Faced with a growing threat landscape, a shortage of skilled cyber security professionals, and non-technical employees who lack awareness of cyber security best practices, to name a few, CISOs are continuously confronted with a number of existing and new challenges. To mitigate some of these challenges by eliminating security threats and minimizing security gaps, they must make some critical strategic decisions within their organizations.
Even though we are only at the beginning of April, 2018 is already proving to be a year of increasing cyber incidents, with security threats spanning across a range of industry sectors, impacting both the private and public sectors alike. We have seen many data breaches including Uber, Facebook and Experian that have made it clear that no organization, not even the corporate giants, are safe from these cyber threats and attacks. We are now also seeing newly evolving threats affecting the popular and latest smart devices including products such as Alexa and Goоgle Home. New technology not fully tested, or security vulnerabilities from IoT devices being brought into the workplace, now bring additional concerns for CISOs and their security teams, as they try to proactively defend and protect their corporate networks.
This problem seems quite simple to identify in that corporate policies are not being updated fast enough to keep up with dynamic changes and advancements in technology, as well as to cope with the increasing sophistication of advancing threats, but managing this problem is seemingly more difficult. This generates an additional set of challenges for CISOs to enforce policies that still need to be written, while conquering internal corporate bureaucracy to get them created, modified or updated. This is just one challenge. Let’s now discuss a few more and some suggested actions to manage them.
How CISOs Can Overcome Their Challenges
CISOs in international corporations need to focus on global compliance and regulations to abide with a range of privacy laws, including the upcoming European Union’s General Data Protection Regulation (GDPR). This new regulation due to come into force on May 25th, 2018 has set the stage for protection of consumer data privacy and in time we expect to see other regulations closely follow suite. International companies that hold EU personal identifiable information inside or outside of the EU will need to abide by the regulation and establish a formalized incident response procedure, implement an internal breach notification process, communicate the personal data breach to the data subject without delay, as well as notify the Supervisory Authority within 72 hours, regardless of where the breach occurred. Organizations need to report all breaches and inform their affected customers, or face fines of up to 20 million Euros or four percent of annual turnover (whichever is higher). A new law called the Data Security and Breach Notification Act is also being worked on presently by the U.S. Senate to promote this protection for customers affected. This new legislation will impose up to a five year prison sentence on any individual that conceals a new data breach, without notifying the customers that had been impacted.
So how can CISOs proactively stay ahead of the growing number of cyber security threats, notify affected customers as soon as possible and respond within 72 hrs of a breach? The key is to carry out security risk assessments, implement the necessary procedures, as well as utilize tools that can help facilitate Security Orchestration, Automation and Response (SOAR), such as the IncMan SOAR platform from DLFabs. IncMan has capabilities to automate and prioritize incident response and related enrichment and containment tasks, distribute appropriate notifications and implement an incident response plan in case of a potential data breach. IncMan handles different stages of the incident response and breach notification process including providing advanced reporting capabilities with appropriate metrics and the ability to gather or share intelligence with 3rd parties. This timely collection of enriched threat intelligence helps expedite the incident response time and contribute to better management of the corporate landscape.
The Need to Harden New Technology Policies
Endpoint protection has also become a heightened concern for security departments in recent months, with an increasing number of organizations facing multiple ransomware and zero days attacks. New technologies used by employees within the organization, not covered by corporate policies, such as Bring Your Own Device (BYOD) and the Internet of things (IoT) have brought new challenges to the CISOs threat landscape. One example as we mentioned earlier are gadgets such as Alexa or Google Home, where users bring them into the office and connect them to the corporate WIFI or network without prior approval. When connected to the network, they can immediately introduce vulnerabilities and access gaps in the security network that can be easily exploited by hackers.
Devices that are not managed under corporate policies need to be restricted to a guest network that cannot exploit vulnerabilities and should not be allowed to use Wi-Fi Protected Access (WPA). CISOs need to ensure that stricter corporate policies are implemented to restrict and manage new technologies, as well as utilizing tools such as an Endpoint Protection Product (EPP) or Next-Generation Anti Virus (NGAV) solution to help prevent malware from executing when found on a user machine. NAGV tools can learn the behaviors of the endpoint devices and query a signature database of vaccines for exploits and other malware on real time to help expedite containment and remediation to minimize threats.
Maximizing Resources With Technology as a Solution
With the significant increase in the number of and advancing sophistication of potential cyber security threats and security alerts, combined with a shortage of cyber security staff with the required skill set and knowledge, CISOs are under even more pressure to protect their organizations and ask themselves questions such as: How do I effectively investigate incidents coming in from so many data points? How can I quickly prioritize incidents that present the greatest threat to my organization? How can I reduce the amount of time necessary to resolve an incident and give staff more time hunting emerging threats?
They will need to assess their current organization security landscape and available resources, while assessing their skill level and maturity. Based on the company size it may even make business sense to outsource some aspects, for example by hiring a Managed Security Service Provider (MSSP) to manage alert monitoring, threat detection and incident response. CISOs should also evaluate the range of tools available to them and make the decision whether they can benefit from utilizing Security Orchestration, Automation and Response (SOAR) technology to increase their security program efficiency and effectiveness within their current structure.
Security Infrastructure and Employee Training Are Paramount
In summary, CISOs will be faced with more advancing challenges and increasing threats and these are only set to continue over the coming months. They should ensure that their security infrastructures follow sufficient frameworks such as NIST, ISO, SANS, PCI/DSS, as well as best practices for application security, cloud computing and encryption.
They should prepare to resource their security teams with adequate technology and tools to respond to threats and alerts and to minimize the impact as much as feasibly possible, with set policies and procedures in place. To enforce security best practices across all departments of the company, it is important that security decisions are fully understood and supported by the leadership team as well as human resources, with a range of corporate policies to meet the challenges of ever changing technologies.
CISOs need to promote security best practices and corporate policies, industry laws regulations and compliance by educating and training relevant stakeholders, starting with employees. The use of workshops, seminars, websites, banners, posters and training in all areas of the company will heighten people’s awareness to threats and exploits, increasing their knowledge, while also teaching them the best way to respond or to raise the alarm if there is a potential threat. The initial investment in education and training may be a burden on time and resources but in the long run will prove beneficial and could potentially prevent the company from experiencing a serious threat or penalty from non-compliance.
Completing a full analysis of current resources, skill sets and security tools and platforms will all play a part when deciding whether in-house or outsourced security operations is the best approach, but the benefits of using SOAR technology to leverage existing security products to dramatically reduce the response and remediation gap caused by limited resources and the increasing volume of threats and incidents, as well as to assist with important breach notification requirements, should not be overlooked.
At DFLabs, we typically find our financial clients saddled by regulations which, although important, add layers of complexity to the already complicated process of incident response. We want our clients to be able to feed the compliance measures, not be eaten by them, and we support this end by providing a simple, clear and easy to use playbook editing functionality within the IncMan automation and orchestration platform.
I often point out how IncMan adaptable playbooks are of benefit to companies when determining incident response steps in consideration of regulation. IncMan offers a number of measures to enforce regulatory policy on playbook actions.
Let us take a look at some quick examples:
–Authorization levels: Effective use of the authorization chain means that personnel are engaged only for the tasks for which they have clearance.
–Timed response: Playbook action enforce the urgency when dealing with a particular notification, action or identification, i.e. 72 hours to alert a particular authority about a breach.
–Mandatory tasks: Prescribed tasks are essential for any organization to take the regulatory actions necessary whilst following corresponding incident response workflows.
This list is not exhaustive and IncMan offers lots of possible incident response workflows and points of use for regulatory compliance.
Beyond these measures, it is important to remember that the information gathered in the case record as part of the incident should be fully utilized. The post-mortem analysis of the incident and how it was managed, is as critical as the immediate response. This analysis will help you to define, restructure and organize the ongoing policy changes, and continually fine tune your incident response playbooks.
Our new correlation engine will give you the ability to not only see the entire picture, but also to learn how the picture was built over the course of a timeline of events. Correlation Engine 2.0 helps you to redefine your approach for incident trending and identifying relationships in incident data.
Faced with the growing threat of cyber attacks and the challenges involved in recovering from various cyber security events, New York state’s authorities have rolled out new cyber security regulations that apply to financial institutions operating within the state. New York’s Department of Financial Services (DFS) has issued the final Cybersecurity Requirements for Financial Services Companies, affecting “Covered Entities”, defined as “any Person operating under or required to operate under a license, registration, charter, certificate, permit, accreditation, or similar authorization under the Banking Law, the Insurance Law or the Financial Services Law”, establishing a set of standards that have to do with reporting cyber security breaches to regulators, in addition to implementing specific cyber security policies.
Cyber Security Programs and Incident Response Plans
The new regulation aims to protect New York’s banks and insurance providers against cyber attacks, along with protecting sensitive consumer data. To that end, the rules – that went into effect on March 1 – prescribe a wide-ranging set of requirements for financial services companies in terms of specific steps they are supposed to take to be better prepared for cyber security incidents and how and when they must notify authorities of cyber attacks on their computer systems and networks.
According to the regulations, financial services companies are required to create a cyber security program that is expected to protect their information systems against cyber attacks. A covered entity’s cyber security program should be focused on identifying internal and external cyber security risks, detecting cyber security events, responding to detected cyber security events, recovering from cyber security events, and complying with reporting obligations.
As far as cyber security policies are concerned, covered entities are required to implement them in order to be able to address systems and network security, information security, data governance, customer data privacy, risk assessment, and incident response, among other aspects of cyber security.
When it comes to incident response plans, the new rules state that reporting cyber security incidents to regulators must be a paramount part of those plans. Regulated entities are required to confirm they gathered documentation regarding cyber security events and report them to various government and supervisory bodies, as part of their previously devised incident response plans.
Compiling documentation in reference to cyber security events, creating appropriate reports, and notifying authorities can be a tedious task for any organisation’s CSIRT. Companies can face tough consequences if they don’t complete the documentation in a timely and proper manner. Companies often require the solution of a cyber incident response platform that can generate reports on cyber security incidents automatically and in various formats, and is also capable of tracking and collecting evidence, helping their cyber security teams compile the required documentation faster and effortlessly.
These types of platforms also can also help companies’ CSIRTs predict and detect cyber security breaches and respond as fast as possible, which is one of the main capabilities the new cyber security regulations require from covered entities.