Evolving Threat Landscape and Risk Management

The evolving cybersecurity threat landscape is a top priority for security and risk management leaders. The interconnectedness of risks today creates an impetus for organizations to rethink their approach to risk management. IT/OT convergence, which involves the integration of information technology (IT) and operational technology (OT) systems, introduces new risks and complexities that need to be addressed¹.

The threat landscape continues to expand with the increasing connectivity of devices and systems through the Internet of Things (IoT) and the proliferation of digital technologies. Cyberattacks such as ransomware, phishing and insider threats remain pervasive and pose significant risk to enterprises, governments and individuals alike².

Risk management is a critical component of cybersecurity. It involves identifying, assessing, prioritizing, and mitigating risks to an organization’s assets, operations, and reputation. Risk management is relevant and utilized in cybersecurity because it helps organizations to:

• Understand the risks: Risk management helps organizations to identify and understand the risks that they face. This includes understanding the likelihood and potential impact of different types of cyber threats, as well as the vulnerabilities and weaknesses in their IT and OT systems³.
• Prioritize the risks: Risk management helps organizations to prioritize the risks that they face based on their potential impact and likelihood. This enables organizations to allocate their resources and efforts more effectively to address the most critical risks first³.
• Mitigate the risks: Risk management helps organizations to develop and implement strategies and controls to mitigate the risks that they face. This includes implementing technical and procedural controls to prevent, detect, and respond to cyber threats, as well as training and awareness programs to educate employees and stakeholders about cybersecurity risks and best practices³.
• Monitor and review the risks: Risk management helps organizations to monitor and review the risks that they face on an ongoing basis. This includes tracking the effectiveness of their risk mitigation strategies and controls, as well as identifying new and emerging risks that may require additional attention and resources³.

To address the evolving cybersecurity threat landscape, organizations can adopt best practices such as:

• Implementing a risk-based approach: Organizations should adopt a risk-based approach to cybersecurity that focuses on the most critical and relevant risks. This involves identifying and assessing the risks that are most likely to impact the organization’s assets, operations, and reputation, and developing and implementing strategies and controls to mitigate those risks³.
• Investing in cybersecurity technologies and solutions: Organizations should invest in cybersecurity technologies and solutions that are agile and adaptive to the evolving threat landscape. This includes implementing advanced threat detection and response capabilities, as well as leveraging artificial intelligence and machine learning to automate and enhance cybersecurity operations¹.
• Collaborating and sharing information: Organizations should collaborate and share information with internal and external stakeholders, such as suppliers, customers, partners, regulators, and industry associations, to enhance their awareness, capabilities, and resilience to cyber threats. This includes sharing threat intelligence, best practices, and lessons learned, as well as participating in cybersecurity exercises and simulations².

More information and resources on the evolving cybersecurity threat landscape and risk management:

• Gartner Survey Finds the Evolving Threat Landscape is Top Priority for Security and Risk Management Leaders
• The Holistic Approach to Confronting an Evolving Risk Landscape: A Case Study
• An Executive View of Key Cybersecurity Trends and Challenges in 2023

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