps protect and optimize businesses.

c) Corporate Governance & Board Level Reporting:

  • Access to the Risk Maturity Model (RMM) facilitates corporate governance.
  • The RMM provides benchmarking KPIs, actionable steps for program improvement, and reporting ready for board discussions.
  • LogicManager empowers organizations to anticipate future risks, uphold their reputation, and improve business performance through strong governance in today's transparent economy.

3.1.7  Pirani

In recent years, GRC management has shifted towards an integrated risk management approach with holistic solutions. Pirani stands out as a pioneer in this space, offering user-friendly software that is easy to use and understand. Here’s what a user needs to know:

Key features of Pirani GRC Software include:

  • Centralized Platform: Pirani provides a centralized platform that integrates governance, risk, and compliance functions.
  • Integrated Risk Management: Pirani’s adaptable operational risk management solution enables easy identification, measurement, control, and monitoring of operational risks.
  • Security Risk Management: It helps manage security risks related to an organization’s information assets, ensuring confidentiality, integrity, and availability.
  • Anti-Money Laundering Solution: Pirani assists in measuring risks associated with money laundering and terrorism financing.

Pirani offers various plans tailored to companies of different sizes and maturity levels in risk management. Its hybrid model allows companies to try it first before making a decision. With Pirani, businesses can democratize risk management, protect what matters, and ensure business continuity.

3.1.8  RiskOptics (formerly Reciprocity)

RiskOptics empowers Chief Information Security Officers (CISOs) and organizations to turn risk into a strategic business asset. Here's how:

  • Unified Platform: RiskOptics unifies compliance, risk, and governance initiatives, regardless of GRC status. It simplifies and automates processes, transforming GRC from a burden to a strategic advantage.
  • Contextual Risk Insight: Powered by the ZenGRC and ROAR platforms, RiskOptics provides game-changing risk insight in the context of business initiatives. It quantifies the financial impact of risk, helping users communicate effectively with key stakeholders.
  • Automated Workflows: RiskOptics streamlines time-intensive processes, including evidence collection, control testing, and ticket creation. It integrates seamlessly with existing tech infrastructure (AWS, Azure, Salesforce, Jira, GitHub).
  • Business Advantage: By connecting risk to business strategy, RiskOptics enables a user to make informed decisions. It turns risk into a business advantage, ensuring compliance while mitigating data breaches and system failures.

3.1.9  Thoropass

The features of Thoropass, a GRC (Governance, Risk, and Compliance) software that smart businesses should consider:

  • Continuous Compliance: Thoropass ensures ongoing compliance by monitoring data quality and sending alerts based on violations or misuse.
  • Data Loss Prevention (DLP): Thoropass securely stores data either on-premise or in an adjacent cloud database to prevent data loss at rest.
  • Cloud Gap Analytics: Analyzes data associated with denied entries and policy enforcement, providing insights for better authentication and security protocols.
  • Compliance Governance: Allows users to create, edit, and relinquish user access privileges.
  • Sensitive Data Compliance: Supports compliance with standards like PII, GDPR, HIPAA, PCI, and more.
  • Administration Policy Enforcement: Administrators can set policies for security and data governance.
  • Auditing: Analyzes web traffic and site performance to provide vulnerability insights and best practices.
  • Workflow Management: Creates new or streamlines existing workflows to handle IT support tickets and services.

Thoropass is the only end-to-end compliance solution offering expert guidance, thorough preparation, and a seamless security audit experience. With its comprehensive features, it's a solid choice for businesses aiming to navigate compliance with confidence.

3.1.10  TrustCloud

TrustCloud leverages AI, API-driven control verification, and collaborative tools to cut costs, accelerate revenue, and reduce liability.

a) Unified Platform for Trust Assurance

  • TrustCloud combines modern speed and ease of use with the thoroughness of legacy tools.
  • The TrustOps programmatic evidence collection and continuous controls decrease audit prep time by 40%.
  • Organizations maintain 24/7 audit readiness and achieve a 100% audit success rate.

b) Speedy Security Reviews with TrustShare

  • TrustShare's secure, public-facing portal invites prospects to view compliance reports without slowing down sales.
  • Pre-fill up to 85% of questionnaires using prior information, demonstrating the security program's competence.

c) Predictive Risk Assessments via TrustRegister

  • TrustCloud takes risk management from manual spreadsheets to programmatic, predictive assessments.
  • Monitor and forecast risks in real time, proving financial impact to the board and preventing risks proactively.

d) Business Intelligence Reporting (Upcoming)

TrustCloud will soon offer BI reporting, enhancing decision-making and visibility.

4.  Beyond the Cyber Horizon: The 2023 Aftermath

The 2023 cyber incidents have left an indelible mark on the cybersecurity domain. Organizations have ramped up their investment in cybersecurity infrastructure, recognizing the escalating threats and the need for robust defenses. This increased spending, which saw a 70% rise from 2019 to 2023, is a testament to the growing importance of cybersecurity in today's digital age.

Governments worldwide have responded by introducing stricter data protection laws in 2023. The Digital Personal Data Protection Act, 2023 (DPDPA) in India and the General Data Protection Regulation (GDPR) in the European Union are prime examples of such legislative measures. These laws empower individuals with rights over their data and establish clear-cut guidelines for organizations handling their data.

Moreover, there has been a heightened focus on international cooperation to combat cybercrime. Initiatives like Interpol’s Global Cybercrime Programme and Europol’s European Cybercrime Center exemplify this collaborative approach. As we look beyond 2023, these developments continue to shape the cybersecurity landscape, reinforcing the need for vigilance, innovation, and collaboration as cyber threats continue to lurk.

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How to Build a Compliance Program and Its Advantages

Article | August 16, 2023

Despite the fact that today's technological world is an ever-emerging landscape of complex network infrastructure, security measures, and state-of-the-art technological tools, we still cannot guarantee that a cyber-attack or a breach can be easily averted. The prime reason for such cyber breaches is the possession of complex and highly advanced attack mechanisms by hackers or attackers. Therefore, the only sustainable way to counter cyber-attacks is to implement a continuous monitoring system. A compliance program is an example of continuous monitoring where consistent adherence to a benchmark or compliance level is highly emphasized on a continual basis. A compliance program is essential for ensuring data integrity, confidentiality, and availability. The three elements (integrity, confidentiality, and availability) form the backbone of any information security system. It is needed to increase the operational efficiency of organizations ranging from education, healthcare, financial institutions, and others. A compliance program equips company personnel with the resources necessary to develop confidence in their compliance efforts, allowing them to concentrate on running their organization. In the subsequent paragraphs, we shall discuss the approach that should be used to build a robust compliance program. The scope of the compliance program for which we will build is the first and most important step we take. The following procedures, which are listed below, may be included in the scope of the enterprise: Access Management Vulnerability and Patch Management Asset and Configuration Management Logging and Monitoring Risk Management Physical and Environmental Security Privacy Governance (Policies & Procedures & Awareness) End Point Security Change Management Incident and Problem Management, Capacity and Availability Vendor Management Application Security Once the scope is identified, it is easier to move forward with the design of the compliance program. Now we define a benchmark for measuring the compliance level of each of these processes. For e.g., if we take end point security into consideration, the percentage of security patches deployed or implemented on the servers and workstations must comply with the benchmark or compliance level percentage formerly identified and agreed upon. Then we analyze the data collection at a given point of time for each of these processes that provide us with the current posture. The data collection is to be done by various tech teams and can be in the form of reports, logs, or any raw form of data. A thorough review and analysis of the data collected is done against the benchmark to identify the gaps. This is an important step and the most crucial one, as any lack here may result in a security breach. For example, if we take vulnerability management into consideration and we analyze that the remediation of vulnerabilities for a quarter is falling short of the benchmark percentage, then such un-remediated vulnerabilities in turn actually expose the servers and systems to serious security breaches, and hence effort must be taken to remediate such findings within the stipulated time. "It is important to recommend solutions and a roadmap to close the gaps within a specified period. The roadmap to close the gaps in a compliance program is usually over a period of a number of years. This should sit in conformance with the various tech teams and must have their consent." Finally, measure the compliance level (against a benchmark already identified) and come up with a compliance score for each of these processes at any given point in time. The compliance score can be depicted in the form of a dashboard showcasing the various graphs and charts and hence depicting the current security posture of the organization. These components give the necessary foundation to set up a compliance program and begin protecting any highly regulated firm immediately. These components contribute to the establishment of an effective compliance and ethics program by detecting and preventing inappropriate conduct as well as encouraging adherence to the organization's legal and ethical responsibilities. Why should Organizations have a Compliance Program? Building a compliance program is neither a simple nor an inexpensive task. Since compliance departments do not generate income, it can be tempting to disregard compliance as a cost center. This would be a mistake. A compliance breach has the ability to do severe damage to a business, or in the worst-case situation, to completely destroy it (as famously happened to Enron Corporation). Listed below are a few of the advantages that a compliance program offers: A compliance program indicates the organizations' dedication to ethical behavior It minimizes the likelihood of violations, establishes a means for detecting violations sooner rather than later, and establishes a procedure for swiftly and efficiently responding to violations It will minimize the risk of severe consequences in the event of a violation An effective compliance program in business operations reduces compliance risk and business drag The importance and complexity of compliance programs have increased in recent years, as has the number of organizations using them. It has emerged as a critical component for employees, investors, regulators, and everyone else who is concerned with the operation, protection, and evaluation of a company.

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Software Security

What is Data Masking in the cybersecurity landscape? Top platforms to execute it.

Article | March 6, 2024

Faking data for security sounds unrealistic. However, it is an important strategy across data platforms. Formally known as data masking, it adds functional value to the same set that appears differently. Remember, its market value is marching towards USD 1268 million by 2028, making it a differentiator while picking the best tool. Before I discuss those, let’s understand what it’s all about and the top techniques. Data masking creates a ‘copy’ of a data set with a similar structure but may vary in value. It is an important technique to protect sensitive data by making it unidentifiable and immutable to unauthorized users. Data masking is important for ensuring consistency and usability across multiple databases. The purpose behind creating a functional substitute is to use it for QA, user training and demonstrations without revealing the actual values. Importance of data masking Emulating data to protect sensitive information and yet achieve a few other things has the following benefits: • It enables organizations to stay in compliance with GDPR by eliminating the risk of sensitive data exposure. Thus, it offers a competitive edge to others. • It ensures end-to-end security and makes the data useless even if hackers access it. • Eliminates the risk of exposure during data sharing with third-party applications. Moreover, organizations engaging in outsourced partnerships are at continuous risk of exposing their data to a third party. With masking, they can proceed with confidence and without any concerns. Among many, the following are the most common types of data where masking is widely applicable: • Protected health information • Personally Identifiable Information • Payment Card Information • Intellectual property Top Data Masking Techniques While there are many on the list, I am narrowing it down to the most important ones: Encryption As the name suggests, this technique uses an encryption algorithm to mask the data. Only an encryption key can be used to decrypt it. The data is secure as long as authorized users only hold the key. In any case, unauthorized access could expose the data. Scrambling Scrambling jumbles the characters, numbers and special characters into a new data value that hides the original content. It’s a simple technique, doesn’t imply to all data types and is not the best of all techniques to mask sensitive data. For example, the employee ID that reads 12345 is masked into 23154; it may not be difficult for hacking algorithms to decipher the original number. Nulling out This technique applies a null value to the targeted data column so that actual data stays hidden from any unauthorized user. However, it reduces data integrity and makes QA harder. Substitution It masks the data by substituting its original value with a new one; without impacting the original contents and details. The simplistic technique works well across several data types. For example, masking the business partner names with a lookup file. Disguising the original ‘look’ often helps in protecting it from breaches. Shuffling Shuffling is a substitution done differently. It shuffles the masking data column with others. For example, shuffling the business partner names across multiple records. The new data looks accurate and yet doesn’t reveal any personal information. The only way to breach this technique would be to hack the shuffling algorithm. Date Aging Based on the pre-defined masking policy, this technique alters the data field. This includes increasing or decreasing the values. A simple example would be decreasing the date of the birth field by 100 days. The drawback of this method is that because the same policy applies to all values in a field, the compromise of one value results in the compromise of all values. Pseudonymisation Pseudonymisation is a relatively newer term and, thus technique introduced with the GDPR guidelines. It implies that the data can’t be used for personal identification and requires removing direct identifiers and multiple identifiers that, upon combining, could potentially disclose an identity. Encoding identifiers protects user privacy and preserves the credibility of the masked data. Redaction Redaction implies using generic values to replace sensitive data that is not required for QA or development purposes. Here, the data has no attributes similar to the original set. Averaging Averaging means hiding the individual values except for their aggregate or average. A very simple example would be hiding the salaries in an employee details table and only showcasing their average. High-performance data platforms The degree of security by masking data directly depends upon the performance of the data management platform. That is exactly why many data platforms, especially test data management solutions, pitch masking as an integral component. For example, Oracle’s Data Masking Subsetting solution abbreviates cost by provisioning masked data for testing purposes. It helps in abbreviating IT costs. Informatica’s dynamic data masking de-identifies the data sets and prevents unauthorized access to production environments such as order management, customer support, etc. It hides user-sensitive data such as name, age, accounts, role etc. While we are at it, K2View’s data masking is surely the highlight of 2022. The popular data fabric and product platform capture data from fragmented points according to product schemas such as the business entity. The fabric saves masked data for every business entity in an exclusive micro-database. With such an innovative approach, K2View executes dynamic masking for varied use cases such as test data management, legacy application modernization, pipelining and tokenization. Other popular names include Delphix, DataProf, IBM Infosphere, CA, etc. Conclusion As discussed, data masking techniques are mostly simple yet highly effective in ensuring an end to end security for large data volumes. They enable the real data to be used for alternative functionalities such as testing, demos and training. While the scope of masking goes beyond, the above-mentioned techniques provide starting details. I recommend partnering with the right data product platform that provides integrated components including masking, pipelining, orchestrating, etc.

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Enterprise Security, Network Threat Detection, Software Security

Love is in the Air, Scams Everywhere: Combating Romance Scams

Article | July 18, 2023

Love and romance can be a costly affair when it comes to personal cybersecurity. Identify the common red flags in romance scams and their types, and learn how to avoid romance scams for a secure living. Contents 1. The Lure of Love: Superior Cyber Vigilance in Romance 2. Top 5 Tactics and Red Flags in Romance Scams 3. Cybercrime Update: Romance Scams and their Types 4. Guarding the Heart: Practicing Cyber Vigilance at its Best In the digital age, online romance is a double-edged sword. While it has fostered genuine connections for many, it has also given rise to costly romance scams in 2024. So, what are romance scams? These scams exploit the human desire for companionship, causing financial and emotional harm. In 2022 alone, these scams led to losses of $1.3 billion, marking a 78% increase from 2020. Cybersecurity authorities like the FTC and FBI warn of increasing romance scams, with a focus on vigilance in online dating to ensure personal cybersecurity. 1. The Lure of Love: Superior Cyber Vigilance in Romance Relentless pursuers and masters of deceit, lies and filth are the best traits of dating scammers. The Federal Trade Commission (FTC) reports that romance scams are one of the most profitable ventures for online dating scammers. How much money is lost in a romance scam? In 2023, nearly 70000 consumers of online dating apps have reported a romance scam, with losses hitting $1.3 billion. The median reported loss was $4400. In 2023, consumers reported that romance scammers’ favorite lies include claims to have excellent investment advice to offer and to need money because a friend or relative was ill, injured, or in jail. Romance scams lead to significant financial losses in romance scams and cause emotional distress and erode trust in online platforms. 2. Top 5 Tactics and Red Flags in Romance Scams Identifying online dating scammers is crucial. How do you know if someone is romance scamming you? Here are a few red flags to check out for: 2.1 Red Flags to Detect Romance Scams 2.2 How to Avoid Romance Scams and What Are the Warning Signs? Romance scams are a serious issue and it’s important to be aware of the warning signs. Here are some tips to avoid online dating scams: Reluctance to meet in person: They might say they’re living or traveling outside the country, working on an oil rig, in the military, or working with an international organization. Requests for money: Once they gain your trust, they’ll ask for your help to pay medical expenses, buy their ticket to visit you, or pay for their visa. They may also ask you to help them pay fees to get them out of trouble. Specific payment methods: They’ll tell you to wire money through a company like Western Union or MoneyGram. Other requests may include putting money on gift cards and giving them the PIN codes, sending money through a money transfer app, or transferring cryptocurrency. Always traveling or living far away from you: They might say they’re living or traveling outside the country. Refusing to video chat or always cancel: This could be a sign that they’re not who they say they are. If you suspect a romance scam, stop communicating with the person immediately and talk to someone you trust. You can also search online for the type of job the person has, plus the word ‘scammer’. Remember, never send money or gifts to a sweetheart you haven’t met. 3. Cybercrime Update: Romance Scams and Their Types Love in the digital age has a dark side, and it’s not just heartbreak. Welcome to the world of romance scams, where cybercriminals don’t just break hearts, they break the bank, too. Let’s explore various types of romance scams and learn how to protect ourselves. 1) Catfishing: In ‘catfishing’, scammers create fake online profiles to trick people into thinking they're in a relationship with someone who doesn't exist. They use stolen or made-up photos using AI and manipulate victims with strong emotions and convincing life stories. The scammer's goal can be financial gain, asking for money for fake emergencies or travel, or emotional exploitation, seeking attention without reciprocation. Romance scams victims can feel betrayed and lose trust in future relationships. It's important to verify online identities through video chats or reverse image searches, and be cautious with fast-progressing relationships that quickly involve money. 2) Romance Scammers Asking for Money with Gift Cards: In romance scams, the gift card scam is especially harmful because it seems harmless and hard to trace. Scammers, after gaining trust, create situations that need urgent money—for example, medical bills or blocked funds. The scammer asks for payment in gift cards, saying they are convenient and fast, and that other methods are not possible or too slow. Online dating scam victims, worried and caring, buy gift cards and share the codes, sending cash to the scammer. This scam shows the importance of being alert to any request for gift cards in an online relationship. It reminds us that real financial transactions, especially in personal relationships, rarely require payment in such ways. 3) Fake Online Dating ‘Hookup’ Sites: Fake online dating ‘hookup’ sites are one of the types of romance scams that target singles looking for love. Scammers create fake profiles and websites, promising genuine relationships and meetups. However, these websites are scams designed to steal the user’s information or money. Scammers may use manipulation tactics, such as catfishing, blackmail, or extortion, to create a feeling of trust and then ask for money or personal details. This scam shows the importance of being careful when using online dating sites or apps and verifying the identity and legitimacy of the person you are talking to. 4) Blackmail and ‘sextortion’: Blackmail and ‘sextortion’ are types of dating scams that involve threatening to expose the victim’s private or sensitive information, such as explicit photos or videos. Scammers may pose as potential romantic partners on dating sites or apps, chat with the victim and send explicit content. They may also ask for similar content in return. If the victim sends photos or videos, the scammer then blackmails them, demanding money or more content. Scammers may also claim to have hacked the victim’s device or account or to have recorded them visiting an adult site. This scam highlights the importance of being careful about what you share online and not giving in to blackmail demands. 5) Inheritance Scam: In this scam, the fraudster claims to have a large inheritance but needs help with legal or tax issues to access it. They ask the victim for a small financial contribution, promising to share the wealth once it's released. The victim sends money, assuming they're investing in their future, only to find out the inheritance doesn't exist. This scam exploits the victim's willingness to help and the promise of shared wealth. It's crucial to verify any large money claims from an online romantic interest. 6) Phishing of Personal Information (Identity Theft Romance Scams): Phishing of personal information is a type of romance scam that involves tricking the victim into revealing their personal or financial details, such as passwords, bank accounts, or credit cards. Scammers may create fake profiles on dating sites or apps, or they may contact the victim through social media and pretend to have a romantic interest in them. They may then ask for personal information, such as their address, phone number, or date of birth, under the pretext of sending gifts, booking travel, or verifying their identity. Scammers may also send phishing emails or links that direct the victim to fake websites that collect their information. This scam underlines the importance of being mindful about what you share online and verifying the identity and legitimacy of the person you are talking to. 7) Online Dating Cryptocurrency Investment Scam: In the world of digital currencies, romance scams are on the rise. Scammers, posing as savvy investors, lure victims into fake crypto investments. They promise high returns with low risk. They may even show bogus profits on a sham website. This scam exploits the victim's trust and their limited knowledge of the volatile crypto market. The fallout is not just financial loss but also the harsh truth that their romantic partner was a sham. It's a stark reminder to tread carefully when mixing romance and finance, especially in the complex world of cryptocurrency. 8) Sending you to Phishing and Malware-Infected Websites: This type of romance scam involves sending you to phishing and malware-infected websites. These websites are used to steal personal information or infect devices with harmful software. Scammers tend to send links to these websites through online dating platforms or messaging apps and claim that they are for booking travel, sending gifts, verifying identities or investing in cryptocurrency. However, these websites are designed to capture the victim's details, such as passwords, credit cards, or bank accounts, or to download malware or viruses that can damage their devices or access their data. This fraud illustrates the need of checking website sources and security before clicking. 9) Military Romance Scam: In military romance scams, fraudsters pose as military personnel on fake profiles. They claim to be stationed overseas, explaining why they can't meet. They build emotional connections over time, leading to trust and affection. They then spin stories of needing money for various reasons like travel, medical costs, or securing leave. The victims, swayed by the emotional bond and respect for the military, often send money, gift cards, or personal information. The victims face not just financial loss but also emotional pain when the scam is revealed. This cautions about online connections that quickly request money, especially if the person claims a hard-to-verify occupation. 10) Medical Emergency Scam: In the medical emergency scam, fraudsters build a relationship with the victim and then claim a sudden health crisis or a family member's urgent need for medical care. They ask for funds for costly treatments, exploiting the victim's sympathy and desire to help. This scam, which forces victims to make hasty decisions under the guise of life-or-death situations, can lead to substantial financial losses. Skepticism and independent verification before donating money in such instances are crucial. Other types of romance scams include loan or debt relief scams, The scammers offer to help you consolidate, lower or eliminate your debt. However, they charge you upfront fees, access your personal information, or enroll you in a costly program that doesn’t reduce your debt. Moreover, there are real estate or rental scams where scammers advertise fake or unavailable properties. They ask for money before showing the property or use stolen photos and details. They may also pose as landlords, agents, or tenants and ask for deposits, rent or personal information. A few other scammers use online shopping scams by creating fake websites or social media pages that sell products or services that don’t exist, are counterfeit or never arrive. They may also ask for payment through unsecure methods, such as wire transfers or gift cards. Many naïve youngsters in love fall prey to education or career opportunity scams. Such scammers offer scholarships, grants, loans, jobs or internships that require you to pay fees, provide personal information or attend seminars. They may also claim to be affiliated with legitimate organizations or institutions. A travel or visa scam in romance scams is when a scammer fakes love and asks for money to visit you. However, they have travel problems or emergencies. They deceive you into paying more out of pity, but they never appear. People are increasingly being deceived by romance scammers who pretend to be interested in them and ask for money for various reasons. These include travel, emergencies, investments, or gifts. 63% of women were victims of romance scams in 2018. The largest reported scams were paid in cryptocurrency, i.e., $139 million in 2021. With the rise in such incidents at an alarming rate, it is important for people to be more alert than ever before, be more aware of personal cybersecurity and safeguard their digital presence. 4. Guarding the Heart: Practicing Cyber Vigilance at its Best Instead of being blindfolded in love, practice vigilance and take control of the situation before it is too late. Learn from the stories and experiences of romance scam victims, and analyze scams by yourself or involve trustworthy people in your life. Educate yourself and your family, spread romance scams related public awareness, and be vigilant. Report incidences through the right channels and keep yourself safe from these scams. Scammers are resilient and find new ways to scam. Be aware of their methods to avoid further damage and consequences. Romance scammers leave victims in a state of emotional damage, with feelings of being betrayed, humiliated, and ashamed of being deceived. Victims tend to suffer from depression, anxiety, and post-traumatic stress disorder. The financial costs of online dating scams to those who become the bait for romance scammers include losing thousands of dollars and having their credit cards or bank accounts compromised or stolen. Learn how to catch a romance scammer and also explore how to spot and avoid romance scams. Practical advice to dodge romance scammers includes: Research the Person: Use search engines or social media to look up the person's name, photo, and any details they share with you. Be wary if their online presence is scarce or if they seem too good to be true. Guard Personal Information: Never share personal information, such as your address, phone number, or financial details, with someone you've only met online. Be Cautious with Overseas Relationships: Many romance scams involve individuals from other countries. Be extra cautious if the person claims to be living or traveling outside of your country. Never Send Money: Scammers frequently use the tactic of asking for money for unexpected expenses, travel, or a plane ticket to come visit you. Never send money to someone you've only met online. Be Skeptical: If the person professes love quickly, refuses to meet in person, always has an excuse to not video chat, or asks for financial help, these are red flags. Report Suspicious Behavior: If you suspect you're being scammed, report it to the local authorities and the platform where you met the person. Consult with Friends and Family: Share your online romantic interactions with people you trust. They can provide a fresh perspective and may notice red flags that you didn't. These scams are a serious threat in the online world, where fraudsters prey on people’s emotions and money. To prevent these scams, everyone needs to work together and stay alert. The question arises about how to stay safe from romance scams online. The best way to protect oneself is to learn about the scams, practice cybersecurity best practices to avoid them, and use strong cybersecurity tools. Online dating can be rewarding, but only if one is careful and smart.

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GRC

10 Risk Management Strategies in 2024 for Better GRC Privacy

Article | March 28, 2024

Learn the vital risk management strategies for elevated privacy. Secure organizations with the best practices in risk management while being in compliance with the GRC privacy framework in detail. Contents 1. Legal Governance, Risk and Compliance: What a Company Needs to Know 2. Risk Management within the GRC framework: Concepts and Strategies 3. GRC Cyber Security: Essential Strategies for Modern Risk Management 3.1 10 Risk Management Strategies and Best Practices for GRC Privacy 3.1.1 Understanding GRC in Cybersecurity 3.1.2 Role of GRC, Risk Assessment and Digital Tools 3.1.3 Risk Assessment 3.1.4 Risk Mitigation 3.1.5 Continuous Monitoring 3.1.6 Incidence Response Plan 3.1.7 Training and Awareness 3.1.8 Compliance Management 3.1.9 Vendor Risk Management 3.1.10 Cyber Insurance 3.2 GRC Companies to Consider for All Cybersecurity GRC Needs 3.2.1 AuditBoard 3.2.2 Bitsight 3.2.3 Camms 3.2.4 Fusion Risk Management 3.2.5 LogicGate 3.2.6 Ncontracts 3.2.7 Protecht 3.2.8 Resolver, a Kroll Business 3.2.9 SAI360 3.2.10 Secureframe 4. Risk Management: Future Trends and Impact In the wild world of business today, Governance, Risk, and Compliance (GRC) stands as a guide along with risk management due to increasing cyber threats. It’s the tool that can help organizations find their way through the thickets of operational challenges, especially those tied to cybersecurity. GRC isn’t just a fancy term; it’s a strategic plan that aligns IT with business goals, manages risks head-on, and ensures rules are followed. It’s the map that helps businesses navigate the tricky terrain of cyber threats and changing rules. The power of GRC lies in its ability to spot potential risks, build strong risk management processes, set up compliance guidelines, and boost openness. It gives a clear view of the business landscape, helping to make smart decisions, manage IT and security risks, cut costs, and meet rules. In the next sections, we’ll dig deeper into the legal side of GRC and how an organization can use GRC strategies to its advantage. 1. Legal Governance, Risk and Compliance: What a Company Needs to Know 1.1 An Approach to GRC Governance, Risk, and Compliance (GRC) It aligns IT with business goals, manages risks, and ensures compliance with regulations. It includes tools and processes to unify governance and risk management with technological innovation. Governance refers to the policies, rules, or frameworks that a company uses to achieve its business goals. It defines the responsibilities of key stakeholders. Risk management involves identifying, assessing, and handling potential risks. Companies use a risk management program to predict potential problems and minimize losses. Compliance is the act of following rules, laws, and regulations. It applies to legal and regulatory requirements set by industrial bodies and also to internal corporate policies. 1.2 Benefits of GRC in Risk Management It enables organizations to Identify risks, Develop risk management procedures, Establish compliance guidelines, and Increase transparency GRC helps companies manage IT and security risks, reduce costs, and meet compliance requirements. It improves decision-making and performance by providing an integrated view of risk management. The GRC provides a framework that integrates governance, risk management, and compliance activities, enabling organizations to streamline operations, mitigate risks, and uphold ethical and legal standards. 2. Risk Management within the GRC Framework: Concepts and Strategies GRC and risk management and Compliance (GRC) is a strategy for managing governance, risk, and compliance. It ensures organizations effectively identify, assess, manage, and monitor risks. 2.1 GRC Risk Management Process The process involves: Risk Identification: Identifying potential risks affecting objectives Risk Assessment: Assessing the impact and likelihood of risks Risk Appetite: Determining the acceptable level of risk Risk Tolerance: Quantifying acceptable risk variation Risk Mitigation: Implementing strategies to reduce risk impact 2.2 Developing Risk Management Strategies The strategy development process includes: Identifying risks Assigning risk severity levels Developing risk mitigation plans Monitoring control effectiveness Communicating risk Continually assessing and adjusting strategies These strategies enhance organizational resilience and success within the GRC framework. 3. GRC Cyber Security: Essential Strategies for Modern Risk Management GRC plays a pivotal role in the success and resilience of an organization’s cybersecurity front. A proactive approach to managing risk in GRC helps boost data privacy and security at all levels. 3.1 10 Risk Management Strategies and Best Practices for GRC Privacy 3.1.1 Understanding GRC in Cybersecurity GRC in cybersecurity is a structured approach that aligns IT operations with business objectives, effectively manages risks, and meets regulatory needs. It comprises three essential elements: governance, risk management, and compliance. Governance: It functions as the architect of protocols and standards, laying down the framework for secure operations within an organization. Risk Management: Operates as the vigilant observer within this framework, detecting threats and vulnerabilities and devising strategies to mitigate or eliminate them. Compliance: Ensures meticulous adherence to the established rules and standards, verifying that all operations align with the predefined guidelines. Understanding GRC in cybersecurity is crucial as it forms the backbone of a proactive approach to managing cyber risk, complying with regulations, and fostering a risk-aware culture. 3.1.2 Role of GRC, Risk Assessment and Digital Tools GRC (Governance, Risk, and Compliance) in cybersecurity is a strategic framework that aligns IT with business objectives, manages risks, and ensures compliance with regulations. It plays a pivotal role in enhancing operational efficiency, streamlining processes, and achieving business objectives. Governance: It guarantees the alignment of corporate activities with business goals. It encompasses ethics, resource management, accountability, and management controls. Risk Management: It is the process of identifying, assessing, and controlling financial, legal, strategic, and security risks to an organization. Compliance: It ensures that all operations align with the predefined guidelines. Digital tools play a crucial role in executing and overseeing cybersecurity strategies. They provide a comprehensive perspective on processes, risks, and compliance across various departments, enable more informed decision-making, efficient risk assessment, enhanced IT compliance, and improved performance. These tools bolster the effectiveness of the GRC cybersecurity framework in addressing security risks. 3.1.3 Risk Assessment Risk assessment is a critical component of the GRC framework in cybersecurity. It involves identifying, estimating, and prioritizing information security risks. Here’s a breakdown of the process: Identify and Document Network Asset Vulnerabilities: The first step involves identifying and documenting the vulnerabilities associated with an organization’s IT assets. Use Sources of Cyber Threat Intelligence: Cyber threat intelligence is internal or external information that can help identify cybersecurity risks. Identify and Document Internal and External Threats: With a full view of its IT assets and an understanding of the major potential threats, an organization can search for both internal and external threats. Identify Potential Mission Impacts: Different cybersecurity risks have varying potential impacts on the organization. Determine Risk: At this point in the assessment, an organization has a clear understanding of the various threats and vulnerabilities it faces and the potential impact of each. A comprehensive risk assessment helps organizations prevent and reduce costly security incidents and data breaches and avoid regulatory and compliance issues. It also helps to create a more risk-aware culture. 3.1.4 Risk Mitigation Risk mitigation, a crucial strategy in cybersecurity, focuses on reducing the overall impact of a potential cyber threat. It involves a three-pronged approach: prevention, detection, and remediation. Prevention: This strategy involves applying all available software updates as soon as they become available. Cybercriminals can engineer exploits almost immediately after the release of a patch, making automation crucial. Detection: This strategy requires using modern operating systems that enforce signed software execution policies for scripts, executables, device drivers, and system firmware. Allowing unsigned software can provide cybercriminals with an entry point. Remediation: Crafting a disaster recovery plan (DRP) is key to effectively mitigating cyberattacks. A DRP should address data protection, data restoration, offsite backups, system reconstitution, configurations, and logs. Implementing these strategies can significantly reduce an organization’s exposure to cyber threats and ensure a robust cybersecurity defense. 3.1.5 Continuous Monitoring Continuous monitoring is a critical strategy in risk management for cybersecurity. It involves the constant surveillance of IT systems and networks to detect security threats, performance issues, or non-compliance problems. This approach aims to identify potential problems and threats in real time, allowing for quick resolution. The goal of continuous monitoring is not just about identifying threats but also about understanding the health of each component and operation within an organization’s IT infrastructure. It provides a comprehensive perspective on processes, risks, and compliance across various departments, leading to more informed decision-making and enhanced IT compliance. Continuous monitoring is a proactive approach that transitions organizations from a reactive to a proactive cybersecurity stance. By continuously monitoring cyber risks, organizations can foresee potential threats and address them preemptively. This strategy is crucial for all stakeholders involved in an organization’s IT infrastructure. 3.1.6 Incidence Response Plan An incident response plan (IRP) is a critical strategy in modern risk management. It is a set of procedures that help security teams identify, respond to, and recover from a cybersecurity incident. NIST and SANS developed the two most well-respected IR frameworks. The NIST framework includes steps such as preparation, detection and analysis, containment, eradication and recovery, and post-incident activity. The SANS framework, while similar, differs slightly in wording and grouping. Having an IRP in place is crucial, as it allows for quick and uniform responses to any type of external threat. It ensures that responses are as effective as possible, reducing the potential impact of a cybersecurity incident. 3.1.7 Training and Awareness In cybersecurity, training and awareness play a significant role in knowledge sharing and implementation. They equip employees with the knowledge to understand cybersecurity risks and how to mitigate them. Engaging employees in various security awareness situations, whether conducted online, in person, or a combination of both, achieves this. Effective training educates employees about the existing cybersecurity threats against the organization, helps them understand potential vulnerabilities, and teaches them the appropriate habits for recognizing signs of danger and avoiding breaches and attacks. It also guides them on what to do if they make a mistake or have any doubts. In essence, training and awareness form the backbone of a proactive approach to cybersecurity, managing cyber risk, complying with regulations, and fostering a risk-aware culture. 3.1.8 Compliance Management Compliance management is a critical strategy in cybersecurity risk management. It involves managing an organization’s responsibilities under laws, regulations, and standards. This includes identifying compliance responsibilities and closing compliance gaps on an ongoing basis. At its core, it means adhering to standards and regulatory requirements set forth by some agency, law, or authority group. Organizations achieve compliance by establishing risk-based controls that protect the confidentiality, integrity, and availability (CIA) of information. Compliance management is not just a checkbox for government regulations but also a formal way of protecting an organization from cyberattacks. It’s an ongoing effort since the digital attack surface is always expanding. Remember, compliance failures can carry significant financial penalties and even the revocation of core business functions. 3.1.9 Vendor Risk Management Vendor risk management (VRM) is a crucial strategy in cybersecurity risk management. It involves identifying, assessing, and mitigating the cybersecurity risks associated with third-party vendors. In the modern digital landscape, organizations often rely on third-party vendors for various services, including IT products and cloud solutions. However, these relationships can introduce new vulnerabilities into an organization’s cybersecurity infrastructure. VRM is about managing these risks effectively. It combines objective, quantifiable data sources like security ratings and data leak detection with subjective, qualitative data sources like security questionnaires to get a complete understanding of each vendor’s security posture. According to a 2020 Ponemon survey, the average enterprise has 5,800 third-party vendors, with 90% of them using some sort of cloud service. In 2019, IBM reported that the average time to identify a data breach was over six months. Given these statistics, it’s clear that VRM is not just a good-to-have but a must-have strategy for modern organizations. It’s about being proactive, not reactive, in managing vendor-related cybersecurity risks. 3.1.10 Cyber Insurance Cyber-insurance is a key strategy in cybersecurity risk management. It covers financial losses from cyber incidents like ransomware attacks and data breaches. Just like car insurance covers vehicle damage, cyber insurance pays for damaged computer systems, lost revenue, legal expenses, and other cyberattack costs. According to IBM’s report, 83% of organizations have had more than one data breach, costing an average of USD 4.35 million. As the risk of cyberattacks grows, cyber insurance becomes increasingly essential. It can significantly mitigate the impact of data compromise, loss, or theft on a business, ranging from losing customers to reputation and revenue loss. A cyber insurance policy can protect the enterprise against cyber events, including acts of cyber terrorism, and assist with security incident remediation. In essence, cyber insurance is a proactive measure to mitigate the financial impact of cyber threats, making it an indispensable part of modern risk management strategies. 3.2 10 GRC Companies to Consider for All Cybersecurity GRC Needs 3.2.1 AuditBoard Founded in Los Angeles, California, AuditBoard offers the following essential features: Cloud-based platform: AuditBoard is a leading cloud-based platform that is transforming audit, risk, and compliance management. Suite of software solutions: The company offers a suite of software solutions designed to simplify and automate complex processes for auditors, risk managers, and compliance professionals. Flagship products: Its flagship products, such as SOXHUB, OpsAudit, and RiskOversight, integrate critical auditing workflows. Risk assessment: The platform includes features for risk assessment. Document management: Document management is a key feature of the platform. Reporting: The platform facilitates reporting. Real-time collaboration: AuditBoard facilitates real-time collaboration across teams. User-friendly interface: The platform receives praised for its user-friendly interface. Scalability: AuditBoard is scalable, making it suitable for organizations of different sizes. Actionable insights: The platform provides actionable insights that help organizations manage risks more effectively and ensure compliance with relevant regulations and standards. 3.2.2 Bitsight The major features of Bitsight include: Cybersecurity Risk Assessment: Bitsight revolutionizes the way organizations assess and mitigate cybersecurity risk. Leader in Cybersecurity Ratings: As a leader in cybersecurity ratings, Bitsight provides comprehensive, data-driven insights into the security performance of companies and their potential cyber risks. Data Analysis: Bitsight analyzes vast amounts of data on security incidents, practices, and behaviors. Dynamic and Objective Rating System: It offers a dynamic and objective rating system that enables companies to benchmark their cybersecurity posture, identify vulnerabilities, and prioritize remediation efforts. Global Clientele: It serves a global clientele. Pivotal for Risk Management: Bitsight’s platform is pivotal for risk management, cyber insurance, and merger and acquisition due diligence. Informed Decision Making: It helps stakeholders make informed decisions based on cybersecurity risk assessments. 3.2.3 Camms The primary characteristics of Camms in GRC risk management are: Integrated Risk Management (IRM): Provides a comprehensive platform for managing risk, strategy, projects, and people. Risk Assessment Tools: Offers tools for assessing and managing risk. Incident Management: Provides capabilities for managing incidents. Strategic Planning: Supports strategic planning processes. Global Clientele: Serves clients across various sectors worldwide, including healthcare, finance, and government. Innovation: Continuously evolves its product suite to meet the dynamic needs of risk and compliance management. User-Friendly Interfaces: Emphasizes on creating interfaces that are easy to use. Actionable Insights: Provides insights that can be directly applied to improve business performance and compliance. 3.2.4 Fusion Risk Management The major features of Fusion Risk Management include: Cutting-Edge Software Solutions: Offers advanced software solutions to help businesses anticipate, manage, and respond to operational disruptions. Business Continuity: Specializes in maintaining systems of operation during a disruption or disaster. Disaster Recovery: Provides solutions for recovering or continuing technology infrastructure critical to an organization after a natural or human-induced disaster. Risk Management: Offers tools and strategies for identifying, assessing, and prioritizing risks. Cloud-Based Solution: Integrates critical functions into a single, cloud-based platform. Resilience Through Proactive Planning: Enables organizations to achieve resilience through proactive planning and strategic response mechanisms. Minimizing Impact of Incidents: Focuses on minimizing the impact of incidents and ensuring a swift recovery. Support Across Various Industries: Supports clients across various industries in safeguarding their operations against unforeseen challenges. 3.2.5 LogicGate The key features of LogicGate: Cloud-Based GRC Platform: Offers a cloud-based governance, risk, and compliance (GRC) platform that enables organizations to automate and manage their risk and compliance processes effectively. Risk Cloud Platform: Provides a versatile platform that allows for the customization and scaling of GRC applications to meet the evolving needs of businesses. No-Code Application Framework: Leverages a no-code application framework, empowering businesses to visualize and mitigate risks, streamline workflows, and foster a proactive risk management culture. Proactive Risk Management Culture: Fosters a culture that emphasizes proactive risk management. Helps Navigate Regulatory and Risk Challenges: Dedicated to helping organizations of all sizes navigate the complex landscape of regulatory and risk challenges. Transforms GRC Processes: Aims to transform GRC processes from a reactive to a strategic stance. 3.2.6 Ncontracts The key features of Ncontracts include: Risk and Compliance Management Solutions: Provides comprehensive solutions tailored for the banking and financial services industry. Vendor Management: Offers services for managing vendor relationships. Risk Management: Provides tools and strategies for identifying, assessing, and prioritizing risks. Compliance Assurance: Ensures compliance with industry standards. Audit Management: Provides solutions for managing audits. Streamlined Governance and Operational Processes: Aims to streamline governance and operational processes for financial institutions. Monitoring Regulatory Changes: Offers tools for monitoring changes in regulations. Managing Third-Party Relationships: Provides solutions for managing third-party relationships. User-Friendly Solutions: Dedicated to delivering integrated and user-friendly solutions. Navigating the Complex Regulatory Landscape: Supports financial organizations in navigating the complex regulatory landscape. 3.2.7 Protecht The key features of Protecht are: Risk Management Innovation: An Australian company at the forefront of risk management innovation. Comprehensive Suite of Software and Services: Offers a comprehensive suite of software and services that enable organizations to understand, manage, and mitigate their risks. Enterprise Risk Management: Provides solutions for managing enterprise-level risks. Compliance: Offers tools and strategies for ensuring compliance with regulations and standards. Operational Risk: Provides solutions for managing operational risks. Event Management: Offers tools for managing events. Flexible and Scalable Solutions: Provides flexible and scalable solutions that can be tailored to fit the unique risk profile and requirements of each organization. Embedding Risk Management: Emphasizes embedding risk management into the operational processes of an organization. Enhanced Decision-Making and Improved Business Outcomes: Aims to enhance decision-making and improve business outcomes through better risk intelligence. 3.2.8 Resolver, a Kroll Business The key features of Resolver include: Integrated Risk Management Software: Offers software designed to empower organizations to protect their employees, operations, and data. Advanced Analytics and Advisory Services: Enhanced its offerings to include advanced analytics and advisory services following its acquisition by Kroll. Comprehensive Approach to Risk Management: Facilitates a comprehensive approach to identifying, assessing, monitoring, and mitigating risks. Corporate Security, Compliance, and Incident Management: Provides solutions across various domains, including corporate security, compliance, and incident management. Global Client Base: Serves clients globally across various industries. Informed Decision Making: Committed to providing solutions that enable businesses to make informed decisions. Proactive Risk Management Culture: Aims to foster a proactive risk management culture within organizations. 3.2.9 SAI360 The key features of SAI360 include: Risk, Compliance, and Sustainability Solutions: Globally recognized provider of solutions in these areas. Broad Range of Products: Offers a wide array of products designed to improve decision-making and operational efficiencies. Regulatory Compliance Management: Provides tools for managing regulatory compliance. Risk Management: Offers solutions for managing various types of risks. Environmental Health and Safety (EHS): Provides solutions for managing EHS efforts. Sustainability Efforts: Offers tools for managing sustainability efforts. Integrated Approach: Enables organizations to adopt a holistic view of risk and compliance. Culture of Resilience and Ethical Business Practices: Fosters a culture that emphasizes resilience and ethical business practices. Innovation and Customer Success: Committed to innovation and ensuring customer success. Support Across Various Industries: Supports organizations across various industries in navigating the complexities of the modern business environment and achieving their sustainability and governance goals. 3.2.10 Secureframe The key features of Secureframe: Information Security and Privacy Certifications: Streamlines the process of obtaining and maintaining certifications such as SOC 2, ISO 27001, HIPAA, and GDPR compliance. Automated Compliance Workflow: Its platform automates the compliance workflow. Continuous Monitoring: Offers continuous monitoring tools. Employee Training: Provides employee training tools. Policy Management: Offers policy management tools. Vendor Risk Assessment: Provides vendor risk assessment tools. Simplifying Compliance: Simplifies the path to compliance, enabling companies to focus on their core business. Industry Standards and Regulatory Requirements: Ensures that company data and processes meet industry standards and regulatory requirements. Dedicated to Manageable and Accessible Compliance: Dedicated to making complex compliance processes more manageable and accessible for businesses of all sizes. 4. Risk Management: Future Trends and Impact 4.1 GRC Risk Management Trends Risk Appetite and Tolerance: Only 33% of organizations have articulated their risk tolerance levels. This understanding is crucial for effective risk management. Digitally-Transformed GRC: Digital transformation is reshaping GRC with the use of AI tools, GRC platforms, and risk maturity models. Third-Party Risks: As businesses become more interconnected, managing third-party risks has become a priority. Non-Financial Risks: Quantifying non-financial risks like reputational or operational risks is increasingly important. 4.2 Impact of GRC on an Organization’s Cybersecurity Posture Integrated Approach: The need for cybersecurity to be integrated into GRC frameworks has increased due to persistent cyber threats and growing regulations. Proactive Compliance: Organizations need to maintain regulatory compliance by being aware of updated regulations and emerging risks. Managing Third-Party Cyber Risks: GRC frameworks are integrating vendor and third-party risk management to evaluate and reduce cyber risks. Improved Security Posture: By integrating GRC functions, leveraging technology, and staying compliant, organizations can strengthen their cybersecurity posture. These trends highlight the importance of a holistic approach to GRC and cybersecurity for navigating the digital world, mitigating risks, and ensuring robust cybersecurity. As we say goodbye to 2024, it’s clear that risk management isn’t just a strategy anymore; it’s a game plan for success. It’s shown us that taking risk isn’t about courting danger but about seizing opportunities. Companies that have jumped on board aren’t just getting by; they’re flourishing, turning what could have been weaknesses into their greatest strengths. Mixing high-tech risk management tools with a clear vision for the future has opened up new levels of agility and resilience. Businesses have discovered that adaptability and innovative thinking are their most valuable assets during challenging times. The past year has highlighted that in the high-stakes game of risk and reward, the boldest strategies, supported by robust risk management, are the ones that achieve success. This year has given risk management a makeover, showing us that it’s the bedrock of sustainable growth and a lighthouse guiding us through the choppy waters of global business. The 2024 risk management game plan is a shining example of the power of embracing risk as a stepping-stone to success, setting a new gold standard for years to come

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Enterprise Identity, Platform Security, Software Security

Beyond Basics: Advanced Strategies for Enhancing Zero Trust Networking

Article | August 16, 2023

Despite the fact that today's technological world is an ever-emerging landscape of complex network infrastructure, security measures, and state-of-the-art technological tools, we still cannot guarantee that a cyber-attack or a breach can be easily averted. The prime reason for such cyber breaches is the possession of complex and highly advanced attack mechanisms by hackers or attackers. Therefore, the only sustainable way to counter cyber-attacks is to implement a continuous monitoring system. A compliance program is an example of continuous monitoring where consistent adherence to a benchmark or compliance level is highly emphasized on a continual basis. A compliance program is essential for ensuring data integrity, confidentiality, and availability. The three elements (integrity, confidentiality, and availability) form the backbone of any information security system. It is needed to increase the operational efficiency of organizations ranging from education, healthcare, financial institutions, and others. A compliance program equips company personnel with the resources necessary to develop confidence in their compliance efforts, allowing them to concentrate on running their organization. In the subsequent paragraphs, we shall discuss the approach that should be used to build a robust compliance program. The scope of the compliance program for which we will build is the first and most important step we take. The following procedures, which are listed below, may be included in the scope of the enterprise: Access Management Vulnerability and Patch Management Asset and Configuration Management Logging and Monitoring Risk Management Physical and Environmental Security Privacy Governance (Policies & Procedures & Awareness) End Point Security Change Management Incident and Problem Management, Capacity and Availability Vendor Management Application Security Once the scope is identified, it is easier to move forward with the design of the compliance program. Now we define a benchmark for measuring the compliance level of each of these processes. For e.g., if we take end point security into consideration, the percentage of security patches deployed or implemented on the servers and workstations must comply with the benchmark or compliance level percentage formerly identified and agreed upon. Then we analyze the data collection at a given point of time for each of these processes that provide us with the current posture. The data collection is to be done by various tech teams and can be in the form of reports, logs, or any raw form of data. A thorough review and analysis of the data collected is done against the benchmark to identify the gaps. This is an important step and the most crucial one, as any lack here may result in a security breach. For example, if we take vulnerability management into consideration and we analyze that the remediation of vulnerabilities for a quarter is falling short of the benchmark percentage, then such un-remediated vulnerabilities in turn actually expose the servers and systems to serious security breaches, and hence effort must be taken to remediate such findings within the stipulated time. "It is important to recommend solutions and a roadmap to close the gaps within a specified period. The roadmap to close the gaps in a compliance program is usually over a period of a number of years. This should sit in conformance with the various tech teams and must have their consent." Finally, measure the compliance level (against a benchmark already identified) and come up with a compliance score for each of these processes at any given point in time. The compliance score can be depicted in the form of a dashboard showcasing the various graphs and charts and hence depicting the current security posture of the organization. These components give the necessary foundation to set up a compliance program and begin protecting any highly regulated firm immediately. These components contribute to the establishment of an effective compliance and ethics program by detecting and preventing inappropriate conduct as well as encouraging adherence to the organization's legal and ethical responsibilities. Why should Organizations have a Compliance Program? Building a compliance program is neither a simple nor an inexpensive task. Since compliance departments do not generate income, it can be tempting to disregard compliance as a cost center. This would be a mistake. A compliance breach has the ability to do severe damage to a business, or in the worst-case situation, to completely destroy it (as famously happened to Enron Corporation). Listed below are a few of the advantages that a compliance program offers: A compliance program indicates the organizations' dedication to ethical behavior It minimizes the likelihood of violations, establishes a means for detecting violations sooner rather than later, and establishes a procedure for swiftly and efficiently responding to violations It will minimize the risk of severe consequences in the event of a violation An effective compliance program in business operations reduces compliance risk and business drag The importance and complexity of compliance programs have increased in recent years, as has the number of organizations using them. It has emerged as a critical component for employees, investors, regulators, and everyone else who is concerned with the operation, protection, and evaluation of a company.

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Software Security

GRC Security 2024: Notable Cybersecurity Events on the Horizon

Article | March 6, 2024

Faking data for security sounds unrealistic. However, it is an important strategy across data platforms. Formally known as data masking, it adds functional value to the same set that appears differently. Remember, its market value is marching towards USD 1268 million by 2028, making it a differentiator while picking the best tool. Before I discuss those, let’s understand what it’s all about and the top techniques. Data masking creates a ‘copy’ of a data set with a similar structure but may vary in value. It is an important technique to protect sensitive data by making it unidentifiable and immutable to unauthorized users. Data masking is important for ensuring consistency and usability across multiple databases. The purpose behind creating a functional substitute is to use it for QA, user training and demonstrations without revealing the actual values. Importance of data masking Emulating data to protect sensitive information and yet achieve a few other things has the following benefits: • It enables organizations to stay in compliance with GDPR by eliminating the risk of sensitive data exposure. Thus, it offers a competitive edge to others. • It ensures end-to-end security and makes the data useless even if hackers access it. • Eliminates the risk of exposure during data sharing with third-party applications. Moreover, organizations engaging in outsourced partnerships are at continuous risk of exposing their data to a third party. With masking, they can proceed with confidence and without any concerns. Among many, the following are the most common types of data where masking is widely applicable: • Protected health information • Personally Identifiable Information • Payment Card Information • Intellectual property Top Data Masking Techniques While there are many on the list, I am narrowing it down to the most important ones: Encryption As the name suggests, this technique uses an encryption algorithm to mask the data. Only an encryption key can be used to decrypt it. The data is secure as long as authorized users only hold the key. In any case, unauthorized access could expose the data. Scrambling Scrambling jumbles the characters, numbers and special characters into a new data value that hides the original content. It’s a simple technique, doesn’t imply to all data types and is not the best of all techniques to mask sensitive data. For example, the employee ID that reads 12345 is masked into 23154; it may not be difficult for hacking algorithms to decipher the original number. Nulling out This technique applies a null value to the targeted data column so that actual data stays hidden from any unauthorized user. However, it reduces data integrity and makes QA harder. Substitution It masks the data by substituting its original value with a new one; without impacting the original contents and details. The simplistic technique works well across several data types. For example, masking the business partner names with a lookup file. Disguising the original ‘look’ often helps in protecting it from breaches. Shuffling Shuffling is a substitution done differently. It shuffles the masking data column with others. For example, shuffling the business partner names across multiple records. The new data looks accurate and yet doesn’t reveal any personal information. The only way to breach this technique would be to hack the shuffling algorithm. Date Aging Based on the pre-defined masking policy, this technique alters the data field. This includes increasing or decreasing the values. A simple example would be decreasing the date of the birth field by 100 days. The drawback of this method is that because the same policy applies to all values in a field, the compromise of one value results in the compromise of all values. Pseudonymisation Pseudonymisation is a relatively newer term and, thus technique introduced with the GDPR guidelines. It implies that the data can’t be used for personal identification and requires removing direct identifiers and multiple identifiers that, upon combining, could potentially disclose an identity. Encoding identifiers protects user privacy and preserves the credibility of the masked data. Redaction Redaction implies using generic values to replace sensitive data that is not required for QA or development purposes. Here, the data has no attributes similar to the original set. Averaging Averaging means hiding the individual values except for their aggregate or average. A very simple example would be hiding the salaries in an employee details table and only showcasing their average. High-performance data platforms The degree of security by masking data directly depends upon the performance of the data management platform. That is exactly why many data platforms, especially test data management solutions, pitch masking as an integral component. For example, Oracle’s Data Masking Subsetting solution abbreviates cost by provisioning masked data for testing purposes. It helps in abbreviating IT costs. Informatica’s dynamic data masking de-identifies the data sets and prevents unauthorized access to production environments such as order management, customer support, etc. It hides user-sensitive data such as name, age, accounts, role etc. While we are at it, K2View’s data masking is surely the highlight of 2022. The popular data fabric and product platform capture data from fragmented points according to product schemas such as the business entity. The fabric saves masked data for every business entity in an exclusive micro-database. With such an innovative approach, K2View executes dynamic masking for varied use cases such as test data management, legacy application modernization, pipelining and tokenization. Other popular names include Delphix, DataProf, IBM Infosphere, CA, etc. Conclusion As discussed, data masking techniques are mostly simple yet highly effective in ensuring an end to end security for large data volumes. They enable the real data to be used for alternative functionalities such as testing, demos and training. While the scope of masking goes beyond, the above-mentioned techniques provide starting details. I recommend partnering with the right data product platform that provides integrated components including masking, pipelining, orchestrating, etc.

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Enterprise Security, Network Threat Detection, Software Security

2023's Must-Attend Networking Security Conferences for Businesses

Article | July 18, 2023

Love and romance can be a costly affair when it comes to personal cybersecurity. Identify the common red flags in romance scams and their types, and learn how to avoid romance scams for a secure living. Contents 1. The Lure of Love: Superior Cyber Vigilance in Romance 2. Top 5 Tactics and Red Flags in Romance Scams 3. Cybercrime Update: Romance Scams and their Types 4. Guarding the Heart: Practicing Cyber Vigilance at its Best In the digital age, online romance is a double-edged sword. While it has fostered genuine connections for many, it has also given rise to costly romance scams in 2024. So, what are romance scams? These scams exploit the human desire for companionship, causing financial and emotional harm. In 2022 alone, these scams led to losses of $1.3 billion, marking a 78% increase from 2020. Cybersecurity authorities like the FTC and FBI warn of increasing romance scams, with a focus on vigilance in online dating to ensure personal cybersecurity. 1. The Lure of Love: Superior Cyber Vigilance in Romance Relentless pursuers and masters of deceit, lies and filth are the best traits of dating scammers. The Federal Trade Commission (FTC) reports that romance scams are one of the most profitable ventures for online dating scammers. How much money is lost in a romance scam? In 2023, nearly 70000 consumers of online dating apps have reported a romance scam, with losses hitting $1.3 billion. The median reported loss was $4400. In 2023, consumers reported that romance scammers’ favorite lies include claims to have excellent investment advice to offer and to need money because a friend or relative was ill, injured, or in jail. Romance scams lead to significant financial losses in romance scams and cause emotional distress and erode trust in online platforms. 2. Top 5 Tactics and Red Flags in Romance Scams Identifying online dating scammers is crucial. How do you know if someone is romance scamming you? Here are a few red flags to check out for: 2.1 Red Flags to Detect Romance Scams 2.2 How to Avoid Romance Scams and What Are the Warning Signs? Romance scams are a serious issue and it’s important to be aware of the warning signs. Here are some tips to avoid online dating scams: Reluctance to meet in person: They might say they’re living or traveling outside the country, working on an oil rig, in the military, or working with an international organization. Requests for money: Once they gain your trust, they’ll ask for your help to pay medical expenses, buy their ticket to visit you, or pay for their visa. They may also ask you to help them pay fees to get them out of trouble. Specific payment methods: They’ll tell you to wire money through a company like Western Union or MoneyGram. Other requests may include putting money on gift cards and giving them the PIN codes, sending money through a money transfer app, or transferring cryptocurrency. Always traveling or living far away from you: They might say they’re living or traveling outside the country. Refusing to video chat or always cancel: This could be a sign that they’re not who they say they are. If you suspect a romance scam, stop communicating with the person immediately and talk to someone you trust. You can also search online for the type of job the person has, plus the word ‘scammer’. Remember, never send money or gifts to a sweetheart you haven’t met. 3. Cybercrime Update: Romance Scams and Their Types Love in the digital age has a dark side, and it’s not just heartbreak. Welcome to the world of romance scams, where cybercriminals don’t just break hearts, they break the bank, too. Let’s explore various types of romance scams and learn how to protect ourselves. 1) Catfishing: In ‘catfishing’, scammers create fake online profiles to trick people into thinking they're in a relationship with someone who doesn't exist. They use stolen or made-up photos using AI and manipulate victims with strong emotions and convincing life stories. The scammer's goal can be financial gain, asking for money for fake emergencies or travel, or emotional exploitation, seeking attention without reciprocation. Romance scams victims can feel betrayed and lose trust in future relationships. It's important to verify online identities through video chats or reverse image searches, and be cautious with fast-progressing relationships that quickly involve money. 2) Romance Scammers Asking for Money with Gift Cards: In romance scams, the gift card scam is especially harmful because it seems harmless and hard to trace. Scammers, after gaining trust, create situations that need urgent money—for example, medical bills or blocked funds. The scammer asks for payment in gift cards, saying they are convenient and fast, and that other methods are not possible or too slow. Online dating scam victims, worried and caring, buy gift cards and share the codes, sending cash to the scammer. This scam shows the importance of being alert to any request for gift cards in an online relationship. It reminds us that real financial transactions, especially in personal relationships, rarely require payment in such ways. 3) Fake Online Dating ‘Hookup’ Sites: Fake online dating ‘hookup’ sites are one of the types of romance scams that target singles looking for love. Scammers create fake profiles and websites, promising genuine relationships and meetups. However, these websites are scams designed to steal the user’s information or money. Scammers may use manipulation tactics, such as catfishing, blackmail, or extortion, to create a feeling of trust and then ask for money or personal details. This scam shows the importance of being careful when using online dating sites or apps and verifying the identity and legitimacy of the person you are talking to. 4) Blackmail and ‘sextortion’: Blackmail and ‘sextortion’ are types of dating scams that involve threatening to expose the victim’s private or sensitive information, such as explicit photos or videos. Scammers may pose as potential romantic partners on dating sites or apps, chat with the victim and send explicit content. They may also ask for similar content in return. If the victim sends photos or videos, the scammer then blackmails them, demanding money or more content. Scammers may also claim to have hacked the victim’s device or account or to have recorded them visiting an adult site. This scam highlights the importance of being careful about what you share online and not giving in to blackmail demands. 5) Inheritance Scam: In this scam, the fraudster claims to have a large inheritance but needs help with legal or tax issues to access it. They ask the victim for a small financial contribution, promising to share the wealth once it's released. The victim sends money, assuming they're investing in their future, only to find out the inheritance doesn't exist. This scam exploits the victim's willingness to help and the promise of shared wealth. It's crucial to verify any large money claims from an online romantic interest. 6) Phishing of Personal Information (Identity Theft Romance Scams): Phishing of personal information is a type of romance scam that involves tricking the victim into revealing their personal or financial details, such as passwords, bank accounts, or credit cards. Scammers may create fake profiles on dating sites or apps, or they may contact the victim through social media and pretend to have a romantic interest in them. They may then ask for personal information, such as their address, phone number, or date of birth, under the pretext of sending gifts, booking travel, or verifying their identity. Scammers may also send phishing emails or links that direct the victim to fake websites that collect their information. This scam underlines the importance of being mindful about what you share online and verifying the identity and legitimacy of the person you are talking to. 7) Online Dating Cryptocurrency Investment Scam: In the world of digital currencies, romance scams are on the rise. Scammers, posing as savvy investors, lure victims into fake crypto investments. They promise high returns with low risk. They may even show bogus profits on a sham website. This scam exploits the victim's trust and their limited knowledge of the volatile crypto market. The fallout is not just financial loss but also the harsh truth that their romantic partner was a sham. It's a stark reminder to tread carefully when mixing romance and finance, especially in the complex world of cryptocurrency. 8) Sending you to Phishing and Malware-Infected Websites: This type of romance scam involves sending you to phishing and malware-infected websites. These websites are used to steal personal information or infect devices with harmful software. Scammers tend to send links to these websites through online dating platforms or messaging apps and claim that they are for booking travel, sending gifts, verifying identities or investing in cryptocurrency. However, these websites are designed to capture the victim's details, such as passwords, credit cards, or bank accounts, or to download malware or viruses that can damage their devices or access their data. This fraud illustrates the need of checking website sources and security before clicking. 9) Military Romance Scam: In military romance scams, fraudsters pose as military personnel on fake profiles. They claim to be stationed overseas, explaining why they can't meet. They build emotional connections over time, leading to trust and affection. They then spin stories of needing money for various reasons like travel, medical costs, or securing leave. The victims, swayed by the emotional bond and respect for the military, often send money, gift cards, or personal information. The victims face not just financial loss but also emotional pain when the scam is revealed. This cautions about online connections that quickly request money, especially if the person claims a hard-to-verify occupation. 10) Medical Emergency Scam: In the medical emergency scam, fraudsters build a relationship with the victim and then claim a sudden health crisis or a family member's urgent need for medical care. They ask for funds for costly treatments, exploiting the victim's sympathy and desire to help. This scam, which forces victims to make hasty decisions under the guise of life-or-death situations, can lead to substantial financial losses. Skepticism and independent verification before donating money in such instances are crucial. Other types of romance scams include loan or debt relief scams, The scammers offer to help you consolidate, lower or eliminate your debt. However, they charge you upfront fees, access your personal information, or enroll you in a costly program that doesn’t reduce your debt. Moreover, there are real estate or rental scams where scammers advertise fake or unavailable properties. They ask for money before showing the property or use stolen photos and details. They may also pose as landlords, agents, or tenants and ask for deposits, rent or personal information. A few other scammers use online shopping scams by creating fake websites or social media pages that sell products or services that don’t exist, are counterfeit or never arrive. They may also ask for payment through unsecure methods, such as wire transfers or gift cards. Many naïve youngsters in love fall prey to education or career opportunity scams. Such scammers offer scholarships, grants, loans, jobs or internships that require you to pay fees, provide personal information or attend seminars. They may also claim to be affiliated with legitimate organizations or institutions. A travel or visa scam in romance scams is when a scammer fakes love and asks for money to visit you. However, they have travel problems or emergencies. They deceive you into paying more out of pity, but they never appear. People are increasingly being deceived by romance scammers who pretend to be interested in them and ask for money for various reasons. These include travel, emergencies, investments, or gifts. 63% of women were victims of romance scams in 2018. The largest reported scams were paid in cryptocurrency, i.e., $139 million in 2021. With the rise in such incidents at an alarming rate, it is important for people to be more alert than ever before, be more aware of personal cybersecurity and safeguard their digital presence. 4. Guarding the Heart: Practicing Cyber Vigilance at its Best Instead of being blindfolded in love, practice vigilance and take control of the situation before it is too late. Learn from the stories and experiences of romance scam victims, and analyze scams by yourself or involve trustworthy people in your life. Educate yourself and your family, spread romance scams related public awareness, and be vigilant. Report incidences through the right channels and keep yourself safe from these scams. Scammers are resilient and find new ways to scam. Be aware of their methods to avoid further damage and consequences. Romance scammers leave victims in a state of emotional damage, with feelings of being betrayed, humiliated, and ashamed of being deceived. Victims tend to suffer from depression, anxiety, and post-traumatic stress disorder. The financial costs of online dating scams to those who become the bait for romance scammers include losing thousands of dollars and having their credit cards or bank accounts compromised or stolen. Learn how to catch a romance scammer and also explore how to spot and avoid romance scams. Practical advice to dodge romance scammers includes: Research the Person: Use search engines or social media to look up the person's name, photo, and any details they share with you. Be wary if their online presence is scarce or if they seem too good to be true. Guard Personal Information: Never share personal information, such as your address, phone number, or financial details, with someone you've only met online. Be Cautious with Overseas Relationships: Many romance scams involve individuals from other countries. Be extra cautious if the person claims to be living or traveling outside of your country. Never Send Money: Scammers frequently use the tactic of asking for money for unexpected expenses, travel, or a plane ticket to come visit you. Never send money to someone you've only met online. Be Skeptical: If the person professes love quickly, refuses to meet in person, always has an excuse to not video chat, or asks for financial help, these are red flags. Report Suspicious Behavior: If you suspect you're being scammed, report it to the local authorities and the platform where you met the person. Consult with Friends and Family: Share your online romantic interactions with people you trust. They can provide a fresh perspective and may notice red flags that you didn't. These scams are a serious threat in the online world, where fraudsters prey on people’s emotions and money. To prevent these scams, everyone needs to work together and stay alert. The question arises about how to stay safe from romance scams online. The best way to protect oneself is to learn about the scams, practice cybersecurity best practices to avoid them, and use strong cybersecurity tools. Online dating can be rewarding, but only if one is careful and smart.

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GRC

10 Risk Management Strategies in 2024 for Better GRC Privacy

Article | March 28, 2024

Learn the vital risk management strategies for elevated privacy. Secure organizations with the best practices in risk management while being in compliance with the GRC privacy framework in detail. Contents 1. Legal Governance, Risk and Compliance: What a Company Needs to Know 2. Risk Management within the GRC framework: Concepts and Strategies 3. GRC Cyber Security: Essential Strategies for Modern Risk Management 3.1 10 Risk Management Strategies and Best Practices for GRC Privacy 3.1.1 Understanding GRC in Cybersecurity 3.1.2 Role of GRC, Risk Assessment and Digital Tools 3.1.3 Risk Assessment 3.1.4 Risk Mitigation 3.1.5 Continuous Monitoring 3.1.6 Incidence Response Plan 3.1.7 Training and Awareness 3.1.8 Compliance Management 3.1.9 Vendor Risk Management 3.1.10 Cyber Insurance 3.2 GRC Companies to Consider for All Cybersecurity GRC Needs 3.2.1 AuditBoard 3.2.2 Bitsight 3.2.3 Camms 3.2.4 Fusion Risk Management 3.2.5 LogicGate 3.2.6 Ncontracts 3.2.7 Protecht 3.2.8 Resolver, a Kroll Business 3.2.9 SAI360 3.2.10 Secureframe 4. Risk Management: Future Trends and Impact In the wild world of business today, Governance, Risk, and Compliance (GRC) stands as a guide along with risk management due to increasing cyber threats. It’s the tool that can help organizations find their way through the thickets of operational challenges, especially those tied to cybersecurity. GRC isn’t just a fancy term; it’s a strategic plan that aligns IT with business goals, manages risks head-on, and ensures rules are followed. It’s the map that helps businesses navigate the tricky terrain of cyber threats and changing rules. The power of GRC lies in its ability to spot potential risks, build strong risk management processes, set up compliance guidelines, and boost openness. It gives a clear view of the business landscape, helping to make smart decisions, manage IT and security risks, cut costs, and meet rules. In the next sections, we’ll dig deeper into the legal side of GRC and how an organization can use GRC strategies to its advantage. 1. Legal Governance, Risk and Compliance: What a Company Needs to Know 1.1 An Approach to GRC Governance, Risk, and Compliance (GRC) It aligns IT with business goals, manages risks, and ensures compliance with regulations. It includes tools and processes to unify governance and risk management with technological innovation. Governance refers to the policies, rules, or frameworks that a company uses to achieve its business goals. It defines the responsibilities of key stakeholders. Risk management involves identifying, assessing, and handling potential risks. Companies use a risk management program to predict potential problems and minimize losses. Compliance is the act of following rules, laws, and regulations. It applies to legal and regulatory requirements set by industrial bodies and also to internal corporate policies. 1.2 Benefits of GRC in Risk Management It enables organizations to Identify risks, Develop risk management procedures, Establish compliance guidelines, and Increase transparency GRC helps companies manage IT and security risks, reduce costs, and meet compliance requirements. It improves decision-making and performance by providing an integrated view of risk management. The GRC provides a framework that integrates governance, risk management, and compliance activities, enabling organizations to streamline operations, mitigate risks, and uphold ethical and legal standards. 2. Risk Management within the GRC Framework: Concepts and Strategies GRC and risk management and Compliance (GRC) is a strategy for managing governance, risk, and compliance. It ensures organizations effectively identify, assess, manage, and monitor risks. 2.1 GRC Risk Management Process The process involves: Risk Identification: Identifying potential risks affecting objectives Risk Assessment: Assessing the impact and likelihood of risks Risk Appetite: Determining the acceptable level of risk Risk Tolerance: Quantifying acceptable risk variation Risk Mitigation: Implementing strategies to reduce risk impact 2.2 Developing Risk Management Strategies The strategy development process includes: Identifying risks Assigning risk severity levels Developing risk mitigation plans Monitoring control effectiveness Communicating risk Continually assessing and adjusting strategies These strategies enhance organizational resilience and success within the GRC framework. 3. GRC Cyber Security: Essential Strategies for Modern Risk Management GRC plays a pivotal role in the success and resilience of an organization’s cybersecurity front. A proactive approach to managing risk in GRC helps boost data privacy and security at all levels. 3.1 10 Risk Management Strategies and Best Practices for GRC Privacy 3.1.1 Understanding GRC in Cybersecurity GRC in cybersecurity is a structured approach that aligns IT operations with business objectives, effectively manages risks, and meets regulatory needs. It comprises three essential elements: governance, risk management, and compliance. Governance: It functions as the architect of protocols and standards, laying down the framework for secure operations within an organization. Risk Management: Operates as the vigilant observer within this framework, detecting threats and vulnerabilities and devising strategies to mitigate or eliminate them. Compliance: Ensures meticulous adherence to the established rules and standards, verifying that all operations align with the predefined guidelines. Understanding GRC in cybersecurity is crucial as it forms the backbone of a proactive approach to managing cyber risk, complying with regulations, and fostering a risk-aware culture. 3.1.2 Role of GRC, Risk Assessment and Digital Tools GRC (Governance, Risk, and Compliance) in cybersecurity is a strategic framework that aligns IT with business objectives, manages risks, and ensures compliance with regulations. It plays a pivotal role in enhancing operational efficiency, streamlining processes, and achieving business objectives. Governance: It guarantees the alignment of corporate activities with business goals. It encompasses ethics, resource management, accountability, and management controls. Risk Management: It is the process of identifying, assessing, and controlling financial, legal, strategic, and security risks to an organization. Compliance: It ensures that all operations align with the predefined guidelines. Digital tools play a crucial role in executing and overseeing cybersecurity strategies. They provide a comprehensive perspective on processes, risks, and compliance across various departments, enable more informed decision-making, efficient risk assessment, enhanced IT compliance, and improved performance. These tools bolster the effectiveness of the GRC cybersecurity framework in addressing security risks. 3.1.3 Risk Assessment Risk assessment is a critical component of the GRC framework in cybersecurity. It involves identifying, estimating, and prioritizing information security risks. Here’s a breakdown of the process: Identify and Document Network Asset Vulnerabilities: The first step involves identifying and documenting the vulnerabilities associated with an organization’s IT assets. Use Sources of Cyber Threat Intelligence: Cyber threat intelligence is internal or external information that can help identify cybersecurity risks. Identify and Document Internal and External Threats: With a full view of its IT assets and an understanding of the major potential threats, an organization can search for both internal and external threats. Identify Potential Mission Impacts: Different cybersecurity risks have varying potential impacts on the organization. Determine Risk: At this point in the assessment, an organization has a clear understanding of the various threats and vulnerabilities it faces and the potential impact of each. A comprehensive risk assessment helps organizations prevent and reduce costly security incidents and data breaches and avoid regulatory and compliance issues. It also helps to create a more risk-aware culture. 3.1.4 Risk Mitigation Risk mitigation, a crucial strategy in cybersecurity, focuses on reducing the overall impact of a potential cyber threat. It involves a three-pronged approach: prevention, detection, and remediation. Prevention: This strategy involves applying all available software updates as soon as they become available. Cybercriminals can engineer exploits almost immediately after the release of a patch, making automation crucial. Detection: This strategy requires using modern operating systems that enforce signed software execution policies for scripts, executables, device drivers, and system firmware. Allowing unsigned software can provide cybercriminals with an entry point. Remediation: Crafting a disaster recovery plan (DRP) is key to effectively mitigating cyberattacks. A DRP should address data protection, data restoration, offsite backups, system reconstitution, configurations, and logs. Implementing these strategies can significantly reduce an organization’s exposure to cyber threats and ensure a robust cybersecurity defense. 3.1.5 Continuous Monitoring Continuous monitoring is a critical strategy in risk management for cybersecurity. It involves the constant surveillance of IT systems and networks to detect security threats, performance issues, or non-compliance problems. This approach aims to identify potential problems and threats in real time, allowing for quick resolution. The goal of continuous monitoring is not just about identifying threats but also about understanding the health of each component and operation within an organization’s IT infrastructure. It provides a comprehensive perspective on processes, risks, and compliance across various departments, leading to more informed decision-making and enhanced IT compliance. Continuous monitoring is a proactive approach that transitions organizations from a reactive to a proactive cybersecurity stance. By continuously monitoring cyber risks, organizations can foresee potential threats and address them preemptively. This strategy is crucial for all stakeholders involved in an organization’s IT infrastructure. 3.1.6 Incidence Response Plan An incident response plan (IRP) is a critical strategy in modern risk management. It is a set of procedures that help security teams identify, respond to, and recover from a cybersecurity incident. NIST and SANS developed the two most well-respected IR frameworks. The NIST framework includes steps such as preparation, detection and analysis, containment, eradication and recovery, and post-incident activity. The SANS framework, while similar, differs slightly in wording and grouping. Having an IRP in place is crucial, as it allows for quick and uniform responses to any type of external threat. It ensures that responses are as effective as possible, reducing the potential impact of a cybersecurity incident. 3.1.7 Training and Awareness In cybersecurity, training and awareness play a significant role in knowledge sharing and implementation. They equip employees with the knowledge to understand cybersecurity risks and how to mitigate them. Engaging employees in various security awareness situations, whether conducted online, in person, or a combination of both, achieves this. Effective training educates employees about the existing cybersecurity threats against the organization, helps them understand potential vulnerabilities, and teaches them the appropriate habits for recognizing signs of danger and avoiding breaches and attacks. It also guides them on what to do if they make a mistake or have any doubts. In essence, training and awareness form the backbone of a proactive approach to cybersecurity, managing cyber risk, complying with regulations, and fostering a risk-aware culture. 3.1.8 Compliance Management Compliance management is a critical strategy in cybersecurity risk management. It involves managing an organization’s responsibilities under laws, regulations, and standards. This includes identifying compliance responsibilities and closing compliance gaps on an ongoing basis. At its core, it means adhering to standards and regulatory requirements set forth by some agency, law, or authority group. Organizations achieve compliance by establishing risk-based controls that protect the confidentiality, integrity, and availability (CIA) of information. Compliance management is not just a checkbox for government regulations but also a formal way of protecting an organization from cyberattacks. It’s an ongoing effort since the digital attack surface is always expanding. Remember, compliance failures can carry significant financial penalties and even the revocation of core business functions. 3.1.9 Vendor Risk Management Vendor risk management (VRM) is a crucial strategy in cybersecurity risk management. It involves identifying, assessing, and mitigating the cybersecurity risks associated with third-party vendors. In the modern digital landscape, organizations often rely on third-party vendors for various services, including IT products and cloud solutions. However, these relationships can introduce new vulnerabilities into an organization’s cybersecurity infrastructure. VRM is about managing these risks effectively. It combines objective, quantifiable data sources like security ratings and data leak detection with subjective, qualitative data sources like security questionnaires to get a complete understanding of each vendor’s security posture. According to a 2020 Ponemon survey, the average enterprise has 5,800 third-party vendors, with 90% of them using some sort of cloud service. In 2019, IBM reported that the average time to identify a data breach was over six months. Given these statistics, it’s clear that VRM is not just a good-to-have but a must-have strategy for modern organizations. It’s about being proactive, not reactive, in managing vendor-related cybersecurity risks. 3.1.10 Cyber Insurance Cyber-insurance is a key strategy in cybersecurity risk management. It covers financial losses from cyber incidents like ransomware attacks and data breaches. Just like car insurance covers vehicle damage, cyber insurance pays for damaged computer systems, lost revenue, legal expenses, and other cyberattack costs. According to IBM’s report, 83% of organizations have had more than one data breach, costing an average of USD 4.35 million. As the risk of cyberattacks grows, cyber insurance becomes increasingly essential. It can significantly mitigate the impact of data compromise, loss, or theft on a business, ranging from losing customers to reputation and revenue loss. A cyber insurance policy can protect the enterprise against cyber events, including acts of cyber terrorism, and assist with security incident remediation. In essence, cyber insurance is a proactive measure to mitigate the financial impact of cyber threats, making it an indispensable part of modern risk management strategies. 3.2 10 GRC Companies to Consider for All Cybersecurity GRC Needs 3.2.1 AuditBoard Founded in Los Angeles, California, AuditBoard offers the following essential features: Cloud-based platform: AuditBoard is a leading cloud-based platform that is transforming audit, risk, and compliance management. Suite of software solutions: The company offers a suite of software solutions designed to simplify and automate complex processes for auditors, risk managers, and compliance professionals. Flagship products: Its flagship products, such as SOXHUB, OpsAudit, and RiskOversight, integrate critical auditing workflows. Risk assessment: The platform includes features for risk assessment. Document management: Document management is a key feature of the platform. Reporting: The platform facilitates reporting. Real-time collaboration: AuditBoard facilitates real-time collaboration across teams. User-friendly interface: The platform receives praised for its user-friendly interface. Scalability: AuditBoard is scalable, making it suitable for organizations of different sizes. Actionable insights: The platform provides actionable insights that help organizations manage risks more effectively and ensure compliance with relevant regulations and standards. 3.2.2 Bitsight The major features of Bitsight include: Cybersecurity Risk Assessment: Bitsight revolutionizes the way organizations assess and mitigate cybersecurity risk. Leader in Cybersecurity Ratings: As a leader in cybersecurity ratings, Bitsight provides comprehensive, data-driven insights into the security performance of companies and their potential cyber risks. Data Analysis: Bitsight analyzes vast amounts of data on security incidents, practices, and behaviors. Dynamic and Objective Rating System: It offers a dynamic and objective rating system that enables companies to benchmark their cybersecurity posture, identify vulnerabilities, and prioritize remediation efforts. Global Clientele: It serves a global clientele. Pivotal for Risk Management: Bitsight’s platform is pivotal for risk management, cyber insurance, and merger and acquisition due diligence. Informed Decision Making: It helps stakeholders make informed decisions based on cybersecurity risk assessments. 3.2.3 Camms The primary characteristics of Camms in GRC risk management are: Integrated Risk Management (IRM): Provides a comprehensive platform for managing risk, strategy, projects, and people. Risk Assessment Tools: Offers tools for assessing and managing risk. Incident Management: Provides capabilities for managing incidents. Strategic Planning: Supports strategic planning processes. Global Clientele: Serves clients across various sectors worldwide, including healthcare, finance, and government. Innovation: Continuously evolves its product suite to meet the dynamic needs of risk and compliance management. User-Friendly Interfaces: Emphasizes on creating interfaces that are easy to use. Actionable Insights: Provides insights that can be directly applied to improve business performance and compliance. 3.2.4 Fusion Risk Management The major features of Fusion Risk Management include: Cutting-Edge Software Solutions: Offers advanced software solutions to help businesses anticipate, manage, and respond to operational disruptions. Business Continuity: Specializes in maintaining systems of operation during a disruption or disaster. Disaster Recovery: Provides solutions for recovering or continuing technology infrastructure critical to an organization after a natural or human-induced disaster. Risk Management: Offers tools and strategies for identifying, assessing, and prioritizing risks. Cloud-Based Solution: Integrates critical functions into a single, cloud-based platform. Resilience Through Proactive Planning: Enables organizations to achieve resilience through proactive planning and strategic response mechanisms. Minimizing Impact of Incidents: Focuses on minimizing the impact of incidents and ensuring a swift recovery. Support Across Various Industries: Supports clients across various industries in safeguarding their operations against unforeseen challenges. 3.2.5 LogicGate The key features of LogicGate: Cloud-Based GRC Platform: Offers a cloud-based governance, risk, and compliance (GRC) platform that enables organizations to automate and manage their risk and compliance processes effectively. Risk Cloud Platform: Provides a versatile platform that allows for the customization and scaling of GRC applications to meet the evolving needs of businesses. No-Code Application Framework: Leverages a no-code application framework, empowering businesses to visualize and mitigate risks, streamline workflows, and foster a proactive risk management culture. Proactive Risk Management Culture: Fosters a culture that emphasizes proactive risk management. Helps Navigate Regulatory and Risk Challenges: Dedicated to helping organizations of all sizes navigate the complex landscape of regulatory and risk challenges. Transforms GRC Processes: Aims to transform GRC processes from a reactive to a strategic stance. 3.2.6 Ncontracts The key features of Ncontracts include: Risk and Compliance Management Solutions: Provides comprehensive solutions tailored for the banking and financial services industry. Vendor Management: Offers services for managing vendor relationships. Risk Management: Provides tools and strategies for identifying, assessing, and prioritizing risks. Compliance Assurance: Ensures compliance with industry standards. Audit Management: Provides solutions for managing audits. Streamlined Governance and Operational Processes: Aims to streamline governance and operational processes for financial institutions. Monitoring Regulatory Changes: Offers tools for monitoring changes in regulations. Managing Third-Party Relationships: Provides solutions for managing third-party relationships. User-Friendly Solutions: Dedicated to delivering integrated and user-friendly solutions. Navigating the Complex Regulatory Landscape: Supports financial organizations in navigating the complex regulatory landscape. 3.2.7 Protecht The key features of Protecht are: Risk Management Innovation: An Australian company at the forefront of risk management innovation. Comprehensive Suite of Software and Services: Offers a comprehensive suite of software and services that enable organizations to understand, manage, and mitigate their risks. Enterprise Risk Management: Provides solutions for managing enterprise-level risks. Compliance: Offers tools and strategies for ensuring compliance with regulations and standards. Operational Risk: Provides solutions for managing operational risks. Event Management: Offers tools for managing events. Flexible and Scalable Solutions: Provides flexible and scalable solutions that can be tailored to fit the unique risk profile and requirements of each organization. Embedding Risk Management: Emphasizes embedding risk management into the operational processes of an organization. Enhanced Decision-Making and Improved Business Outcomes: Aims to enhance decision-making and improve business outcomes through better risk intelligence. 3.2.8 Resolver, a Kroll Business The key features of Resolver include: Integrated Risk Management Software: Offers software designed to empower organizations to protect their employees, operations, and data. Advanced Analytics and Advisory Services: Enhanced its offerings to include advanced analytics and advisory services following its acquisition by Kroll. Comprehensive Approach to Risk Management: Facilitates a comprehensive approach to identifying, assessing, monitoring, and mitigating risks. Corporate Security, Compliance, and Incident Management: Provides solutions across various domains, including corporate security, compliance, and incident management. Global Client Base: Serves clients globally across various industries. Informed Decision Making: Committed to providing solutions that enable businesses to make informed decisions. Proactive Risk Management Culture: Aims to foster a proactive risk management culture within organizations. 3.2.9 SAI360 The key features of SAI360 include: Risk, Compliance, and Sustainability Solutions: Globally recognized provider of solutions in these areas. Broad Range of Products: Offers a wide array of products designed to improve decision-making and operational efficiencies. Regulatory Compliance Management: Provides tools for managing regulatory compliance. Risk Management: Offers solutions for managing various types of risks. Environmental Health and Safety (EHS): Provides solutions for managing EHS efforts. Sustainability Efforts: Offers tools for managing sustainability efforts. Integrated Approach: Enables organizations to adopt a holistic view of risk and compliance. Culture of Resilience and Ethical Business Practices: Fosters a culture that emphasizes resilience and ethical business practices. Innovation and Customer Success: Committed to innovation and ensuring customer success. Support Across Various Industries: Supports organizations across various industries in navigating the complexities of the modern business environment and achieving their sustainability and governance goals. 3.2.10 Secureframe The key features of Secureframe: Information Security and Privacy Certifications: Streamlines the process of obtaining and maintaining certifications such as SOC 2, ISO 27001, HIPAA, and GDPR compliance. Automated Compliance Workflow: Its platform automates the compliance workflow. Continuous Monitoring: Offers continuous monitoring tools. Employee Training: Provides employee training tools. Policy Management: Offers policy management tools. Vendor Risk Assessment: Provides vendor risk assessment tools. Simplifying Compliance: Simplifies the path to compliance, enabling companies to focus on their core business. Industry Standards and Regulatory Requirements: Ensures that company data and processes meet industry standards and regulatory requirements. Dedicated to Manageable and Accessible Compliance: Dedicated to making complex compliance processes more manageable and accessible for businesses of all sizes. 4. Risk Management: Future Trends and Impact 4.1 GRC Risk Management Trends Risk Appetite and Tolerance: Only 33% of organizations have articulated their risk tolerance levels. This understanding is crucial for effective risk management. Digitally-Transformed GRC: Digital transformation is reshaping GRC with the use of AI tools, GRC platforms, and risk maturity models. Third-Party Risks: As businesses become more interconnected, managing third-party risks has become a priority. Non-Financial Risks: Quantifying non-financial risks like reputational or operational risks is increasingly important. 4.2 Impact of GRC on an Organization’s Cybersecurity Posture Integrated Approach: The need for cybersecurity to be integrated into GRC frameworks has increased due to persistent cyber threats and growing regulations. Proactive Compliance: Organizations need to maintain regulatory compliance by being aware of updated regulations and emerging risks. Managing Third-Party Cyber Risks: GRC frameworks are integrating vendor and third-party risk management to evaluate and reduce cyber risks. Improved Security Posture: By integrating GRC functions, leveraging technology, and staying compliant, organizations can strengthen their cybersecurity posture. These trends highlight the importance of a holistic approach to GRC and cybersecurity for navigating the digital world, mitigating risks, and ensuring robust cybersecurity. As we say goodbye to 2024, it’s clear that risk management isn’t just a strategy anymore; it’s a game plan for success. It’s shown us that taking risk isn’t about courting danger but about seizing opportunities. Companies that have jumped on board aren’t just getting by; they’re flourishing, turning what could have been weaknesses into their greatest strengths. Mixing high-tech risk management tools with a clear vision for the future has opened up new levels of agility and resilience. Businesses have discovered that adaptability and innovative thinking are their most valuable assets during challenging times. The past year has highlighted that in the high-stakes game of risk and reward, the boldest strategies, supported by robust risk management, are the ones that achieve success. This year has given risk management a makeover, showing us that it’s the bedrock of sustainable growth and a lighthouse guiding us through the choppy waters of global business. The 2024 risk management game plan is a shining example of the power of embracing risk as a stepping-stone to success, setting a new gold standard for years to come

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GuidePoint Security Announces Portfolio of Data Security Governance Services

GuidePoint Security | January 30, 2024

GuidePoint Security, a cybersecurity solutions leader enabling organizations to make smarter decisions and minimize risk, today announced the availability of its Data Security Governance services, which are designed to help customers address the challenges of unstructured data and data sprawl through a proven process and program to meet their unique needs. GuidePoint’s Data Security Governance services consist of policies, standards, and processes leveraging the newest technologies to meet organizations’ data governance goals in both on-prem and cloud environments. Once the right strategy is determined with the customer, GuidePoint Security consultants will review program requirements, assess current policies and controls, perform gap analysis, design and develop/enhance the program, recommend and implement supporting technologies, and create operational processes and metrics. “Whether an organization is just beginning to build their data security governance program or needs help assessing and improving an existing program, our team and service capabilities are built to meet them at their current maturity level,” said Scott Griswold, Practice Director - Security Governance Services, GuidePoint Security. “We work side by side with the customer to conduct the necessary data discovery in their environment and provide tailored recommendations for solutions and processes to ultimately build/improve upon the data security governance program.” GuidePoint’s Data Security Governance Services include: Sensitive Data Cataloging: For organizations just getting started in the process of protecting their sensitive data, GuidePoint offers Data Identification workshops to identify sensitive data types in the environment, including trade secrets, intellectual property, and sensitive business communications. Data Security Governance Program Assessment: For organizations with existing Data Security Governance or Data Protection programs, GuidePoint Security experts will assess the program to identify policy non-compliance, gaps in data protection requirements—whether legal, regulatory, contractual, or business—and program maturity levels. Data Security Governance Program Strategy Development: The GuidePoint team will work with an organization's key stakeholders to design a program strategy aligned with relevant requirements. The outputs of this effort include delivering ongoing sensitive data discovery, automated classification and labeling, the application of required sensitive data protections, restrictions on where sensitive data can be stored and sent, and data retention policy enforcement. Merger and Acquisition Data Identification: This offering provides the ability to identify sensitive data within an M&A target or recent acquisition (including locations, amounts, and access rights) and then perform penetration testing on the storage repositories where that sensitive data exists to determine the risk of data compromise. About GuidePoint Security GuidePoint Security provides trusted cybersecurity expertise, solutions and services that help organizations make better decisions that minimize risk. Our experts act as your trusted advisor to understand your business and challenges, helping you through an evaluation of your cybersecurity posture and ecosystem to expose risks, optimize resources and implement best-fit solutions. GuidePoint’s unmatched expertise has enabled a third of Fortune 500 companies and more than half of the U.S. government cabinet-level agencies to improve their security posture and reduce risk. Learn more at www.guidepointsecurity.com.

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Software Security

Trellix and One Source Deliver Industry-Leading Managed Detection and Response Security Services

Trellix | January 22, 2024

Trellix, the cybersecurity company delivering the future of extended detection and response (XDR), today announced an expanded strategic partnership with One Source, a Managed Security Services Provider (MSSP) and technology delivery partner. Customers benefit from a Fortune 500 SOC capability built on the Trellix XDR Platform with AI-guided intelligence, enabling faster detection, investigation, and remediation. Trellix, the cybersecurity company delivering the future of extended detection and response (XDR), today announced an expanded strategic partnership with One Source, a Managed Security Services Provider (MSSP) and technology delivery partner. Customers benefit from a Fortune 500 SOC capability built on the Trellix XDR Platform with AI-guided intelligence, enabling faster detection, investigation, and remediation. “The partnership aligns with Trellix’s ongoing commitment to secure organizations from advanced cyber threats,” says Sean Morton, SVP of Professional Services at Trellix. “Leveraging One Source’s MDR capabilities and expanded footprint, we enable more businesses to build cyber resilience, with continued innovation in our combined products and solution offerings to stay ahead of bad actors.” One Source has multiple SOCs leveraging Trellix’s technology, staffed by the industry’s top experts to provide Managed Detection and Response (MDR) capabilities. Their team implements a proactive cyber strategy for customers specific to industry, technology environment, and vulnerabilities, built on the Trellix XDR Platform with 24x7 monitoring. The partnership and combined expertise benefits customers with enhanced services like managed threat detection and response, incident response, security operations and analytics, threat intelligence, threat hunting and forensics, and training and enablement. “The Trellix and One Source partnership is extremely powerful; the former offers an incredible set of security solutions, and the latter excels at personalized deployment and execution,” said Paul Moline, Chief Information Officer, Lindsay Automotive Group. “I never anticipated we could protect our environment with the same security solutions used by government agencies and Fortune 50 companies: I can now sleep at night.” The Trellix XDR Platform’s open architecture and broad set of native security controls across endpoint, email, network, cloud, and data security integrates with over 500 third-party tools to create multi-vector, multi-vendor event correlation and context to speed up investigations. The Trellix Advanced Research Center provides an additional layer of protection by continuously informing the platform with information from millions of global sensors on the latest threat vectors, tactics, and recommendations. One Source experts apply these insights to stay ahead of the constantly evolving threat landscape. “The collaboration with Trellix is a game-changer in reshaping the cybersecurity landscape,” says Eric Gressel, Executive Vice President of Sales, One Source. “Thanks to our partnership, we have access to the highest level of cyber intelligence to fend off newly-revealed hackers and their means of attack, enabling our customers with the most comprehensive offering of enhanced Managed Security Services to protect their businesses.” One Source has a proven track record supporting global businesses spanning retail, restaurant, automotive, healthcare, financial, and manufacturing industries. Trellix customers can rely on One Source's leading Managed Security Services to optimize technology expenses while enhancing telecom connectivity, IT infrastructure, and cybersecurity strategies. About Trellix Trellix is a global company redefining the future of cybersecurity and soulful work. The company’s open and native extended detection and response (XDR) platform helps organizations confronted by today’s most advanced threats gain confidence in the protection and resilience of their operations. Trellix, along with an extensive partner ecosystem, accelerates technology innovation through machine learning and automation to empower over 40,000 business and government customers with living security. More at https://trellix.com. About One Source One Source helps businesses simplify a complex technology world. One Source is the leading provider of Technology and Managed Security Services for enterprises. Today, One Source manages more than 2,500 customers, 45,000 business locations, and over one million assets throughout North America. In addition to Managed Security Services, One Source provides Managed Technology Expense Management, 24 / 7 local helpdesk, procures and provisions telecom & IT solutions, and manages customer service requests. One Source frequently generates triple-digit ROI for customers through contract negotiation, portfolio optimization, and ongoing expense management. In addition, One Source leverages partnerships with industry leaders, including Trellix to bring Fortune 500 security solutions and fully managed services to the mid-market. One Source's approach empowers businesses to focus on customers and revenue-generating activities. Learn more at https://www.onesource.net/.

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Platform Security

Stellar Cyber and Proofpoint Strategic Alliance to Deliver Comprehensive Email Security Solution For SecOps Teams

Stellar Cyber | January 23, 2024

Stellar Cyber, the innovator of Open XDR, announced a new partnership with Proofpoint, a leading cybersecurity and compliance company. Through this alliance, Proofpoint and Stellar Cyber customers benefit from an out-of-the-box integration enabling swift email investigations and real-time response actions to email-driven attacks. Proofpoint Targeted Attack Protection monitors emails to identify suspicious emails and potentially malicious attachments and URLs. Once identified, the findings are shared with Stellar Cyber automatically. Stellar Cyber’s Open XDR platform ingests, normalizes, and analyzes Proofpoint findings and other collected data to deliver a comprehensive threat picture. As security analysts conduct investigations, they can instruct integrated third-party products – including Proofpoint – on corrective actions. “Protecting organizations against email-borne attacks is a top priority, and security teams need a way to automatically correlate threat telemetry across the entire attack surface in order to quickly remediate threats,” said Andrew Homer, VP of Strategic Alliances, Stellar Cyber. “This new partnership with Proofpoint is the latest example of Stellar Cyber delivering on its Open XDR strategy to provide customers turn-key integrations that improve productivity and threat detection.” “Email attacks remain the number one entry point into an organization, and the level of sophistication of these attacks continues to grow exponentially,” said D.J. Long, Vice President, Strategic Alliances & Business Development, Proofpoint. “We’re thrilled to work with Stellar Cyber on this strategic alliance to help customers protect against advanced email-based threats and unify their cybersecurity defense.” Through this alliance, Stellar Cyber and Proofpoint give security teams an advantage over attackers, resulting in the following: Real-time threat signals exchanged for proactive detection Correlation of Proofpoint alerts across the entire attack surface Automated response actions for immediate threat containment About Stellar Cyber Stellar Cyber’s Open XDR Platform delivers comprehensive, unified security without complexity, empowering lean security teams of any skill level to secure their environments successfully. With Stellar Cyber, organizations reduce risk with early and precise identification and remediation of threats while slashing costs, retaining investments in existing tools, and improving analyst productivity, delivering an 8X improvement in MTTD and a 20X improvement in MTTR. The company is based in Silicon Valley.

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