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“Work from home is not necessarily new. I just think that for budgetary purposes many companies thought, “oh, that’ll be over soon.””

“We talk about ‘data breaches’ because of regulatory and statutory definitions that focus on the disclosure of data. An organization’s security strategy should work with the end in mind and focus heavily on denying threat actors access to those data with the highest regulatory, statutory, or contractual risks.” Kayne McGladrey, Field CISO at Hyperproof

As we approach 2023, it’s natural to look back on the biggest security events that took place this year and anticipate their effect next year. The previous two years have shown that our world is full of complexity and uncertainty, despite all the advances in data collection, compliance operations automation, and SaaS technology. Risk modelers and analytics experts know we can’t predict or control the world with any degree of certainty, but it’s important to brace ourselves for the upcoming threats and new opportunities the coming year will present. Here are three key risk management predictions we have for 2023 that will shape the risk management industry.

Since the initial release of ISO 27001, the threat actor economy has diversified substantially, with both criminal groups and nation states developing and selling offensive cyber products and cyber surveillance solutions. In response, cybersecurity experts have documented and developed best practices and actionable guidance for organizations to effectively manage their cybersecurity risks. ISO 27001:2022 provides a risk-based reference set of information security, cybersecurity, and privacy controls that have been adopted by modern organizations as part of deploying cloud technologies and addressing data protection requirements driven by GDPR.

“Out of all the CISO’s and security leaders I’ve spoken with over the last three months, the main theme of 2023 is going to be ‘the year of risk,’ and a lot of that risk we’re talking about at this level is regulatory,” said Kayne McGladrey, Field CISO at Hyperproof.

“Right now, there’s a bit of a Wild West mentality out there,” said Kayne McGladrey, field chief information security officer at security software company Hyperproof and a senior member of the Institute of Electrical and Electronics Engineers. “Companies are incentivized for being first to market, not necessarily most secure to market. Because security costs money and because it requires time and resources, naturally that becomes a lower priority.”

Cultural change takes time and is a journey, not a destination. Senior leaders, managers, and individual contributors all have a role and responsibility in ensuring that manufacturing companies stay safe from cybersecurity risks. Elevating cyber risks to the same level as safety risks will help companies to comprehensively understand and manage their risks now and in the coming years.

The growing acceptance of Zero Trust as a legitimate security architecture is a significant improvement in the past decade for modern cyber security. Although initially maligned as a marketing buzzword, and still unfortunately misused in product announcements, zero trust now reflects table stakes to support the needs of hybrid and fully remote workforces. Network connections should no longer be implicitly trusted because of a user’s location behind a corporate firewall or the use of a company’s VPN. Rather, each transaction and connection from a user and their associated device should be inspected and validated to confirm that the access is appropriate. The ability of network solutions to provide both real-time telemetry and controls, so that an automated and external policy engine can take enforcement actions is also a recent improvement, as networking equipment vendors historically tried to place their products and subscriptions at the center of cyber security strategies. Today’s effective networking solutions integrate well with other solutions to provide one part of a holistic cyber security strategy.

This was the 7th series of WebForum which was in line with this year’s International CyberSecurity Awareness Month theme “See you in cyber – #becybersmart” held on 28th October 2022.

“We already have security challenges that we haven’t been able to adequately address,” said Kayne McGladrey, IEEE Senior Member and Field CISO at Hyperproof. “The metaverse is likely to inherit these challenges. For example, phishing and theft of credentials have carried over to the metaverse. We’ve seen NFT and cryptocurrency scams, too, in the metaverse.”

While homomorphic encryption can require lots of computing power, it has a few big upsides. For one thing, according to Kayne McGladrey, IEEE Senior Member, it allows companies in highly regulated industries, such as finance or healthcare, to store data on a public cloud. “As the data remains encrypted in all phases, even a data breach of a third party will not provide a threat actor with access to encrypted data,” McGladrey said.

Based on the Consent Order, firms in this space should be prepared to demonstrate to NYDFS how their compliance programs meet the standards outlined in DFS regulations, particularly the Virtual Currency Regulation, the Money Transmitter Regulation, the Cybersecurity Regulation, and the Transactions Monitoring Regulation. Firms should also ensure that they have documented policies and procedures required by the Cybersecurity Regulation.