By: Dr. Michael Senft
Michael is a cyberspace operations expert and Army Veteran with nearly two decades of technical leadership experience supporting Academic, Intelligence Community and Special Operations organizations. He is a graduate of Virginia Tech and holds a Ph.D. from the Naval Postgraduate School.
The escalating proliferation of cyber threats, coupled with the pervasive integration of digital technology and Internet connectivity for small and medium-sized businesses (SMBs) have created a pressing imperative for increased cybersecurity. This pressing imperative demands the full attention and action of business executives and board members. Failure to exercise due diligence and due care in the protection of a business’s information systems and data assets can result in financial penalties or lead to business demise. Of particular concern is the precarious position of small businesses, where the repercussions of a cyberattack can be especially acute. A staggering 60% of small businesses have ceased operations within six months of a cyberattack. Business executives must understand that cybersecurity isn’t just the responsibility of their IT staff anymore, it is now a fundamental component of corporate governance.
The core essence of due diligence and due care resides in the prudent allocation of attention and resources commensurate with the specific situation at hand. As situational threats increase, so does the level of attention and resources considered reasonable. The relentless escalation of both the frequency and impact of cyberattacks has fundamentally reshaped the paradigm governing what is considered an appropriate level of attention and resource allocation for a business’s investment in cybersecurity.
Penetration testing, threat intelligence, and vulnerability detection play a pivotal role in exercising due diligence and due care for a business’s cyber security by proactively identifying threats, risks and vulnerabilities. These capabilities employed in conjunction with best-practices recommended by Cybersecurity and Infrastructure Agency form the foundation of a robust cybersecurity posture. A strong cybersecurity foundation demonstrates a business’s commitment to both protecting itself against cyberattacks and safeguarding sensitive customer information.
Penetration Testing
Penetration testing is a controlled and authorized attempt to exploit vulnerabilities in an organization’s IT infrastructure to identify potential security threats. Penetration testing demonstrates due diligence and due care for cybersecurity by providing an objective assessment of an organization’s security posture from an outsider’s perspective. Through penetration testing, vulnerabilities are not only identified, but the likelihood of exploitation and potential impact are also assessed.
Threat Intelligence
Threat intelligence is the collection and analysis of information about potential threats and cyber-attack strategies. It provides actionable insights based on the understanding of threat actors, their tactics, techniques, and procedures (TTPs), as well as indicators of compromise (IoCs). Incorporating threat intelligence demonstrates due diligence and due care for cybersecurity by informing businesses of likely threats, allowing proactive and targeted allocation of security resources. Threat intelligence also improves detection and response capabilities of an organization through increased knowledge of current threat actor behavior.
Vulnerability Assessment
A vulnerability assessment is a comprehensive review of an organization’s IT infrastructure to identify potential security weaknesses. The assessment includes scanning systems, networks, and applications to find vulnerabilities that might be exploited by attackers. The goal is to offer insights into vulnerabilities, their severity, and provide recommendations for mitigation. Unlike penetration testing, which includes active attempts to exploit vulnerabilities to emulate adversary activity, vulnerability assessments focus on identifying known vulnerabilities for remediation. Vulnerability assessments demonstrate due diligence and due care by providing proactive identification, evaluation and prioritization of vulnerabilities present within a business’s IT infrastructure. Prioritization of vulnerabilities allows businesses to smartly allocate resources to ensure critical risks are promptly addressed.
In today’s digital age, business executives must recognize that cybersecurity is an integral part of sound corporate governance. Taking responsible steps and showing a duty of care in cybersecurity is not a luxury, but a critical requirement to safeguard an organization’s resources, reputation, and trust from its customers. Tools like penetration testing, threat intelligence, and vulnerability assessments are pivotal in this endeavor. By integrating these components into a comprehensive cybersecurity strategy, SMBs can proactively address vulnerabilities, mitigate threats, and demonstrate their commitment to protecting their IT and data assets.