Our cyber security products span from our next gen SIEM used in the most secure government and critical infrastructure environments, to automated cyber risk reporting applications for commercial and government organisations of all sizes.
Huntsman Security has published its cyber security predictions for 2023, including the importance of cyber security posture management, systematic risk management, and how ongoing changes will continue to be driven by the insurance industry.
In addition, we outline why cyber security guidelines will expand across more borders, and why the industry needs to move from eminence to evidence-based decision making.
Cyber security posture management and systematic risk management rise to greater prominence
Although the rise in the number of ransomware attacks has flattened in the past year, organisations still need to be aware of areas of potential attack risk (attack surfaces) and must be able to demonstrate control of them. Organisations should focus on either:
As organisations pursue continued digital transformation for greater efficiency, and adversaries continue to seek to profit from emerging security weaknesses, we predict 2023 will see the rapid growth of these solutions as stakeholders seek to quickly and more accurately prioritise to their changing cyber security circumstance.
Cyber insurance driving security control improvements
Security controls will be key to insurers better supporting their customers and more accurately pricing cyber risk. Australia, however, recently saw three major ransomware attacks, resulting in the theft of nearly 20 million consumer records, confirming that ransomware still poses a significant risk. Meanwhile in the UK, the ICO is continuing its enforcement activities, recently fining a significant services provider for a data breach.
In 2023 we expect insurers will demand increased controls, alongside rising regulatory requirements for cyber risk. The systematic and quantitative measurement of cyber risk will increase to inform and improve risk management and cyber security oversight.
Convergence of cyber corporate governance rules
Corporate governance rules have always varied across jurisdictions but are likely to converge as governments and organisations recognise they face similar if not the very same threats. Organisations everywhere will need to comply with these increasingly common cyber controls to meet multi-national regulations. The regulatory approaches between Australia and the UK, for example, appear quite different. Australia is tightening its regulations around cyber security obligations, whilst the UK is using advisories as part of a more laissez-faire approach. Recent actions by regulators in both jurisdictions, however, confirm alignment in their thinking.
In 2023, cyber governance is likely to progress towards more formalised processes and frameworks. Whether driven by the regulatory “stick”, the “carrot” or the more likely combination of both – what companies do, and the cyber security decisions they make, will be the subject of increasing accountability and scrutiny.
Shifting from eminence to evidence-based decision making
Decisions within the cyber security industry are often based on the reputation and the experience of experts – an eminence-based approach. With growing cyber resourcing issues and technology improvements, real-time evidence, based on new risk frameworks and measurement methodologies, is becoming critical to better inform security decisions.
2023 will see an industry shift to evidence-based decision making – aided by the availability of technologies to enable the quantitative measurement and systematic interpretation of risk data. This will, in time, help offset the ongoing skills shortage of experienced cyber security professionals, while still allowing effective cyber security decisions to be made by organisations using high-speed quantitative risk management and reporting technologies.
Huntsman Security has published a full whitepaper that includes further detail on the four predictions above, as well as other predictions. The paper can be downloaded here: Cyber Security Predictions 2023.
The UK market has its own regulators, security standards and challenges. And while rulings from SEC in the US or the Australian Prudential Regulation Authority (APRA) in Australia don’t apply to UK companies, for the most part, the observations are undoubtedly relevant and the resulting advice instructive. It would be wrong to think UK financial […]Read more
<<< Part 2a: Australia’s Essential Eight: Beyond Endpoint Control <<< Part 2b: Activating UK NCSC & US NIST Guidelines: Beyond Endpoint Control Part 4: Systematic Measurement of Cyber Controls >>> As much as we invest into cyber security controls, external threats are inevitable. In a recent Notifiable Data Breaches Report from the Office of the […]Read more
Keen campers, scouts and even the Swiss Army know – that a good penknife is indispensable. This simple device has mitigated many a disaster at one point in time or another. Whether it’s to cut through a bit of string, tighten a screw or simply to solve the problem of no bottle opener in the […]Read more
Supply chain risk is an area of cyber security that demands the ongoing attention of every enterprise; because it can make the difference between being resilient or not. It’s no surprise that insurers warn that the vulnerability of supply chains is potentially a systemic risk that can quickly propagate across supply chain dominated industries. Organisations […]Read more
It took a “tripartite cyber assessment” by the Australian Prudential Regulation Authority (APRA) to identify that a sample of financial organisations had inadequate cyber security: poor security control management, a lack of business recovery planning and inadequate 3rd party risk assessment. Why were there gaps? Where is the failure? Clearly the common practice of unsubstantiated […]Read more
The discussion over data-driven vs qualitative cyber security assessment has been going for some time. Nowadays, it is at the top of the priority list for many security and senior executive teams. Managing cyber security has always been a noble ambition but without reliable measurement, the lack of actionable information makes evidence-based management decisions almost […]Read more
Attack Surface Management (ASM) characterises a business’s security risks as the monitoring and risk mitigation of a constantly changing and vulnerable “risk-surface”. Importantly, this attack surface extends to both internal and external assets and services. Some ASM solutions deliver clear visibility across both Internet facing and internal assets. Others do not. Instead, they assess external […]Read more
The UK Government has released its annual “Cyber Security Breaches Survey 2023”. It provides some valuable insights into how cyber security is currently being managed in the UK, by a range of organisations. It also speaks to how current competing economic priorities are impacting the effectiveness of some cyber security management efforts. The full report […]Read more
Solving the mismatch between cyber security reporting and directors’ requirements You are undoubtedly familiar with the headlines; you may have even become in part desensitised to them: ‘Cyber-attacks are increasingly damaging’, or ‘large amounts of personal data are most at risk’. The important take-away, however, is that modern day thieves can easily gain access to […]Read more
A system to address the untrustworthy security environment Zero trust approaches to security have been talked about for a while; but in recent times they have certainly gained more currency. As a model for protecting data and services, the simplicity of the concept is its biggest strength – assume, as a default position, there is […]Read more
Read by directors, executives, and security professionals globally, operating in the most complex of security environments.