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Cybersecurity: Companies and their digital security strategy

June 6th, 2021
Digitization

Cybersecurity: Companies and their digital security strategy

June 6th, 2021
Digitization

Nowadays, the situation of cyber connectivity has reached a point that all organizations, firms, and enterprises must cooperate & outside participants, to improve the cyber connection infrastructures and assist in diminishing the vulnerabilities against hackers and cyber scammers. Almost all the companies are shifting more and more towards digitalization comparing to the last decade. Even some companies that did not accept and agree with the big change in the manner of their procedures are now admitting that the new ways such as remote working especially during the pandemic since 2019 are effective. Many cyberattacks and risks can happen for the remote workers and data servers because this change happened suddenly and at a very fast speed so, no one was expecting such a global problem! Unfortunately, hackers and scammers are using the vulnerability and hatches in online utilization and connections and are trying their bests to take advantage of the security problems and the ineptitude of the users.

Noticing the risks of Security

Due to the numerous cyberattacks, new challenges and risks have been noticed. One of the most significant disclosures is that the companies’ security and safety is hinged on a security system that has many extenuations, therefore their actions against cyber felonies are considered as something novice and limited. CIOs are attempting to convince themselves to create their giant cybersecurity systems thus they will have a great impact on other companies’ security instruments. This will decrease the vulnerability against hacking. It doesn’t matter if your company is a giant multinational one, still, you are a particle in a vast ocean and the security is hinged on many factors such as jobholders, contractors, provisioners, vendors, and even your partners but we can admit that these issues are same in almost all the companies in the world.

A firm must take the control of its main users. If we want to do something significant against cyber felonies, we must make partnerships with grand cybersecurity providers and make effort to establish an efficient worldwide protection system against the cyber-crimes. Right now, consulting with CISO (Chief Information Security Officer) is needful. Companies must redact the same type and form of cyber-attacks towards them. There are many types of attacking. They can be implemented individually or by some hacking teams or organized espials. Even an inside job could be done so they must take some serious actions.

The cybersecurity organizations must consider some tactics towards the multiple girths of different kinds of menaces, such as:

  1. The modality of the attackers and their possible strategies
  2. The modality of the security systems of companies
  3. The modality of trades consists of acquirement, actions, partnerships, rivals, and market situation

When an organization is trying to move forward to attain foreign markets in other nations, it must be so careful about exterior and additional menaces as well. Hence, security teams must consider and observe all the actions that are going to be done with other copartners and the connections between them for preventing any cyber villainy. Security teams must be alert that any new connectivity with a third party might put the whole company and its data in danger of espionage or getting hacked.

The safety and security issues while connecting to a third party

If we want to develop our security system, first we must commence increasing the security in connections with the third parties. Although solving these problems is not going to be that easy. If enterprises want to improve cybersecurity, they must provide transparency and open communications. In the system, companies can reach security transparency and rigidity by doing some casual actions. Unfortunately, hackers are so dynamic and they keep changing their tactics for their works. If we mean to defend against them, we have to be dynamic and motivated like them. We will provide some advice according to certain experiments and competencies of enterprises that were prosperous in decreasing the third-party cyber-attack vulnerabilities.

Those enterprises that are based on third-party ministrations and susceptibilities like software developers and technology instrument furnishers should pay attention and apply the suggestions below:

  1. We have to provide function-based accessibility verification towards the database, programs, and substructions, and the individual and single-based users’ accessibility to the system must be eliminated. The procedure must be considered somehow that trusting and relying upon is something vulnerable which is called Zero-Trust-Based.
  2. Apply the MFA (Multi-Factor Authentication) case to all the risky and function-based accessibility sectors.   
  3. Create a system that will be able to recognize all the sign-ups and sign-ins and notice the fishy third-party user cases. It could also provide a situation that only certain IPs can have accessibility to the website and other IPs would be interdicted. Some other features can be applied as well. For example, we can use Captcha Code which is a type of challenge-response test used in computing to determine whether or not the user is human.
  4. Establish guidelines and framework in case of any sudden accidents and make sure that all the employees and users are informed of the whole processing. Strengthening the connection and communication routes is suggested as well. Cooperating with CISO can be impressive here.
  5. Provide situations that all the employees and even exterior users can be trained and certified with cyber education so they can understand and notice the shady occasions. Sadly, many companies and websites have little knowledge of the risks and hazardous situations in the cyber area.
  6. Facilitate the accessibility to tier-2 supplier companies. A lot of the companies are considered as small or medium-size ones so their security and safety resources will be bounded as well. Establishing an impartial balance between cybersecurity assessments and asking them for donating extra information is decisive.
  7. Create a kind of system that can recognize the history and also, anticipate the upcoming risks or suspicious situations that might happen in the copartners, third-parties, or suppliers.

Legality and other improvements

Legally doing everything is another kind of implication of decreasing the vulnerability and chance of hackery actions. Constitutions must persuade the third parties to respect the cyber-security standards and make up for shortcomings. Meanwhile, the third parties must try their bests to make the subcontractors do the same thing as well (Improving the Standards) which could have a big influence on the datum and the systems of an establishment.

Furthermore, enterprises can demand security examinations from third-party organizations to evaluate their cyber-security standards and notice the deficiencies. This can include penetration examination and red-team practice (It is an imitation of multi-layered cyber-attack aiming agreed upon some objectives that include networks, technical and physical properties, storage types of machinery, and many more). Although many websites and pushers may not agree to do these sorts of things, it must be understood through time that if they are determined to develop their security systems, these examinations must become a part of the routine. Companies must do these examinations to make sure that they are capable of rejecting, preventing, and defending against all kinds of cyber-attacks and espionage, and on the other side, third parties must be able to realize they have what it takes to do the same approach.   

Article by Amir Masoud Navidi

Adapted from: Mckinsey & Co. 

Reference:

https://www.mckinsey.com/business-functions/risk/our-insights/enterprise-cybersecurity-aligning-third-parties-and-supply-chains

 

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