Cybercriminals are constantly increasing their attacks, and implementing robust security governance protocols is essential for mitigating these risks.
Even the most prominent companies are finding themselves vulnerable to cyberattacks. For example, Microsoft launched its “Secure Future Initiative” last November following numerous cybersecurity incidents as a result of lax controls around its security.
Given the rise in cybersecurity threats, the National Institute of Standards and Technology recently updated its voluntary guidance for businesses to help them reduce the risk of attack, emphasizing the importance of improving security governance.
Read on for insights into solidifying your risk management plan, with best practices you can implement in your organization.
What Is Security Governance?
Security governance refers to the processes, tools, and employees that manage risk within a company. It helps oversee teams as they enhance security protocols based on priorities set by the company’s leadership.
6 Best Practices for Effective Risk Management
1. Establish a Comprehensive Cybersecurity Framework
To optimize your cyber security governance, setting up a comprehensive cybersecurity framework is crucial. This includes creating accountability structures, decision-making hierarchies, and strategic plans for mitigating risk.
Common frameworks include the NIST Cybersecurity Framework, which the Federal Trade Commission (FTC) recommends for understanding, managing, and reducing cybersecurity risks.
Another popular framework is ISO/IEC 27001 from the International Organization for Standardization, designed to help companies establish, maintain, and improve their information security management system.
The bottom line is that you need a clear framework to guide your security policies and procedures.
2. Implement Risk-Based Decision Making
It’s important to meet with your organization’s leaders to assess risks to prioritize which cybersecurity measures to implement first, based on their potential impact.
Assign levels of risk to different types of security breaches to protect intellectual property and sensitive customer or employee data.
3. Develop a Strong Security Culture
Often with cyber risk management, the weakest link in your organization’s security could be a newly onboarded employee who hasn’t been trained in safeguarding your computer network.
Implement a program to encourage company-wide security awareness with ongoing training to address the latest threats, such as advances in phishing and ransomware attacks, and tips for avoiding social engineering designed to steal personally identifiable information (PII) and login credentials to your system.
4. Regular Security Audits and Assessments
Begin by examining and testing your network architecture for vulnerability. If your team lacks the expertise for this internally, work with an experienced third-party managed security services provider.
Ideally, you will start conducting regular risk assessments and perform vulnerability scans. Doing so will help you identify gaps in your current security governance architecture before criminals find these weaknesses to exploit.
5. Incident Response Planning and Crisis Management
Prepare for cyberattacks with a formal incident response plan. This allows your team to act immediately, shutting off access to hackers and isolating the intrusion.
The plan should also include protocols for informing people if their PII has been stolen from your company’s servers.
6. Compliance and Regulatory Alignment
Part of your efforts to improve cybersecurity governance will include adhering to industry standards and regulations. Enterprises must find a balance between effective governance while staying compliant with legal requirements.
For instance, if you do business internationally, you must adhere to the European Union’s General Data Protection Regulation (GDPR), which enforces strict privacy and data protection laws. In the United States, the Health Insurance Portability and Accountability Act (HIPAA) covers sensitive patient data during healthcare transactions.
Determine whether you need to consider GDPR and HIPAA in your governance strategies for managing cyber security risk.
Get Help to Maintain Strong Security Governance
It’s vital to stay proactive in addressing security governance for risk management. Criminal hackers are increasing their efforts to penetrate company networks, threatening supply chains and sensitive information.
Effective risk management is an ongoing, dynamic process. Partnering with a managed security services provider like Tec-Refresh can help your organization maintain strong security governance.
To learn more about our approach to cybersecurity services, contact us today.
