One of the common questions we get from clients is about what tactics, strategies and cyber security services deliver the best ROI. At the most basic level, whenever you reduce your cyber security risks, you reduce the expensive costs associated with data breach remediation. Most organizations realize that enhancing security and reducing risk are smart investments for your finances and your brand reputation. But, what’s the next step beyond this basic ROI? Many clients are asking for guidance on prioritizing what activities and cyber security services will maximize their security and their budget.
Smart Tactics and Cyber Security Services that Increase Security & ROI
Let’s look at three common goals that have strong ROI metrics and examine the tactics and cyber security services that can help you get the most bang for your buck. I’ve included tips for everyone from DIY cyber security teams, to organizations that need outsourced strategy and services, so you can decide which activities and/or services fit your current needs and budget.
Goal #1: Ransomware Risk Reduction
- Challenge: The threat of ransomware and its financially devastating consequences continues to be a top concern for many organizations. Clients regularly approach our team asking for ways to reduce their ransomware risk.
- Recommendations: While the risk of ransomware cannot be completely eliminated, there are many steps you can take to reduce your ransomware risk. LMG Security recommends approaching this challenge from two perspectives.
- Reduce the likelihood of ransomware affecting your organization. This means phishing training for all employees, strong authentication including long passwords and multifactor authentication, eliminating exposed RDP interfaces, and committing to cyber hygiene basics such as making sure your patch management program is top notch.
- Reduce the potential impact if you are affected. It is important to prepare for ransomware as well as take steps to prevent it. Potential impact can be reduced by building an effective incident response plan, strengthening your access management practices, implementing network segmentation, and planning a backup strategy to ensure you can recover from ransomware without having to negotiate with criminals. You can conduct these activities internally or outsource these cyber security services depending on your needs and staff.
- Strategic Cyber Security Services: You may want to consider a ransomware risk assessment. You will gain a better understanding of your risk profile and an analysis of how different strategies will reduce your risk. These insights help your executive team prioritize activities and expenditures based on the severity of each risk. We have outlined these recommendations in more detail in a previous ransomware risk blog. You can also increase your preparedness by reading our blog on ransomware recovery steps.
Goal #2: Strengthen Cloud Security
- Challenge: Organizations are increasingly realizing that using cloud services does not automatically ensure security. Often, the default configurations are not the most secure options, so it is important to understand configuration options and best practices to make the right choices for your organization. Also, existing processes such as access management, need to be extended to include cloud services.
- Recommendations: Start by inventorying all cloud services in use by your organization. For each one, review security decisions that are within your control.
- These typically include audit logging, password requirements, account lockout and timeout settings, and multifactor authentication.
- Remember to talk to all departments when compiling your cloud inventory, as the easy accessibility of cloud services means the IT department may not be aware of all cloud services in use, and therefore not involved in making decisions on secure use. If you find that is the case, it will be important to extend existing access management and other processes to these applications.
- Strategic Cyber Security Services: A popular solution is a cloud security assessment. These assessments can include cloud vendor, platform, technical controls, policy recommendations and more. These assessments generally provide a prioritized list of recommendations that tighten security, streamline policies and avoid a data breach. For immediate actionable steps, take a look at these detailed recommendations for securing your Office 365 environment. Also read about common cloud storage security risks that we frequently see when working with clients on cyber security solutions.
Goal #3: Respond to Client Security Requirements
- Challenge: Many organizations are now facing customer requests for detailed cyber security posture analysis as part of supply chain or third-party security initiatives. These inquiries may come from prospective or existing clients that are implementing vendor security vetting programs. If you don’t have a solid, documented security program in place, these requests and requirements can be daunting.
- Recommendations: First, don’t panic! Many companies are fielding similar requests and finding it is a challenging task. Client information requests and security requirements can vary considerably, so it is important to carefully review what your client is asking for. Here are some components you may be asked for, with tips on how to respond:
- Cyber Security Program Development: The underlying theme of all of these client requests and requirements is their need to assess and manage their risk related to the use of vendors. We’ve compiled a list of the top ten activities you will need to consider and tips for moving forward.
- Written Security Program: Many questionnaires will ask if you have an Information Security Policy, Acceptable Use Policy, Incident Response Plan, or other security policies. If you don’t have these in place, you will need to develop them. In some cases, this means documenting the secure practices you are already doing. For others, you’ll need to develop and implement security requirements and processes in conjunction with documenting them. Policy development can be a time-consuming task, and can be challenging for those who are new to it. Seeking outside assistance with this task can be an efficient option.
- Risk Assessment: You may be asked if you conduct regular risk assessments. This is another task that lends itself well to a cyber security services provider who can identify threats to your sensitive data and critical systems, consider vulnerabilities that may increase risk, and provide recommendations to reduce risk.
- Technical Testing: Some clients will ask if you perform technical security testing, and in many cases they will require that it is performed by a third party. If you have not had a pen test before, this blog describes what to expect and how to get the most value from your test.
- Strategic Cyber Security Services: After the recent SolarWinds supply chain breach, demonstrating strong security policies and getting a third-party risk assessment can be a critical determining factor in winning new sales contracts or renewals. Having a third-party verify your cybersecurity processes and conduct a risk assessment analysis can allay client fears about third-party security breaches. You can also read a case study on a client that needed a third-party risk assessment for one of their customers.
To answer the question of which cyber security services deliver the best ROI, you have to determine the biggest risks to your organization and prioritize your budget to reduce the largest risks first. Choosing cyber security services and assessments that help your organization prioritize risks will help you get the best ROI for your organization.
Would you like support meeting your 2021 cyber security goals? Whether you need custom consulting services or a standard service package, LMG Security offers a broad variety of cyber security services to help address these cybersecurity challenges and more. Contact us to learn more.