Cyber security in the age of digital transformation

September 2024  |  SPECIAL REPORT: DIGITAL TRANSFORMATION

Financier Worldwide Magazine

September 2024 Issue

Organisations have, in recent years, accelerated their adoption of digital technologies such as artificial intelligence (AI), machine learning (ML) and the cloud, which has facilitated digital transformation. However, while there are many benefits to the adoption of such technologies, this has also introduced new risks that can significantly, and negatively, impact the operations of organisations if the vulnerabilities associated with these technologies are exploited.

There are many malicious threat actors looking to exploit vulnerabilities in the use of technology by both individuals and organisations. In this respect, these threat actors look to identify any weak link they can. These can range from user behaviour to vulnerabilities in the technological tools and software themselves.

With the significant impact that a cyber attack or breach can have on an organisation (the biggest being the financial impact) cyber crime continues to be one of the largest threats to organisations today. Cyber criminals are becoming more sophisticated every day and with a growing reliance on technology and a lack of resources, many organisations (particularly small or young organisations) are struggling to keep up with the pace of cyber security demands.

If organisations in both the public and private sectors want to ensure that they are adequately and effectively protected from any cyber threats, they need to have the right cyber security framework in place to manage cyber threats meaningfully.

This framework will include the correct tools, expertise, support and controls to mitigate cyber security risks. And, in order to develop this robust framework, organisations need to deeply understand their risks and then lay out policies that enable people to understand what behaviour is expected of them to maintain the security of operations.

Identifying and understanding cyber security risk and vulnerabilities

Knowing the risks and vulnerabilities is crucial to understanding exactly how to reduce or mitigate them – which is key to maintaining a secure environment. To do this, the first step is to recognise that any organisation faces risks from three primary sources: the tools and technologies used within the organisation, employee interactions with these technologies, and external threat actors aiming to infiltrate the organisation’s systems.

To understand just how much vulnerability an organisation faces from any of these three sources requires a thorough risk assessment that provides a clear understanding of where the organisation is most vulnerable, enabling it to develop targeted controls and strategies to mitigate identified risks, ensuring a robust and proactive approach to cyber security.

The first step here is to evaluate the security of the organisation’s current technologies and tools to ensure they are up to date and configured correctly. Next, assessing user behaviour and providing training can mitigate risks associated with human error or negligence. Finally, understanding the tactics of external threat actors allows for the implementation of effective defences against potential breaches.

Creating clear and robust cyber security policy frameworks

Organisations need to develop and implement comprehensive cyber security policies and programmes that outline the guidelines and best practices for the entire organisation and its employees to keep the environment secure. By taking cues from international standards and processes, organisations can easily create robust frameworks that help people identify and implement measures to defend against attacks, respond to incidents and recover from them. This approach helps assess, prepare for and mitigate cyber security risks tailored to specific industry threats and potential impacts, while aligning with global best practices ensures compliance with data privacy and protection laws.

While new technologies do introduce new risks to an organisation, the biggest vulnerability continues to lie with people. The most common ways that cyber criminals are able to gain access to internal systems is by manipulating the people within an organisation through methods like phishing scams, malware and ransomware. For example, someone might see what looks like another employee’s lost USB on the ground and insert it in a computer to see who it belongs to or simply open an email that is made to look like an important work message.

That is why mitigating cyber security risk is the responsibility of everyone, from the C-suite to the head of IT and all the way down to every employee. By following internal guidelines and fostering a culture of security, organisations can reduce their susceptibility to cyber attacks. Education and training on recognising risks, identifying potential threats and understanding the necessary response processes are essential for all employees.

The ethical use of IT

Beyond financial loss, one of the most significant negative consequences of a cyber security breach is the erosion of trust among customers, business partners and other stakeholders. When sensitive and personal data is compromised, the confidence in the organisation’s ability to protect and handle information responsibly is shattered. This loss of trust can have long-lasting impacts on an organisation’s reputation and relationships.

This is why cyber security ethics is a critical element of cyber security. Ethical practices in cyber security involve adhering to legal standards, respecting privacy and using information technology responsibly to prevent misuse or harm. By prioritising ethical considerations, organisations can foster a culture of accountability and transparency, which is crucial for safeguarding against malicious activities and maintaining stakeholder confidence.

It ensures that organisations uphold their role as guardians of sensitive, private and important information, thereby maintaining the trust and confidence of all stakeholders.

Technology as a strength, not a vulnerability

While the adoption of emerging technologies can uncover new vulnerabilities to cyber crime, they can also play a key role in thwarting it. In instances where there may be a shortage of cyber security skills, technology like AI can help organisations to remain secure. Even if there is no skills shortage, policing the high volume of threats organisations face hourly would take thousands of dedicated cyber security professionals.

This is where technologies like AI can come into play. Its ability to analyse massive volumes of data and information enables organisations to examine a large amount of threat incidences very quickly. Through ML and AI, an organisation can set up its system to track and flag any incidents to the internal cyber security team.

The idea is not to replace people, but rather to augment their capabilities, allowing the IT team to focus more of their time on actual threats. This also allows an organisation’s team to respond to threats more quickly, and more effectively, giving them time to develop strategies or work on solutions to the identified vulnerabilities, turning an organisation’s cyber security approach from responsive to proactive.

The digital landscape presents significant opportunities for growth and development of organisations. However, to fully realise this potential, the risks associated with cyber threats cannot be ignored. By implementing strong, robust cyber security measures, organisations can protect their digital assets, comply with regulations, maintain customer trust and ensure business continuity. In doing so, they not only safeguard their interests but also contribute to a safer and more secure digital ecosystem.

 

Zaakir Mohamed is director and head of corporate investigations and forensics at CMS. He can be contacted on +27 63 620 6022 or by email: zaakir.mohamed@cms-rm.com.

© Financier Worldwide

BY

Zaakir Mohamed

CMS

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