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New technologies are emerging at a rapid pace, and that means your cyber risk governance strategy has to be dynamic enough to withstand new risks. From cloud computing to artificial intelligence (AI), the only constant in cybersecurity is change. What does that mean for CISOs and their organizations?
Understanding emerging threats and adopting a proactive cyber risk governance strategy can protect your organization from potential breaches, disruptions and financial loss.
In this article, we will examine the impact of emerging technologies on cyber risk and discuss how to develop a cyber risk governance strategy that proactively manages these risks.
Over the past few decades, new emerging technologies have become a constant. From the rise of the Internet in the 1980s to the cloud, the Internet of Things (IoT), mobility, artificial intelligence (AI), and machine learning (ML). Each time a new innovation emerges, cybersecurity professionals have had to find a way to manage it effectively and embrace that the only constant in cyber risk management is change.
Despite this, the methodology for managing cyber risk remains the same, no matter what technology or threat emerges. The risk management process and strategy don’t change. Organizations must prioritize the development of a robust cyber risk governance strategy that addresses emerging threats to ensure their systems are secure by design.
Emerging technologies, such as AI, have introduced new risks for businesses. This includes the intrinsic operational risk associated with adopting AI, as well as external threats from AI-enabled cyber attacks. CISOs must be aware of these AI risks:
AI in cybersecurity is a double-edged sword. While the main driver for businesses adopting AI is the promise of increased efficiency and productivity, the increased exposure that accompanies it can bring operations to a grinding halt. The first step to effective AI risk governance is understanding some of the most prevalent cyber risks. These include:
Cyber attackers use AI to analyze mountains of data to create personalized phishing emails and messages. They can impersonate the writing style and tone of known senders, such as the CEO or a coworker, tricking even your most cautious employees into giving away confidential information. Attackers can also use AI to create deep fakes. AI can generate realistic audio and video for impersonation, bypassing security systems such as voice recognition.
AI can automate repetitive tasks like password cracking, allowing attackers to attack from within networks. AI can also bypass these protections to create sophisticated malware so data theft or breaches go undetected.
AI models trained using biased data can perpetuate discrimination in company processes, such as hiring. Companies must be aware of this and ensure their AI models comply with anti-discrimination legislation for transparency and accountability.
AI integration in autonomous vehicles and other critical systems can pose physical dangers. For example, a breach in AI-operated vehicles could endanger passenger safety. AI must prioritize system security and physical safety in this use case.
AI can process an abundance of information in a matter of seconds, however, it needs the critical thinking capabilities only a human can offer to determine how accurate that information is. Businesses need to be aware of this and ensure that sufficient data validation measures are in place to ensure accuracy.
AI's rapid adoption and progress outpaces the development of comprehensive security regulations. This regulatory gap exacerbates the challenge of establishing a robust cyber risk governance strategy. This increases the likelihood of security breaches and disruptions.
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Understanding the evolving nature of cyber threats is fundamental to building a robust cyber risk governance strategy that mitigates any emerging threats. Emerging technologies and threats are constant.
Instead of developing a reactive strategy that focuses on specific threats, build a proactive and comprehensive cyber risk strategy that adapts to emerging threats as they develop. This approach will help you to:
By staying ahead of cyber threats, fostering a culture of risk awareness, and taking a proactive approach, organizations can effectively manage emerging threats and reduce their chances of being victims of cyberattacks with little or no effort.
Organizations must establish a robust cyber risk governance strategy to manage emerging threats. Base the strategy on these fundamental principles:
Conduct a comprehensive risk assessment to identify potential cyber risks associated with emerging technologies in the organization’s IT infrastructure, such as AI tools, cloud environments, and remote setups.
Evaluate and prioritize identified risks based on severity, likelihood, and potential impact on your organization. Prioritize investments in areas of highest risk to maximize the return on cybersecurity spending. Our guide to effective cyber risk prioritization guides CISOs on how to best prioritize their cyber risk management strategy to minimize business impact.
Establish a cyber risk governance committee. Include employees from different departments. For example, legal, IT, and business perspectives on cyber risks will differ. Once you’ve formed a committee, develop clear policies and procedures that address emerging cyber risks, deployment, and monitoring. The key priority here is to embrace a governance methodology that goes beyond maintaining compliance.
Develop and implement strategies to mitigate prioritized risks by ensuring policies and procedures align with robust data privacy and security practices. Train employees by planning for workforce transformation. Additionally, the organization should invest in explainable AI solutions and safety protocols for critical AI applications if it uses AI.
Regularly audit the organization’s IT infrastructure to ensure the systems adhere to the cyber risk governance strategy. Identify emerging cyber risks and foster an open culture where employees can report potential AI risks and ethical concerns. It’s essential to be proactive and adaptive in cyber risk management.
Champion responsible cybersecurity by endorsing the organization’s cyber risk governance strategy. Advocate for safer information systems and explain why. When employees understand why, they’re more likely to support the plan. Fostering an effective communication strategy is key here.
Be open about cyber risk initiatives, potential emerging risks, and mitigation strategies. Take time to understand cyber risk incidents. Ensure employees are educated and know how to address potential risks.
Stay informed of evolving cybersecurity regulations and apply them effectively throughout the organization. Ensure organizational practices comply with relevant laws to avoid legal, financial, or reputational damage.
Want to align cyber risk governance and management with your business objectives?
X-Analytics helps organizations identify, understand, and manage risks from emerging technologies by providing real-time risk-reducing insights. This allows organizations to visualize, limit, and manage their business exposure to emerging threats.
With key capabilities like risk prioritization and scenario planning, X-Analytics enables organizations to understand their business exposure to cyber risks, estimate the financial impact of cyber risk severity, prioritize cybersecurity investments, and develop resilience in the face of emerging threats.
With the rise of new and evolving threats, manually assessing risks can be challenging, leaving business infrastructures vulnerable. Rather than constantly reacting and investing heavily in multiple expensive technologies to mitigate each emerging risk, invest in X-Analytics and develop a clear path to a cyber-resilient future for your business. Book a demo with our team of experts.
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