What is Cybersecurity Management?

Cybersecurity management is the process of protecting an organisation’s information assets from various security risks. It involves using software and IT security solutions to secure business systems and data.

This process also requires implementing administrative, legal, technological, procedural, and employee measures to minimise the exposure to security threats such as industrial espionage, theft, fraud, and sabotage.

What is Cybersecurity?

Cybersecurity encompasses a wide array of strategies, actions, and measures implemented to protect an organisation’s digital assets from potential cyber threats. This includes protecting hardware, software, and data from being compromised, manipulated, or stolen. Cybersecurity measures can range from installing firewalls and antivirus software to implementing complex encryption algorithms and secure network protocols. It also involves educating employees about safe online practices to prevent phishing attacks and other forms of social engineering.

Why is Cybersecurity Management Important?

Cybersecurity management is essential for maintaining the integrity and availability of data and IT systems, which are vital for operational processes. These include personally identifiable information (PII), protected health information (PHI), personal data, intellectual property data, and information systems.

Without a cybersecurity strategy, an organisation is vulnerable to data breaches and cyberattacks, which can cause significant damage to its reputation, finances, and operations.

How Does Cybersecurity Management Benefit an Organisation?

A cybersecurity management policy helps an organisation identify and address the security risks that affect its resources. It establishes clear roles and responsibilities for managing the security program and responding to security incidents. It also defines the best practices and solutions to prevent and mitigate security threats, such as:

1. Creating and maintaining a robust enterprise security architecture
2. Detecting and resolving advanced threats
3. Securing Internet-of-Things (IoT) devices
4. Managing identity and access (IAM)
5. Serving security intelligence

Additionally, some external cybersecurity management services offer IT security consulting to help organisations develop and improve their security strategies for the present and future.

Difference between Cybersecurity and Cybersecurity Management

Cybersecurity is a broad term that encompasses all the strategies, actions, and measures taken to safeguard an organisation’s digital assets from cyber threats. On the other hand, Cybersecurity Management is a more holistic approach that goes beyond just implementing security measures. It involves the strategic organisation and coordination of resources (people, processes, and technology) to maintain a robust cybersecurity posture.

Here are some key components of cybersecurity management:

1. Risk Assessment: Identifying potential vulnerabilities in the system. 
2. Policy Development: Creating comprehensive cybersecurity policies. 
3. Training and Awareness: Regularly training employees about the latest cyber threats and how to mitigate them.
4. Monitoring and Incident Response: Continuously monitoring the organisation’s systems for any unusual activity and managing the incidents. 
5. Regular Audits and Updates: Conducting regular security audits to ensure that the cybersecurity measures are working as desired.
6. Vendor Management: Ensuring that all third-party vendors that have access to the organisation’s data also adhere to stringent cybersecurity standards.

While cybersecurity involves the implementation of protective measures, cybersecurity management is about strategically organising and continuously improving these measures to ensure the highest level of security. It’s a dynamic process that requires constant vigilance and adaptation to the ever-evolving world of cyber threats. 

6 Cybersecurity Management Best Practices

These are six proven best practices for cybersecurity management.

1. Know Your IT Assets and Environment

You need to know all the IT resources and environments in your firm, such as data, devices, systems, networks, services, technologies, endpoints, etc. They are all potential entry points for attackers. You also need to assess and monitor them continuously.

2. Implement a Risk Management Strategy

You need a clear and effective strategy to manage risk. It should include your risk tolerance, risk profile, roles, and incident response plans. You should also update it regularly.

3. Make Cybersecurity Risk Management Part of the Company Culture

You need to communicate and implement your policies and processes across the firm. Everyone involved in managing cyber threats should be aware of and follow their responsibilities. Cybersecurity risk management should be aligned with the company’s values and culture.

4. Use Continuous, Adaptive, and Actionable Risk Assessments

You need to identify and assess your risks constantly. They can change due to new procedures or technologies. You should also improve your procedures based on the risk assessments. They can tell you where your vulnerabilities and threats are.

5. Use Strict Security Protocols

You need a security system that is both complete and easy to use. Some methods are:

• Use a web application firewall (WAF) at the network edge to monitor traffic, provide quick and useful information, and protect against all threats.
• Secure BYOD devices and all other hardware in your IT environment.
• Use strict security rules for remote workers.
• Use automatic patching when possible to keep all security systems updated.
• Use tight access controls and authentication policies.
• Combine systems and data when possible.
• Separate and scattered data is harder to manage and secure. Have a consistent and reliable backup system.

6. Improve Network Visibility

You need to see all parts of your network to prevent and reduce cybersecurity incidents. Things like insider threats, third-party components with vulnerabilities, and human error can risk your environment. Real-time and reliable visibility into your organisation’s risk profile is vital.

Top 3 Cyber Security Management Trends in 2024

As the digital space evolves, several trends are reshaping the cybersecurity risk management landscape in 2024. These trends highlight the need for organisations to adapt and fortify their defenses against emerging cyber threats.

1. Heightened Risks in the Digital Supply Chain

Cybercriminals are increasingly targeting the digital supply chain, recognising the potential for substantial returns on their investment. The proliferation of new vulnerabilities across the supply chain poses significant risks to organisations. Third-party vendors, with varying levels of cybersecurity measures, have emerged as primary targets for malicious actors seeking to infiltrate networks.

For instance, even if an organisation’s internal environment boasts robust security measures, a cybercriminal may exploit vulnerabilities in a supplier’s system to gain access and compromise the network.

2. Expansion of Attack Surfaces

Enterprise systems are witnessing an expansion of their attack surfaces, driven by factors such as the Internet of Things (IoT), utilisation of open-source software, cloud computing, intricate digital supply chains, social media integration, and other upcoming technologies. This widening attack surface exposes organisations to a broader spectrum of cyber threats.

To address this challenge, organisations must adopt a holistic approach that extends beyond traditional security monitoring and response tactics. This may involve enhancing internal and external business systems, leveraging automation for identifying security gaps, and deploying advanced technologies like External Attack Surface Management (EASM), Digital Risk Protection Services (DRPS), and Cyber Asset Attack Surface Management (CAASM).

3. Decentralisation of Cybersecurity Responsibilities

In response to the evolving cybersecurity landscape, executives are increasingly advocating for a more adaptive approach to cybersecurity. This entails decentralising decision-making, accountability, and responsibility for cybersecurity throughout the organisation, rather than centralising them within a single team or individual.

This shift is particularly crucial given the growing size and complexity of modern organisations, which can overwhelm a centralised cybersecurity management approach. By distributing cybersecurity responsibilities across various departments and teams, organisations can build a culture of collective ownership and resilience against cyber threats.

In Brief

Staying on top of emerging trends in cybersecurity risk management is imperative for organisations seeking to protect their digital assets and maintain operational resilience in the face of evolving threats. 

Thus, by addressing challenges posed by the digital supply chain, expanding attack surfaces, and decentralising cybersecurity responsibilities, businesses of all sizes and niche can increase their cybersecurity management and effectively mitigate most cyber risks.