July 10, 2023
Estimated reading time: 4 minutes
5 ways CISOs can strengthen cyber procedures amid rising threats
Technical operations manager and cybersecurity enthusiast, Manish Shivanandhan, shares his insights about the current cybersecurity landscape and how to ensure operational readiness against emerging cyber threats to your business.
Recent cyberattacks on organisations have highlighted the ever-increasing need for robust cyber procedures and vigilant cybersecurity measures. In a striking incident, the European Investment Bank (EIB) experienced a cyberattack that disrupted the availability of its websites. This attack, potentially related to ongoing geopolitical tensions, serves as a wake-up call for Chief Information Security Officers (CISOs) to reinforce their cybersecurity strategies.
In this blog post, we will delve into the details of the incident, explore the underlying reasons, and provide valuable insights on strengthening cyber procedures to withstand cyberattacks.
The EIB cyberattack
Geopolitical conflicts often spill over into cyberspace, with hackers taking advantage of the situation to achieve their objectives. The pro-Russia hacker gang, Killnet, renowned for its distributed denial of service (DDoS) attacks, issued a statement on Telegram expressing their intentions to retaliate against organizations supporting Ukraine. Their aim was to disrupt activities and infrastructure to undermine the affected financial institutions.
The EIB, a prominent financial institution, found its websites, eib.org and eif.org, impacted by a cyberattack. This attack occurred shortly after Killnet announced its intention to target Western financial organizations.
The increasing utilization of cyber warfare in the Russian invasion underscores the critical need for organizations to fortify their cyber defenses.
How can CISOs strengthen cyber procedures
1. Conduct a comprehensive risk assessment
CISOs must initiate a thorough risk assessment to identify vulnerabilities and potential attack vectors within their organization’s digital ecosystem. By understanding the specific risks, they face, organizations can proactively implement targeted security measures to address them effectively.
2. Implement a layered defense strategy
Employing a multi-layered defense approach is crucial in mitigating cyber threats. This includes combining robust network security measures, such as firewalls and intrusion detection systems, with advanced endpoint protection solutions. Regularly patching and updating software and systems should also be prioritised to minimize vulnerabilities.
3. Educate and train employees
Human error remains a significant contributor to successful cyberattacks. CISOs should invest in comprehensive cybersecurity training programs for employees, focusing on best practices, recognising phishing attempts, and adhering to robust password management protocols. By fostering a cyber-aware culture, organizations can minimize the risk of internal vulnerabilities.
4. Regularly conduct penetration testing
Simulating real-world cyberattacks through penetration testing helps identify weaknesses in an organization’s security posture. By employing ethical hackers, organizations can evaluate their systems, detect vulnerabilities, and implement appropriate remediation measures.
5. Establish an incident response plan
Preparing for a cyberattack is as important as preventing one. CISOs should develop a robust incident response plan that outlines the steps to be taken in the event of a breach. This plan should include clear communication channels, roles and responsibilities, and procedures for containing, investigating, and recovering from an attack.
The cyberattack on the European Investment Bank serves as a stark reminder of the escalating cyber threats faced by organizations worldwide. CISOs play a pivotal role in fortifying cyber procedures to withstand these attacks. By conducting risk assessments, implementing layered defense strategies, educating employees, performing penetration testing, and establishing comprehensive incident response plans, organizations can enhance their resilience against cyber threats.
As the threat landscape continues to evolve, CISOs must remain proactive, adaptive, and collaborative to safeguard their organizations’ digital assets and maintain the trust of their stakeholders.
CISOs face significant challenges from the increasing frequency and complexity of cyberattacks, as well as the ever-growing number of cyber, data, and privacy regulations. To alleviate this burden, why not streamline your regulatory change management processes through automation? This allows you to concentrate on more valuable endeavours, such as implementing robust cyber strategies. With CUBE’s intelligent AI-driven compliance solution, CISOs receive real-time alerts about regulatory changes, ensuring the implementation of strengthened cyber controls and effectively mitigating any vulnerabilities that cybercriminals might exploit.
To ensure your firm is complying with cyber, data and privacy regulations, speak to CUBE.