Cyber Security Risk Management Tools for Software Teams

What is Cyber Security Risk?

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With every decision you make comes risk. Going for a run could mean a twisted ankle, or getting on a bike could end in a painful fall. When it comes to engaging online, whether through social media, software, or otherwise, it comes with risks just the same. Although the risks may not be as obvious, the damages they can cause cannot be understated.

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Cyber security risk is characterized by the possibility of exposure or loss of a critical asset or sensitive information. In simpler terms, how likely is it that sensitive data or private information is exposed in ways it shouldn’t be? This information can be as straight-forward as a credit card number being leaked online, or as complex as a supply chain attack that compromises national security. Individuals are often the targets of cyber attacks, but they aren’t the only ones suffering.  Cybercrime caused nearly $1 trillion in damages in 2020 alone, according to “The Hidden Cost of Cybercrime” by Macafee. The rise in threats and damages caused has means that organizations are taking additional precautions to secure their businesses, including publishing security postures, taking out cyber risk insurance, and more.

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The dramatic variations in potential impact associated with cybersecurity risks highlight the importance of cybersecurity risk management—while leaking a name and home address may not result in a life-or-death situation, there are plenty of other leaks which very literally could ruin the lives of those impacted. The types of threats and threat levels vary greatly, but understanding the top cyber security threats 2021 are key to understanding how your organization can work to protect itself against the threats of the future.

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What are the top 10 cyber security threats you should look out for?

If your company has mandated cyber security training, you’ve probably heard of at least a few of the threats on this list. That said, in a constantly evolving environment, its important to stay up-to-date with the top cybersecurity threats that professionals are keeping an eye on.

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• Social Engineering relies on the human weaknesses in systems to gain access to protected systems. Rather than focusing on technical hacking of computer systems, social engineering occurs when bad actors manipulate individuals in order to penetrate a target. Phishing, the next threat highlighted on our list, is considered a type of social engineering.

• Phishing is the use of impersonation to convince users to click a link or enter a passphrase on their own volition. You probably know at least one friend who has had a social media account hacked, and you’re probably wondering how it happened. Phishing is a great bet. Keep an eye out for emails that you were not expecting, and never click on links in emails if you cannot verify the sender.

• If it wasn’t phishing, it was likely credential theft that resulted in a stolen account. Credential theft ****is just about as straight forward as it sounds—stealing a username and password in order to gain access to an account. Use the same email and password for multiple accounts? You’ve just given hackers the keys to your online identity!

• The above threats are only amplified by a lack of employee training. While these kinds of security threats cannot be completely eliminated, training your employees to look out for bad actors or potential threats online can help to better arm your company against threats like these. Here at Trustpage, all of our employees undergo training through Curricula’s free online security training program to minimize our risk of these types of attacks.

• Cryptojacking has become an increasing threat alongside the rise of cryptocurrencies like Bitcoin in recent years, and occurs when a hacker co-opts their target’s computers in order to illicitly mine cryptocurrency.

• GDPR was enacted for many reasons, but you can consider data governance & management errors as a contributor to the change in European law. Many companies hold on to too much data for too long, causing unnecessary risk to themselves and their users, and making data monitoring less effective. Getting rid of unneeded data reduces the risk of that data leaking or being hacked, and (bonus) can decrease operating costs for organizations holding onto data at scale.

• SaaS solutions and cloud-stored-data are a huge blindspot for businesses. Poorly secured cloud environments contribute to a significant portion of cybersecurity threats and can be avoided by planning, organizing, and implementing effective cloud security features. Not to mention, SaaS buyers can test and confirm cloud security policies from their vendors to prevent unnecessary risk exposure.

• Denial of service (DDoS) ****attacks are perpetrated by hackers who are attempting to disrupt access to a platform, network, or service. To do so, hackers overwhelm systems via one of three methods, volumetric attacks, protocol attacks, or application attacks, which in turn collapses the infrastructure and prevents legitimate users from accessing a product. Denial of service attacks have been commonly carried out in recent years against companies large and small, and the best way to be prepared for these attacks is to create a response plan so your organization can respond quickly and effectively in the event of an attack.

• Third-Party Exposure is a huge risk to look out for, especially in a world where adopting third-party systems has become such commonplace. Every time one of your employees signs up for a new service, they’re exposing your organization’s data to a third-party whom  may or may not be trustworthy. Even if these organizations do not handle sensitive PII, they can still pose a risk to your data. A great way to understand the security posture of your third-party systems is to review their security posture via their Trustpage.

• Ransomware is an attack that is increasing in popularity that involves a bad actor taking control of a company’s systems and encrypting their data. A company is essentially locked out of their business until they pay a ransom (hence, the name) to regain access to their systems and data.

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Although these top 10 cyber security threats are an abbreviated list of cyber risk examples, understanding these most commonly perpetrated attacks and the ways that your organization can work to prevent them is key to staying out of trouble. Once you’ve understood and mitigated these threats, the next step is to convey your understanding and the actions you’re taking to prevent these security risks to your customer base. Outlining your cyber security risk management policies is a great next step to doing so.

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Cyber Security Risk Components

Now that you understand the threats your organization could be facing, it is time to outline the cyber security risk components that most prominently impact your organization. Work in the field of healthcare or banking? Protecting sensitive customer data should probably be high on your list. Providing an important service via the web? Ensuring that you’re well-suited to handle a potential DDoS attack should be among your security priorities.

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Once you’ve outlined the important risk components your organization faces, begin to adopt a cyber security risk management framework (RMF). These frameworks bring a risk-based and full-lifecycle approach to implementing effective cybersecurity policies, and outline the common processes and procedures for implementing cybersecurity controls at organizations like yours.

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You can read the entire outline to build an effective RMF from Varonis, but in summary you should aim to:

1. Categorize information systems
2. Select security controls
3. Implement security controls
4. Assess security controls
5. Authorize information systems
6. and monitor security controls.

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Cyber Security Risk Assessment

Why do companies conduct cybersecurity risk assessments? All of the risks and challenges associated with the previously outlined security risks examples mean that every vendor you bring on should be viewed through the lens of a potential security weakness.

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Companies conduct cyber risk assessments for third-party organizations in an attempt to manage the risks that they incur when signing up to use another companies’ software, or share data with a third-party in some other way. By requiring companies to complete cyber security risk assessments, they are ensuring that some standard of security they have outlined is being recognized and respected by the organizations they trust with their data.

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Cyber Security Risk Management

Managing and mitigating risk in cyber security is key to building a successful and trusted organization. Implementing a solid risk management framework is one way to manage the risks that may come from within your organization, but you’ll also need to take steps to understand the risks that your third-party vendors could be exposing you to as well. Mitigating the risk in cybersecurity is the only way to build a lasting security program and in turn, build trust with your customers and prospects. Interested in managing your cyber security risk? Claim your Trust Center today.

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