As organizations continue to navigate the complexities of digital transformation, the attack surface has grown exponentially, making attack surface management an increasingly important priority for managing risk.
The stakes are high, with cyberattacks growing in frequency and sophistication, and the financial toll on businesses reaching unprecedented levels. In this article, we will explore the critical importance of attack surface management from the perspective of chief financial officers (CFOs) and financial risk management.
Attack Surface Management for CFOs
Attack surface management (ASM) is a comprehensive cybersecurity approach that involves mapping and analyzing all potential points of entry for malicious actors into an organization’s IT ecosystem. By gaining an in-depth understanding of their attack surface, companies can develop a robust defense strategy that minimizes exposure to cyber threats.
ASM involves identifying known and unknown assets, detecting vulnerabilities, and remediating risks to prevent attacks – important practices that can help CFOs reduce organizational risk.
Financial Services Sector’s Vulnerability to Cyber Threats
The financial services sector is one prime target for cyber attackers, as these organizations manage vast amounts of sensitive data and funds. The larger and more distributed the organization, the more extensive its attack surface, making it more vulnerable to unauthorized access. Even smaller financial institutions are at risk due to their often less robust security measures and sensitive holdings and data. Investing in attack surface management training for security teams is a crucial investment for financial institutions.
According to the IMF’s Global Financial Stability Report, over the the past two decades, nearly one-fifth of cyber incidents reported had impacted the international financial sector, leading to $12 billion in direct losses to financial institutions, and $2.5 billion estimated direct losses since 2020. Even smaller financial institutions are at risk due to their often less robust security measures.
Consumers are becoming more aware of the growing threat to organizations and their data, making it essential for all institutions, not just those in high-risk sectors, to address their security weaknesses to build trust and maintain lasting customer relationships.
Attack Surface Management Strategies for CFOs
Growing risk for all organizations requires a scalable security strategy that can adapt to changing capacity. ASM is becoming a favored cybersecurity management approach from the CFO perspective, as it provides an active and comprehensive asset inventory of both internal and external assets that contain, transmit, or process data. ASM detects vulnerabilities as they appear, enabling companies to make informed, risk-based security decisions and optimizing enterprise IT security. ASM involves:
Asset Discovery: Detecting and geographically locating active and inactive assets, both known and unknown, using a range of open-source intelligence (OSINT) techniques.
Securing Cloud and Third-Party Services: According to a SANS survey on attack surface and visibility, 94% of respondents reported the use of cloud services at least occasionally, and 90% report the use of third-party services and affiliates in their enterprise. CFOs should make sure to have a current list of cloud assets and trusted third-party systems, with regularly scheduled updates and reports on third-party risk management (TPRM).
Vulnerability Discovery: Assessing security posture using an automated approach speeds detection of potential risks, along with regular scanning to evaluate digital infrastructure and networks for known vulnerabilities.
Risk Mitigation: Shields the organization from attacks by remediating vulnerabilities and providing granular insights to make informed security decisions.
Amid rising cyber threats, CFOs must prioritize the optimization of IT infrastructure along with the adoption of attack surface management strategies. By gaining visibility into their attack surface and proactively addressing vulnerabilities through the use of attack surface management tools like Cyble Attack Surface Management, CFOs can reduce financial risk by enhancing their security posture, protecting their digital assets, and maintaining the trust of their customers.
Source: Read More
