Navigating the evolving landscape of cyber risk management

Cyber risk management has become a critical focus for businesses and government entities in today's rapidly digitising world. As organisations embrace digital transformation, they must navigate complex cyber threats and leverage key technologies to safeguard their operations, especially if they have critical infrastructure of national significance. 
Sam Salehi, Managing Director of Australia and New Zealand Qualys, shares his insights on the evolving landscape of cyber risk management, cloud migration, and the transformative role of AI in cybersecurity.

The Complexities of Cyber Risk Management

Digital transformation is revolutionising both government processes and business operations. By digitising critical processes and data, businesses can enhance efficiency, improve customer experiences and drive innovation. However, this shift introduces new risks. 

Criminals no longer need elaborate plans to breach physical locations, such as robbing a bank; they can quickly execute digital attacks to steal vast amounts of data and money from anywhere in the world.
This is of particular importance to those organisations deemed as part of the country's critical infrastructure. 
In the past, private businesses did not have to worry about national defense-level security. It was left to the government to defend the country's borders and infrastructure. In the new era of cyber warfare, this model is obsolete, and companies, especially those of national importance, must take proactive measures to protect their data and infrastructure. This responsibility extends beyond protecting their operations to safeguarding national interests.

Strategic Advantages and Risks of Cloud Migration

Compounding this risk is the ongoing march to the cloud. Cloud technology is a significant enabler, offering unparalleled speed and flexibility, enabling organisations to rapidly deploy solutions – sometimes reducing the time to market from months to minutes. 

However, cloud migration comes with risks. In part, this comes from the shared responsibility model. Here, cloud providers ensure the physical security of data centres. At the same time, organisations are responsible for protecting their data and applications within the cloud. While this sounds simple in principle, it comes with various challenges, not least that each cloud vendor has its own set of processes and guidance. 

Therefore, companies must strengthen their partnerships with cloud providers by ensuring they undertake comprehensive asset management and risk visibility across cloud and on-premises systems.

The use of third-party and open-source software also introduces additional layers of risk. Businesses must be vigilant in managing these risks by maintaining an accurate inventory of all assets and software, understanding their dependencies and ensuring they are up to date. The infamous Log4J vulnerability highlighted the challenges of managing software supply chains, emphasising the need for comprehensive asset management.

One way of helping to address cloud vendor and third-party risk is looking for those who have completed an IRAP (Information Security Registered Assessors Program) assessment. This is an essential tool in managing cloud vendor and third-party risk, particularly for government organisations and those considered part of Australia's "critical" infrastructure under the SOCI Act, like hospitals, universities and data centres. The IRAP assessment provides a structured, government-recognised assessment framework that helps companies determine whether the security controls applied to the cloud and SaaS platforms are adequate for storing, processing and communicating information. 

AI in Cybersecurity

Alongside cloud, artificial intelligence (AI) is revolutionising the cybersecurity landscape for good and evil. AI is a double-edged sword, as cybercriminals also use it to craft highly targeted and effective attacks, but overall, its value is positive.
It provides powerful tools to combat sophisticated threats like phishing. AI enhances response times, improves accuracy, and reduces costs, making it an invaluable asset in defending against cyberattacks. For businesses, leveraging AI in cybersecurity means being able to detect and respond to threats that are beyond human capability to identify. 

For example, by harnessing extensive datasets and deep learning models, AI-powered security solutions can predict and prioritise threats, helping organisations focus on the most critical vulnerabilities.

Preparing for the Future

As digital transformation continues accelerating, organisations must adapt their cybersecurity strategies to keep pace with evolving threats. 

Over the next 12 months, companies should focus on aligning their cyber strategies with frameworks like the Essential Eight, assessing their infrastructure and prioritising risk management.
In conclusion, navigating the evolving landscape of cyber risk management requires a proactive and integrated approach. By leveraging digital transformation, cloud technology, AI and comprehensive risk management strategies, organisations can safeguard their operations against sophisticated cyber threats and ensure long-term resilience in an increasingly digital world.

To secure your organisation's future, prioritise enhancing your CMDB, embrace AI-driven cybersecurity solutions and foster strong partnerships between IT and security teams.

Let us build a safer digital future together.