Threat Intelligence: The Key to Resilience
The role of the Chief Security Officer (CSO) has undergone a seismic shift in recent years.
The once-insular function of safeguarding digital assets has evolved into a strategic imperative that intersects with every facet of an organization.
That means the long overdue invitation to find a seat at the executive table for a CSO is now a requirement for any organization that wants to succeed in the current cyber landscape.
Executives are dealing with two significant factors that impact their organization’s equation for success: growing risk and growing responsibility for digital assets.
GROWING RISK: “Cybersecurity risks have increased alongside the digitalization of registrants’ operations, the growth of remote work, the ability of criminals to monetize cybersecurity incidents, the use of digital payments, and the increasing reliance on third-party service providers for information technology services, including cloud computing technology,” according to an SEC Fact Sheet. Between the start of 2022 and the end of 2023, U.S. businesses saw a 20% increase in data breaches, and, according to MIT News, that number is likely to increase.
GROWING RESPONSIBILITY: On July 26, 2023, the Securities and Exchange Commission adopted new rules that require executives to take responsibility for the security of digital assets. The ruling requires public companies to identify who on the board is responsible for the oversight of cyber risks, the processes by which the board is informed about cyber risks, the frequency of its discussions on this topic, and whether and how the board or specified board committee considers cyber risks as part of its business strategy, risk management, and financial oversight.
This places CSOs at the center of strategic planning for any organization. According to Brian Contos, chief strategy officer with Sevco Security, the SEC’s mandates have raised the stakes when it comes to risk and vulnerability, and corporate leaders can no longer ignore the significance of cyber security when it comes to corporate governance.
This means that the CSOs role is to clearly convey the evolving risk landscape. Risk, in its simplest form, is a confluence of asset vulnerability and threat actor capability. This equation is in constant flux, driven by technological advancements, geopolitical shifts, and the relentless ingenuity of cybercriminals. The ability to articulate this dynamic to the executive team is paramount.
There is a correlation between board and executive understanding of cyber risk and organizational resilience according to a report by Harvard University. Organizations with well-informed leadership teams demonstrated superior outcomes in managing cyber incidents. This finding underscores the critical role of the CSO in translating complex technical information into actionable insights for business leaders.
Threat intelligence emerges as a powerful tool in this context. By proactively monitoring and analyzing threat actor behaviors, CSOs can clarify cyber risk as well as anticipate emerging risks and develop targeted mitigation strategies. This intelligence can be leveraged to drive conversations with the executive team, highlighting potential vulnerabilities and the associated business impact.
The Evolving Threat Landscape
The digital frontier is a battleground where adversaries are constantly refining their tactics. From nation-state actors to financially motivated cybercriminals, the threat spectrum is broad and ever-expanding. The increasing sophistication of attacks, coupled with the growing attack surface presented by remote workforces and cloud adoption, has created a perfect storm for cyber risk.
Furthermore, the convergence of operational technology (OT) and information technology (IT) has introduced new vulnerabilities. Critical infrastructure, once isolated, is now increasingly connected to the internet, creating opportunities for cyberattacks with potentially catastrophic consequences.
Information is power, and as strategic risk mitigators, CSOs are increasingly reliant on accurate, actionable intelligence about the evolving threat landscape. Threat intelligence serves as a powerful tool for identifying emerging threats and vulnerabilities, prioritizing risk mitigation efforts, and informing strategic decision-making.
Defining and Communicating Risk
Effective risk management begins with a clear understanding of the organization's assets and their vulnerabilities. This requires a comprehensive inventory of systems, applications, data, and personnel. Once identified, these assets must be prioritized based on their criticality to business operations.
Simultaneously, the threat landscape must be continuously monitored to identify potential adversaries and their capabilities. By correlating asset vulnerability with threat actor activity, CSOs can create a risk profile that accurately reflects the organization's exposure.
Communicating this complex information to the executive team requires a delicate balance of technical accuracy and business relevance. The CSO must be able to translate technical jargon into clear, concise language that resonates with business leaders. By focusing on the potential impact of cyber incidents on revenue, reputation, and operational continuity, CSOs can effectively convey the urgency of addressing cyber risk.
The Power of Threat Intelligence
Threat intelligence is the lifeblood of effective cyber defense. By proactively gathering and analyzing information about threat actors, their tactics, techniques, and procedures, CSOs can stay ahead of emerging threats. This intelligence can be used to inform a variety of security measures, including:
Threat hunting: Actively searching for indicators of compromise (IOCs) within the organization's environment.
Incident response: Rapidly identifying and containing cyberattacks by leveraging knowledge of adversary tactics.
Security awareness training: Educating employees about the latest threats and how to avoid becoming victims.
By sharing threat intelligence insights with the executive team, CSOs can demonstrate the value of proactive security measures and build support for necessary investments. In addition, threat intelligence creates a vital conversation.
Using Threat Intelligence to Improve Risk Management
By understanding the tactics, techniques, and procedures employed by hackers, organizations can proactively bolster their defenses against impending attacks. This predictive capability empowers the CSO to allocate resources strategically, prioritizing the protection of critical assets and systems. Furthermore, threat intelligence facilitates the development of effective incident response plans by providing insights into potential attack vectors and impact.
Real-time threat intelligence allows organizations to see a threat and respond quickly. By correlating incoming threat data with organizational assets and systems, the CSO can identify potential compromises and initiate containment measures swiftly. This proactive approach significantly reduces the potential damage caused by a successful attack and accelerates recovery efforts.
Ultimately, threat intelligence serves as a catalyst for continuous improvement in risk management practices. By analyzing threat data and attack trends, organizations can identify weaknesses in their security posture and implement necessary enhancements. This iterative process ensures that the organization stays ahead of the evolving threat landscape and maintains a robust security posture.
The Power of Being Proactive
Threat intelligence is the cornerstone for proactive risk management. By continuously monitoring the digital underworld, CSOs can identify emerging threats and vulnerabilities before they become full-blown incidents. This involves:
Tracking threat actor behavior: Understanding the tactics, techniques, and procedures (TTPs) of various threat actors provides valuable insights into potential attack vectors. By analyzing these patterns, vCSOs can anticipate new attack methods and develop countermeasures.
Monitoring for zero-day vulnerabilities: Threat intelligence feeds can alert organizations to newly discovered vulnerabilities that have yet to be patched. This information is critical for prioritizing patching efforts and implementing temporary mitigations.
Identifying industry-specific threats: Different industries face unique cyber risks. Threat intelligence tailored to specific sectors can help vCSOs identify emerging threats that are particularly relevant to their organization.
Prioritizing Efforts for Maximum Success
Effective risk management requires a focus on the most critical threats. Threat intelligence can help CSOs prioritize risk mitigation efforts by:
Assessing threat likelihood and impact: By combining threat intelligence with vulnerability assessments, CSOs can calculate the potential impact of a successful attack. This information can be used to prioritize risk mitigation efforts based on the likelihood and severity of potential incidents.
Allocating resources efficiently: Threat intelligence can help CSOs allocate security resources effectively by focusing on areas of greatest risk. By understanding the threats that pose the most significant danger to the organization, CSOs can optimize their security investments.
Measuring the effectiveness of security controls: Threat intelligence can be used to assess the effectiveness of existing security controls by identifying which threats are being successfully mitigated and which require additional measures.
Threat Intelligence in the Boardroom
It’s time for threat intelligence to take its place in boardroom discussions because of the value it offers to the entire organization. By sharing threat intelligence insights with the executive team, CSOs can:
Justify security investments: Demonstrating the tangible benefits of security measures through threat intelligence can help secure budget approvals for necessary tools and personnel.
Support business continuity planning: Threat intelligence can be used to identify potential disruptions to business operations and inform the development of effective contingency plans.
Enhance crisis management: By understanding the potential tactics of adversaries, organizations can develop more effective incident response plans and crisis communication strategies.
The Threat Intelligence Conversation
It wouldn’t have been that long ago that CSOs and threat intelligence would have been relegated to the IT department and unwelcome in the boardroom. However, those days are gone. The conversation around cybersecurity needs to happen now and it needs to be ongoing. Threat intelligence is not an IT tool, but a business tool, and CSOs can use it to effectively communicate the importance of robust cyber security measures to resistant executives by translating complex technical information into tangible business risks. By presenting real-world examples of cyberattacks targeting similar organizations, the CSO can demonstrate the potential financial, reputational, and operational consequences of a breach. Quantifying the potential losses and highlighting the impact on revenue, customer trust, and regulatory compliance can effectively convey the urgency of investing in cyber security.
Furthermore, the CSO can showcase how threat intelligence informs proactive risk mitigation strategies, enabling the organization to protect its assets and maintain a competitive edge. By framing cyber security as a strategic business imperative rather than a mere cost center, the CSO can foster a more receptive environment for security initiatives.
So, here are five points CSOs can use to engage executives and enrich the conversation:
1. Financial Benefits:
Effective use of threat intelligence can help an organization’s bottom line. Among its benefits are reduced incident response costs and improved operational efficiency. According to IBM’s 2023 Cost of a Data Breach report, organizations that make use of threat intelligence detect breaches more rapidly, which limits both damages and expenses. The report also explicitly notes that organizations with threat intelligence programs spend $196,936 less on a data breach.
2. Effective Decision-Making:
Blind decision-making leads to disaster. It wastes time, effort, and opens the door for an attack. Threat intelligence provides actionable insights into current and emerging threats, attack trends and adversary capabilities. Key stakeholders, ranging from analysts to executives, need threat intelligence for effective decision-making.
Security analysts can leverage technical and operational threat intelligence to better detect attacks and filter through security alerts.
Architects and sysadmins can utilize tactical threat intelligence to fortify defenses.
Executives can rely on strategic threat intelligence to develop a better understanding of cybersecurity risks, and thus, make sounder resource allocation and investment decisions.
A threat intelligence program empowers leaders to make decisions that account for and stay ahead of current and emerging threats.
3. Compliance with Government and Industry Standards:
Threat intelligence helps organizations comply with cybersecurity frameworks, such as the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF) and ISO 27001:2022. In the recent publication of NIST CSF version 2.0, there is a greater emphasis on incorporating threat intelligence feeds into an organization’s monitoring and analysis strategy.
4.Effective Risk Management and Mitigation:
The only way to successfully navigate difficult terrain is to have a clear vision of it, and threat intelligence does just that. It equips organizations with critical insights into the threat landscape, enhancing the risk identification and prioritization process. Risk stems from the intersection of threats and vulnerabilities. By understanding hackers' tools and capabilities, organizations can more effectively identify threats and risks.
5. Reputation Protection:
No matter how much insurance an organization has or how many data backups they create, the one thing that hackers can destroy that may never be fully repaired is reputation. Organizations with threat intelligence are in a better position to detect and respond to a cyberattack. IBM’s 'Cost of a Data Breach' report found that companies with threat intelligence identify breaches an average of 28 days faster, resulting in potentially less reputational damage.
Conclusion: Risk Management is Informed by Threat Intelligence
Cyber risk is clearly an issue for all organizations. It is now considered by experts to be the number one business challenge organizations face. CSOs need to be a part of boardroom discussions about corporate strategy and the best way they can do this is with current and consistent threat intelligence. It is the only way to plan for the future and make effective decisions. By employing threat intelligence to identify emerging risks, prioritize mitigation efforts, and inform strategic decision-making, CSOs can significantly enhance their organization's cyber resilience.