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Key Steps in Managing and Reporting a Cybersecurity Incident

Cybersecurity incident management is one of the most critical aspects of IT Networking and Security operations. Early detection of any cybersecurity incident involves the prevention of unauthorized access to, and use of, IT machines, software, and applications. According to Gartner, the global Information Security (InfoSec) market is slated to reach $170.4 billion USD by 2022. Of these, Government, Retail, IT, Manufacturing, and Banking would be the biggest markets for the InfoSec management industry. The growth of IoTs and remote working culture are putting immense pressure on the existing InfoSec frameworks. Therefore, every organization must play a synergistic role with InfoSec providers in identifying, reporting, and preventing cybersecurity incidents at all levels of business operation.

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What is a Cybersecurity Incident?

According to The National Cyber Security Centre (NCSC), a cyber incident is defined as “a breach of a system’s security policy in order to affect its [the victims] integrity or availability and/or the unauthorized access or attempted access to a system or systems.”

There are two types of security incidents:

  • Planned
  • Unplanned / Accidental

Both are equally dangerous to IT health.

Top Reasons for Security Incident

Employee negligence is the number one reason why we are seeing a rise in the number of security incidents. Lack of operating procedures, external threat agents, and malicious insiders are other agents that cause security incidents. According to a published report, half of all data breaches occur in the US, and US also spends the most dollars in recovering damages due to security incidents.

In simple words, a cybersecurity incident could involve any forceful attempt to gain access to systems for the purpose of data theft or hacking. A primitive form of a security incident would be the malicious disruption and/or denial of service would be classified as a security incident. Unauthorized transmission of data or processing of data using unauthorized devices is also a security incident. Advanced security incidents include making any kind of change to system configuration, firmware access, hardware or software updates without the owner’s or administrator’s explicit consent. 

The simplest form of an accidental security incident is sending SPAM messages containing private and personal information to the wrong recipient.

SecurityHQ, a leading MDR provider, shared key insights on managing and reporting cybersecurity incidents.

To manage security incident, companies should focus on:

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  • Response Time
  • Speedy Correction
  • Staying Compliant to ISO Guidelines

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How to Respond?

The process of Security Incident management begins as soon as you detect an incident has occurred. Modern security management tools provide advanced threat intelligence and risk detection analytics using Predictive Intelligence and AI. In order to prevent damage, it is important to acknowledge that your security has been compromised and act according to established protocols. Faster detection results in a quicker response, and a quicker resolution, giving you a chance to mitigate risks with fewer damanges.

By responding quickly, you not only save your systems from getting compromised but also avoid hefty recovery costs that are usually lost in correcting damages and reverting back to the pre-attack stage.

According to SecurityHQ, the response not only depends on the speed of response from your analysts and SOC team, but also internally. Internal threats are a great risk, which is why employees must be trained on what to look for, so that they can spot a breach when it occurs.

What are Your Legal Obligation & Compliance Benchmarks?

It is against the law to knowingly withhold knowledge of a data breach and or security incident. If you have been attacked, you are legally obligated to report this attack as soon as possible.

Sever fines may be given if there is a failure to report said breach in rapid time.

The severity of said fines will depend on the location, the number of people affected, the number of companies involved (for instance in a supply chain attack), and the level of the breach regarding the level of private and personal information divulged and the nature of the compromised material.

This is why you need to understand your security posture and, with that, high-level compliance is necessary. A comprehensive response plan can ease costs if an attack. ISO/IEC 27001 is a family of standards and best practices set out by the International Organisation for Standardisation (IOS), and the International Electrotechnical Commission (IEC). The Information Security Management System (ISMS) provides a control framework to protect critical information assets of an organization. This combines management controls, technical controls, procedural controls & personnel controls. The controls help in implementing preventive, detective, maintenance, and monitoring measures.

Compliance with ISO/IEC 27001 is an easy and efficient way to conform with regulations regarding data protection, information security & cybersecurity. Particularly with concerns to handling financial, personal, and client-sensitive information.

SecurityHQ is an advanced Managed Security Service Provider, delivering superior engineering-led solutions to clients around the world. By combining dedicated security experts, cutting-edge technology and processes, clients receive an enterprise-grade experience that ensures that all IT virtual assets, cloud, and traditional infrastructures, are protected.

[To share your insights, please write to us at sghosh@martechseries.com]

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