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4 Steps to Help Organizations Embrace Risk from Emerging Technology

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As companies continue to navigate the changing work environment brought on by the pandemic, it has become clear that business leaders will need to get comfortable revising and adapting their strategies to deal with disruption brought on from new technologies and new regulation. As risk management professionals, these rapid changes have made our job more important than ever to our organizations.

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Yet the majority of our organizations—particularly in C-suites—remain far from giving risk management experts the seat at the table they need to effectively safeguard against enterprise threats, digital or otherwise.

Data from PwC’s Global Risk Survey 2022 shows that executives are starting to recognize these risks: 79% of executives report that they view the breakneck speed of digital transformation as a significant risk management challenge. Moreover, this renewed focus is translating into increased funding, as 65% of organizations are increasing their spending on risk management technology and 56% said they planned to invest in risk culture and behavioral risk in 2022.

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Unfortunately, the survey also found that too many organizations are treating the risk function as an add-on or incorporating risk leaders into strategic conversations too late. Only 39% of business leaders reported adding risk professionals to decision-making processes early, which should be an essential step for executives seeking to minimize risk from the outset. On a broader scale, executives seemed to lack confidence in risk managers, with only 47% of respondents saying they feel “very confident” in their risk function’s ability to build a more risk-aware culture, a key element of any successful risk-focused company.

Particularly as companies invest in emerging technologies, business leaders need to listen more to their risk and compliance functions and integrate them into conversations about how those technologies will be implemented. Artificial intelligence is a great example: when companies rush to implement systems to accelerate efficiency and analyze trends, they risk creating disproportionate bias and violating personal privacy through data sourcing. Risk professionals need to be at the table from beginning to end to make sure that an evolving regulatory environment and other pitfalls are fully accounted for in the organization’s implementation process.

While investment in risk management technology is helpful, it is insufficient without making structural changes to the organization to prioritize the risk function company-wide. Particularly as companies consider adopting emerging technologies, the following steps should be considered not just by risk management professionals, but across the C-suite:

  1. Identify, categorize, and prioritize technology risks across the company. This should be done on a regular basis by a dedicated risk management team, married with the best tools available, with findings routinely reported back to senior leaders. Companies are on the right track here: 65% plan to increase their technology spend this year across data analytics and process automation to support detection and monitoring of risks. This initial step will lay the framework for the establishment of cyber threat intelligence, systems monitoring, and incident response protocols.
  2. Adapt IT governance to the emerging technologies being adopted. Risk professionals should work with IT teams and company leadership to create governance structures that integrate seamlessly with corporate strategy, allowing for alignment of day-to-day operations, effective decision-making, a framework for best practices, and promotion of investments that enhance business objectives.
  3. Update leadership often on the emerging tech regulatory landscape. Whether across data privacy rules, cyber reporting requirements, or other complex technology challenges, a robust compliance program should keep leaders across the company updated as new technologies are implemented. Otherwise, companies risk run-ins with legal authorities and the erosion of trust from their clients and customers.
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  4. Set expectations with leadership that not all risks are one and the same. Understanding the context around each piece of technology will become imperative to understanding its specific risks and the appropriate response strategy, including the maturity and complexity of the business processes to determine true risk to the company. Inherent in this case-by-case evaluation is an understanding of the company’s risk appetite and criteria for acceptable level of risk.

When adopted purposefully, emerging technologies can make companies more efficient, more profitable, and better stewards for their employees, clients and communities. Risk is often unavoidable for early adopters of emerging technologies, but it can be mitigated if C-suites equip their risk functions with a holistic strategy and a voice in key business decisions. As C-suites and organizations seek to adapt to a changing world, their success will hinge on the extent to which risk management is incorporated into their strategies.

3 Things Every Organization Should Do to Protect Against Cybercriminals

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Cybersecurity should be a top priority for organizations today, especially as employees continue to work remotely without business-grade protections. In the age of COVID-19, businesses are more vulnerable than ever. Whether it is phishing scams or malware, hackers are constantly finding new ways to attack businesses. In fact, in March 2020 alone, scams increased by 400%, and have continued to increase since then.

It is vital that employers protect their organizations and employees from cyberattacks, especially now. As new scams develop, businesses must create new ways to stave off hackers. Many steps can be taken to implement—and enforce—security measures as part of daily procedures for employees. By focusing on just three strategies, organizations can help better protect themselves from phishing scams and other cyberattacks.

1. Create a Comprehensive Plan

As organizations transitioned to remote work, employers had to make foundational shifts to adapt. The same is true for security threats. Cybersecurity measures need to become part of everyday routines and tasks. This means creating a plan to protect all assets and boost security in business processes.

Each organization’s security strategy also needs to align with its specific business risks. Performing risk assessments will allow employers to determine where they need to invest in cybersecurity. It is important to identify key digital assets within networks and personal devices so that employers can determine how to best protect them.

Once an organization’s risks are assessed, it can create a plan to suit these needs. For example, a cybersecurity strategy may include secure remote access or virtual private networks (VPNs), especially for virtual workers, to protect devices from threats posed by public internet connections. Other strategies include implementing multi-factor authentication, assigning access permissions to employees and maintaining regular backups.

2. Prioritize Investments in Cybersecurity

Protecting an organization requires the proper tools. A trustworthy security framework is a vital aspect of managing risks. For many remote or hybrid workplaces, areas like cloud and or software as a service (SaaS) security are top of mind. To manage and protect these environments, organizations should shift to software-defined networking (SDN) with secure access and/or secure service edge capabilities.  

Firewalls are also an important aspect of security, as they place a barrier between trusted internal networks and the outside world. Maintaining end-to-end security has become even more difficult in the age of remote work.

Investing in threat-monitoring and endpoint protection tools can also help. While there is no silver bullet to combat the myriad threats, layering cybersecurity methods helps create “defense in depth,” better positioning the organization to face whatever specific cyberrisks may be exploited next.

3. Take the Time to Train Employees

Strategy and security are futile without proper training. Organizations must commit to continuously training employees so that they are not only aware of what cyberattacks to watch for, but what to do if they notice something. This means ensuring that employees are comfortable reporting scams. By starting training during onboarding and conducting it regularly as scams evolve or emerge, workers can shift from liabilities to assets.

Cybersecurity training ranges from phishing testing to password and device management. Employers must teach workers to update their systems, be cautious with external devices like flash drives, and practice physical device security.

Reaction is just as important as prevention. Organizations should have a plan for employees if they fall victim to a scam or notice something unusual so IT or information security professionals can solve the issue as quickly as possible and mitigate the damage.

Ignoring cybersecurity is a huge risk, as cyberattacks can have serious consequences for businesses and their customers, suppliers and partners alike. It is critical to develop a strong cybersecurity strategy and invest in resources and training. Security is continuing to increase in importance as remote work remains and threats rise. By understanding the issues, challenges and potential threats of a cyberattack, organizations can determine what steps and precautions can be taken to decrease the likelihood of a cyberattack in the future.

Five Strategies to Protect Against Ransomware and Other Cyberattacks

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As organizations continue to adapt to remote or hybrid work models, it has never been more vital to have a robust cybersecurity program to better protect against ransomware attacks and other cyberattacks against company systems and personnel. Ransomware attacks have proven a particular risk in recent years, with attacks like the Colonial Pipeline and myriad attacks on health care organizations demonstrating the serious impact of cyberattacks beyond financial risks, affecting everyday life and business operations.

Ransomware and other cyberattacks are always evolving. Attackers are constantly finding new ways to infiltrate environments while trying to stay undetected. Cyberattacks can target many different points in an organization’s ecosystem, including firewall configuration, patch management, network segmentation and defensive technology. The following five strategies can help companies mitigate cyberrisk and respond to threats quickly and efficiently:

1. Strengthen Asset Inventory
You cannot protect what you do not know exists or cannot see. Having an efficient asset management program can significantly increase visibility and rapidly provide detailed information about systems in the event of a cyberattack. Organizations should document system or device types, operating systems and software used. To be more granular and aggressive, consider documenting what ports and service systems use for business functions and use that as a baseline for future firewall rules and network exceptions.

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Having a strong program is key for every organization, but is even more important in remote work environments.

2. Conduct Security Awareness Training
A comprehensive and effective security awareness program for employees benefits the organization at large. An efficient security awareness program extends visibility and cyber threat detection beyond defensive technologies applied in the environment by empowering people to be a critical line of defense. A robust security awareness training program allows employees to assist with the detection of network anomalies, suspicious emails and other potential threats.

3. Assess Antivirus and Endpoint Detection and Response Programs
Traditionally, antivirus programs have helped detect malicious activity. However, the problem with the traditional antivirus approach in modern day cybersecurity is that attackers regularly update their code to obfuscate and bypass signature-based antivirus products. By employing an endpoint detection and response (EDR) product, organizations create an efficient response to detecting malicious programs and activities based on network anomalies rather than signatures alone. If purchasing and implementing an EDR solution is not viable, consider additional layers of defense around the antivirus software. Ultimately, the goal is to increase visibility and the ability to alert upon suspicious activity.

4. Monitor and Detect New Processes
In addition to having inventory on assets, an organization should document legitimate system processes and software. Upon gaining access to an environment, ransomware downloads and executes its installer to infect the victim. Ensuring visibility into your environment can help IT and information security teams to detect programs or processes with behaviors that deviate from the norm. In turn, this allows operations and incident response teams to respond quickly in the event of those anomalies.
One example is Microsoft Windows’ AppLocker, which generates messages and alerts about anomalies such as when an attacker attempts to install an executable outside of the known baselined created. By creating baseline rules, AppLocker will create an 8003 warning message that can be collected and parsed using a security incident and event management (SIEM) product or log aggregator and monitored by the IT or information security team.

5. Network Anomaly Detection
Ransomware moves laterally across the network while infecting systems. This can be done quickly while raising flags or network anomalies such as authenticating to several systems within minutes. It is uncommon for systems or domain administrators to connect to multiple systems rapidly and on a large scale on internal networks. To differentiate between legitimate and potentially malicious activity, network administrators must first document legitimate network connections and known behaviors. This supports anomaly detection by establishing outbound and inbound connectivity from the organization’s servers.

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Once the legitimate network connection is documented and a baseline is created, you can leverage defensive technologies and monitoring programs to alert when deviations occur. Then, create alerts in firewalls and SIEM solutions to quickly detect and respond to network anomalies.

As cybercriminals become more advanced, cybersecurity programs must also evolve to identify and prevent malicious behavior. By implementing the best practices and strategies mentioned above, organizations can dramatically reduce their exposure to ransomware and other cyberattacks.

RIMS TechRisk/RiskTech: Using Cyberrisk Analytics to Improve Your Cyber Insurance Program

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As ransomware continues to spread and payment costs increase, cyber insurance rates have gone up exponentially. As a result, it is more important than ever for companies to understand their cyber vulnerabilities and exposures so they can ensure they are properly covered. One way to do this is through analytics.

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In a presentation at the RIMS TechRisk/RiskTech virtual event, Scott Stransky, managing director and head of the Cyber Risk Analytics Center at Marsh McLennan, outlined some of the key data that can help companies get a full view of their risk.

According to Stransky, there are five categories of data that are most important to determining your risk profile. Much of this data is in publicly available datasets that insurers already consult, so it is important that you have a handle on this information as well so you know how underwriters and other outsiders are viewing you:

  1. Firmographics: company demographics like revenue, employee count, industry, location, and company hierarchy
  2. Historical incidents: past breaches and insurance claims
  3. Technographics: a company’s external cybersecurity posture including the presence of firewalls, open ports, frequency of system patching, as well as internal cybersecurity practices like password management and data encryption
  4. Scoring: combines firmographics, historical incidents and technographics into a single number that designates the level of vulnerability
  5. Loss modeling: brings all elements together to predict the likelihood and cost of an event

Armed with this data, companies can take steps to make it easier to access optimal cyber insurance coverage and better insurance pricing. These could include improving your security and claims posture by addressing potential cybersecurity gaps, updating incident response plans, and identifying vendor partners to help improve security posture or respond to incidents. Companies can also explore policy structure options in terms of different program components (limits, attachment, coverage, risk retention, etc.

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) and consider alternative terms and conditions.
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Finally, it is important to provide robust underwriting data by using assessment tools to minimize the need for supplemental applications, preparing for additional questions from underwriters, and highlighting significant cybersecurity updates and improvements over the past year.

In particular, companies should focus on what Stansky called the top 12 cybersecurity controls for risk mitigation, resilience and insurability:

  1. Multifactor authentication (MFA)
  2. Endpoint detection and response
  3. Secured, encrypted and tested backups
  4. Privileged access management
  5. Email filtering and web security
  6. Patch and vulnerability management
  7. Cyber incident response planning and testing
  8. Cybersecurity awareness training
  9. Hardening techniques, including remote desktop protocol mitigation
  10. Logging and monitoring/network protection
  11. End-of-life system replacement
  12. Vendor/digital supply chain risk management

For those that missed RIMS TechRisk/RiskTech, you can register and access the virtual event here. Sessions will be available on-demand for the next 60 days.