SecurityBrief Australia logo
Australia's leading source of cybersecurity and cyber-attack news
Story image

Why cyber risk management should be top priority in 2022

By Contributor
Thu 10 Mar 2022

Article by MetricStream APAC managing director, Michel Feijen.

Has your leadership team spent much of the past two years in firefighting mode, responding to the issues that COVID has created? Join the club. Around the region, organisations of all industries and sizes have gone through similar experiences: pivoting to remote work, shoring up supply chains, managing cash flow, and combatting the staff shortages that two years of closed borders have created. 

In many instances, identifying and mitigating risk in a rigorous, systematic way has taken a backseat. This is hardly a surprise when teams are fully engaged in grappling with the everyday challenges of trekking through Covid.

But with the economy and society continuing to open up, that’s likely to change. Finding smarter and better ways to deal with governance issues and manage cyber risk and compliance will be a popular boardroom agenda item, as decision-makers look to reduce the risk of being blindsided by adverse events. 

The cyber-crime onslaught

One of the most dangerous events your organisation may have to grapple with in 2022 is also one of the most likely: cyber-crime.

Over the past two years, COVID-19 hasn’t been the only thing that’s spread like wildfire. The already thriving cyber-crime “industry” has seen significant growth lately, as hackers and cyber-criminals have sought to cash in on the fear, anxiety, and confusion the virus has caused.

Shortly after the pandemic was officially declared, we saw individuals bombarded with opportunistic, COVID-themed phishing campaigns and scams. Businesses, meanwhile, have been subjected to a barrage of ransomware attacks: by the Australian Cyber Security Centre’s reckoning, their incidence increased by 60 per cent between 2020 and 2021. Scores of entities have fallen victim. 

Moreover, the remote and hybrid working arrangements many organisations adopted on the fly (and continue to persist with, two years on) opened up an extraordinary new attack surface, comprised of distributed mobile devices and not always adequately secured connections.

Tallying the damage

Despite the cyber-crime pandemic the country is experiencing, many organisations have continued to assess the risks it poses – to revenue, reputation, and business continuity – using legacy tools and technologies.

While quantifying risk is not an exact science, manual or antiquated processes make it desperately inexact. 

In today’s digital business landscape, heatmaps and systems that score cyber risk as ‘high’, ‘medium’ or ‘low’ do not reflect the extraordinary, enterprise-wide effect a major attack can have – and just how much is at stake if organisations fail to adopt a robust cyber-security posture.

Indeed, organisations need to ask themselves how much risk they are prepared to stomach. For example, as organisations become increasingly reliant on digital technologies, is the risk they face increasing or simply changing in nature? Just how aware are businesses of the risk landscape that exists? Should a greater proportion of IT budgets be allocated to security? How much? What implications does the growing use of cloud platforms have for an organisation’s risk profile?  

All the more critical with legislation such as Australia’s Critical Infrastructure Bill, a major piece of legislation that sets out new rules for how organisations deemed ‘critical’ to Australia’s national interests need to prepare for cyber attacks. The legislation represents a major consideration for Australian business and security leaders as it will set new cyber standards and compliance requirements.

Tools to make the task easy

What’s needed is detailed reporting that analyses the impact of cyber incidents in numerical terms and assesses the damage in dollars and cents.

An advanced cyber-risk quantification platform can provide this analysis, taking assumptions and guesswork out of the process. Modelling tools can be used to simulate a range of scenarios and produce insights that can be used to inform cyber-spending priorities and projects. 

Being equipped with this precise cyber-risk quantification allows senior leaders and those in the C-suite to appreciate and act on cyber-risk – or understand the risks they run - if they fail to do so. In addition, by quantifying risks, CISOs can better prioritise which risks are deemed most important. From there, they can allocate their risk budget to put a greater spend toward those higher-priority risks. 

Investing in a more secure future for your enterprise

Such platforms are not yet ubiquitous in Australia and New Zealand, but it’s likely they very soon will be. Forward-looking chief risk officers and chief information security officers are already cognizant of their value as a strategic decision-making aid, one which can help them measure, manage, and understand cyber-risk holistically. 

The insights they produce can make a material difference to the size and allocation of cyber-security budgets and result in more robust protection across the enterprise for systems, data, customers, and employees.

Article by MetricStream APAC managing director, Michel Feijen.

Related stories
Top stories
Story image
Managed service provider
Barracuda MSP Day 2022 highlights MSP opportunities
Barracuda Networks has released a report showing global services-related MSP revenue is set to increase by more than a third in 2022 compared to 2021.
Story image
Kubernetes
Sysdig unveils new Kubernetes troubleshooting and cloud innovations
Sysdig has introduced two new innovations that look to help bolster cloud services and simplify Kubernetes troubleshooting.
Story image
Microsoft
Global cybersecurity insurance market worth $11.5b this year
Future Market Insights finds the cybersecurity insurance market is expected to reach USD$11.5 billion in 2022, growing to $61.2 billion in 10 years.
Story image
Cyber attacks
Devastating cyber attacks expected to hit energy sector
Energy executives anticipate life, property, and environment-compromising cyber attacks on the sector within the next two years.
Story image
Vectra AI
Understanding the weight on security leader’s shoulders, and how to shift it
Millions of dollars of government funding and internal budgets are being funnelled into cybersecurity to build resilience against sophisticated threats, indicating how serious this issue has become.
Story image
Ransomware
APAC organisations fail to disclose ransomware breaches
85% of organisations in APAC were breached by ransomware at least once in the past five years, but only 28% publicly disclosed the incident.
Story image
Remote Working
Successful digital transformation in the hybrid work era is about embracing shifting goalposts
As organisations embraced remote working, many discovered they lacked the infrastructure needed to support history’s first global load test of remote work capabilities.
Story image
Migration
Let’s clear the cloud visibility haze with app awareness
Increasingly, organisations are heading for the cloud, initiating new born-in-the-cloud architectures and migrating existing applications via ‘lift and shift’ or refactoring.
Story image
Ransomware
A third of companies paying ransom don’t recover data - report
Veeam's report finds 76% of businesses who are victims of cyberattacks paid the ransom to recover data, but a third were still unable to get their information back.
Story image
New Relic
New Relic launches vulnerability management platform
New Relic has introduced New Relic Vulnerability Management to help organisations find and address security risks faster and with greater precision.
Story image
Workato
Workato unveils enhancements to enterprise automation platform
"The extra layer of protection with EKM, zero-logging, and hourly key rotation gives customers a lot more visibility and control over more sensitive data."
Story image
Malware
New vulnerabilities found in Nuspire’s Q1 2022 Threat Report
“Threat actors are quickly adjusting their tactics and these exploits tend to get industry attention, but the threat posed by older and attacks still persists."
Story image
Cybersecurity
Infoblox's State of Security Report spotlights Australian remote work hazards
Attackers exploit weak WiFi, remote endpoints, and the cloud, costing 50% of organisations over $1.3 million in breach damages.
Story image
Cybersecurity
Comcast to use ThreatQuotient for cybersecurity operations
Comcast, the parent company of NBC Universal and SKY Group, has chosen ThreatQ Platform and ThreatQ Investigations to meet their cybersecurity needs.
Story image
Apricorn
Data backup plans inadequate, data still at risk - study
The Apricorn 2022 Global IT Security Survey revealed that while the majority organisations have data backup plans in place, data for many are at risk.
Story image
Sift
Sift shares crucial advice for preventing serious ATO breaches
Are you or your business struggling with Account Takeover Fraud (ATO)? One of the latest ebooks from Sift can provide readers with the tools and expertise to help launch them into the new era of account security.
Story image
Remote Working
How zero trust and SD-WANs can support productive remote working
The way people connect with applications and data has changed, users are remotely accessing resources that could be stored anywhere from a corporate data center to the cloud.
Story image
Silver Peak
The path to an adaptive, modern network
Managing and securing the network looks different than it did just two years ago—especially given that most of these networks are made up of multi-generations of infrastructure stitched together over time.
Story image
Digital Transformation
How to modernise legacy apps without compromising security
At a time when digital transformation has become central to business, even the most important applications come with a ‘use-by’ date.
Story image
Ivanti
Ivanti and Lookout bring zero trust security to hybrid work
Ivanti and Lookout have joined forces to help organisations accelerate cloud adoption and mature their zero trust security posture in the everywhere workplace.
Story image
Employment
Tech job moves - Forcepoint, Malwarebytes, SolarWinds & VMware
We round up all job appointments from May 13-20, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Training
Trojan cyber attacks hitting SMBs harder than ever - Kaspersky
In 2022 the number of Trojan-PSW detections increased by almost a quarter compared to the same period in 2021 to reach 4,003,323.
Story image
Phishing
KnowBe4 celebrates reaching 50,000 customers worldwide
KnowBe4 has reached the milestone of 50,000 customers, adding nearly 2,500 in the first quarter of 2022 alone.
Story image
Customer experience
Gartner recognises Okta for abilities in Access Management
Okta has announced it has been recognised as a Customers' Choice for the fourth time in a row in the Gartner Peer Insights "Voice of the Customer" report.
Story image
Artificial Intelligence
AI-based email security platform Abnormal Security valued at $4B
"A new breed of cybersecurity solutions that leverage AI is required to change the game and stop the rising threat of sophisticated and targeted email attacks."
Story image
Cybersecurity
Noname Security partners with Netpoleon to target API issues
Specialist API security firm Noname Security has appointed Netpoleon as its distributor in Australia and New Zealand.
Story image
BeyondTrust
BeyondTrust integrates Password Safe solution with SailPoint
BeyondTrust has announced the integration of BeyondTrust Password Safe with SailPoint identity security offerings.
Story image
VPN
The most common online scams in Australia
No one is safe from online scammers, and many of these scammers have capitalised on the pandemic, using this confusing time to attack more people than ever.
Story image
Remote Working
Australia’s remote workers face connectivity and security issues
SOTI's new report finds better video conferencing technology and improved security measures are top concerns for remote workers in Australia.
Story image
Surveillance
i-PRO releases smallest AI-based surveillance camera on the market
The new i-PRO mini network camera is now available, with a pocket-sized form factor and full AI analytics functionality.
Story image
Cloud Security
Aqua Security createa unified scanner for cloud native security
“By integrating more cloud native scanning targets into Trivy, such as Kubernetes, we are simplifying cloud native security."
Story image
Data Protection
Barracuda launches new capabilities for API Protection
"Every business needs this type of critical protection against API vulnerabilities and automated bot attacks," Barracuda says.
Story image
ChildFund
ChildFund launches new campaign to protect children online
ChildFund says WEB Safe & Wise aims to protect children from sexual exploitation and abuse online while also empowering them to become digitally savvy. 
Story image
Cybersecurity
Cybersecurity prompts upgrade for 1.3 billion electricity meters
ABI Research finds Advanced Metering Infrastructure (AMI) and cybersecurity concerns are prompting the upgrade of 1.3 billion electricity meters by 2027.
Story image
Amazon Web Services / AWS
RedShield leverages AWS to scale cybersecurity services
"Working with AWS gives RedShield the ability to mitigate significant application layer DDoS attacks, helping leaders adopt best practices and security architectures."
Story image
Supply chain
Jetstack promotes better security with supply chain toolkit
The web-based resource is designed to help organisations evaluate and plan the crucial steps they need to establish effective software supply chain security.
Story image
Cybersecurity
BlackBerry offers Kaspersky replacement cybersecurity for the channel
BlackBerry advises that users of Kaspersky software in Australia and New Zealand undertake a rigorous risk analysis of their current security posture.
Story image
Artificial Intelligence
How to ensure ethical deployment of AI implementations
The increase in automation and machine technology such as AI and machine learning has unlocked a whole new level of scale and service to organisations. 
Story image
Cybersecurity
Hard numbers: Why ambiguity in cybersecurity no longer adds up
As cybersecurity costs and risks continue to escalate, CEOs continue to struggle with what their investment in cyber protection buys. Getting rid of ambiguity becomes necessary.
Story image
Cybersecurity
The 'A-B-C' of effective application security
Software applications have been a key tool for businesses for decades, but the way they are designed and operated has changed during the past few years.
Story image
Cybersecurity
A10 Networks finds over 15 million DDoS weapons in 2021
A10 Networks notes that in the 2H 2021 reporting period, its security research team tracked more than 15.4 million Distributed Denial-of-Service (DDoS) weapons.
Story image
Ransomware
Alarming surge in Conti Ransomware Group activity - report
A new report has identified a 7.6 per cent increase in the number of vulnerabilities tied to ransomware in Q1 2022.
Story image
Cybersecurity
Managed service providers: effective scoping to avoid costly vendor pitfalls
Managed security services are outsourced services focusing on the security and resilience of business networks.
Story image
Qualys
Qualys updates Cloud Platform solution with rapid remediation
The new update is designed to enable organisations to fix asset misconfigurations, patch OS and third-party applications, and deploy custom software.