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May 14 2018

Is your boardroom ready for a cyberattack?

If you check your favorite news sources on any given day, you’ll likely find a report on a significant cyber security breach somewhere in the world. Each report adds a new page to the story of how cyberattacks are becoming more sophisticated and doing more financial and reputational damage than ever before. Some attacks are even putting lives at risk by causing physical damage to infrastructure such as electricity distribution grids.

Security teams are struggling to cope

No company can afford to be hacked, so the rise of automated cyberattacks should be causing alarm in company boardrooms. But many executives remain focused on launching products and increasing profits. They don’t recognize that their security teams are struggling to cope with complex cyber threats that put every internet connection at risk. And that these teams have probably already responded to serious cyber incidents. Or that major commercial consequences can surge through every part of a company during and after an attack.

Boardrooms need members who can recognize the urgent threats posed by cyberattacks and provide leadership that clears a path to stronger network security. The most progressive of these executives will take an approach that includes building an attack response plan for the boardroom and equipping security teams with new technologies that can ward off automated attacks.

Simulate attacks and rehearse response scenarios

Careful planning can help company leaders orchestrate an effective response that minimizes the shock and confusion that follow a successful cyberattack. But it takes practice to execute this kind of plan under intense pressure. By simulating attacks and rehearsing response scenarios, executives can avoid big mistakes, make smart risk mitigation investments, and ensure a fast recovery.

A good simulation of a data breach will test a boardroom’s command and control capabilities, commercial judgement and coordination. It will teach executives where critical data is stored, how it could be compromised and what’s required to protect it. It will also reveal vital insights about responding to cyberattacks, including:

  • Why it’s important to detect and respond to attacks quickly?
  • Which authorities can offer the best help if a breach occurs?
  • Who should lead the response to an breach?
  • What legal and moral responsibilities need to be met?
  • How much a breach could cost the company?
  • How to communicate with customers and stakeholders and handle criticism after an attack or breach?

Attack surface growing alongside new technologies

An attack response plan needs to be supported by effective security technologies. Cyber criminals are now using automation and artificial intelligence to attack companies and networks more efficiently. They’re also exploiting an attack surface that’s growing as companies embrace cloud, Internet of Things (IoT) and 5G technologies. To protect their assets and interests, companies need to invest in security orchestration, automation and reporting (SOAR) solutions that can:

  • Automate security for business processes, regulations and policies
  • Provide end-to-end security for network operations and processes
  • Correlate security data from networks, devices and cloud layers to spot suspicious anomalies and provide insight into threats
  • Protect data with multi-layer encryption

Solutions that provide these capabilities will help security teams detect indicators of compromise, identify harmful actors, prioritize risks, and respond to threats faster. They will support an active security approach that enables companies to streamline processes, accelerate decision-making and optimize costs while keeping security threats from becoming damaging data breaches. This approach will enable boardrooms to execute their response plans with the right balance of costs and in-depth protection.

New solution white paper

Download our “Cyber in the boardroom” white paper to learn more about how smart planning, simulation and SOAR solutions can help your boardroom orchestrate a fast and effective response to any cyberattack.

Nokia has extensive experience in helping companies secure multi-vendor and multi-technology networks. Contact us to learn how our solutions can help you use analytics and automation to modernize your security strategy and respond early in the cyber kill chain.

Share your thoughts on this topic by joining the Twitter discussion with @nokia and @nokianetworks using #security #netguard #5G #cloud #IoT

About Gerald Reddig

Gerald leads the global portfolio marketing efforts for Nokia’s security solutions. He is a member of the broadband forum, directs Nokia´s membership in the IoT Cybersecurity Alliance and steers Nokia´s Security center in Finland. Gerald is on the speaker’s circuit at international conferences and a recognized author on the topics he’s passionate about: cybersecurity technology, data privacy and finding the right solutions to prevent vulnerabilities, hacker trojans or man-in-the-middle attacks.

Tweet me at @geraldreddig