Most organizational leaders today understand the need to fortify cyber defenses. What they may not fully realize is that effective cyber risk management requires moving from yesterday's reactive approach to a proactive plan for assessing and reducing risks—before, during, and after a breach.

Prevention and preparedness are key to modernizing cyber risk management.

What CISOs Need to Know

CISOs recognize the need to take proactive steps to safeguard their organizations, moving beyond reacting to threats by strategically anticipating them. Preparation is key, which is why it's so important to comprehensively and continuously assess vulnerabilities and potential impacts inside their organizations.

Anticipating threats can be made easier with the right data. Did you know, for example, that, according to Verizon's 2023 Data Breach Incident Report (DBIR), 83% of breaches involve external actors primarily driven by financial motivations? Or that stolen credentials are the top methods used by threat actors to achieve a breach? 

These statistics point to the need for preventative steps. Applying robust access controls, such as multi-factor authentication and enhancing employee training and cyber awareness to avoid being phished, are just two risk reduction approaches organizations can take ahead of a breach.

Other pre-breach best practices include:

• Conduct Regular Risk Assessments. Understanding your organization's specific vulnerabilities is crucial. Regular assessments can help identify potential gaps in your security posture and the impact they may have on your operations.
• Implement Strong Access Controls. Limiting access to sensitive information on a need-to-know basis can help reduce the potential for unauthorized access.
• Perform Continuous Monitoring and Detection. Deploying advanced monitoring tools to detect unusual activity patterns can help identify potential incidents before they escalate.

Moving from Reactive to Proactive

Transitioning from a reactive to a proactive stance in cyber risk management requires organizations to identify and help shield the systems and information that most need protection. It also requires CISOs to safeguard those top-priority assets to minimize the impact of potential incidents. All of this requires a deep dive into the organization's mission-critical operations and the data that underpins those processes.

To determine what can be done today to help address a breach, it's a good idea to consider seeking expert cybersecurity advice and guidance. Those who do find they can address cyber threats more effectively and efficiently with robust risk management and monitoring in place. The Fujifilm Group, for example, deployed Verizon's Advanced Security Operations Centers to strengthen its cybersecurity monitoring and intelligence capabilities. By partnering with Verizon, Fujifilm was able to set a solid foundation for a secure digital transformation.

Meanwhile, one U.S. military branch also worked with Verizon to strengthen cyber risk defenses. Verizon was enlisted to deploy a private networking solution that improved security, visibility, and control for this military branch.

According to Sam Junkin, Global GRC Practice and Americas GRC Delivery Leader for Verizon Enterprise Solutions, the key to cohesive, timely action involves, in part, enlisting help from a qualified provider using a retainer-based incident response service. This type of agreement is typically signed in advance to help provide expert incident response services, should the need arise.

The lack of available security resources industry-wide often makes incident response challenging at best. Hiring a third party to provide incident response support "can give CISOs the ability to reach out whenever they need boots on the ground to quickly and comprehensively respond to incidents," Junkin said.

To solidify risk management processes and overcome any lack of resources, many organizations are turning to external sources. "Bringing in a third party to help build a risk management foundation and then allowing it to grow is key," Junkin explained.

As cyber threats loom larger than ever, adopting a holistic, proactive approach to risk management, informed by best practices and supplemented by expert advice, can provide your best path forward to help reduce risks.

Need More Help?

Junkin's team has put together resources for companies interested in learning about risk management best practices and what CISOs and other C-Suite executives need. 

If you have questions or need help, reach out to Verizon here, or learn more by visiting: www.verizon.com/business/products/security/.