Develop A Comprehensive Cybersecurity Risk Management Strate

Develop A Comprehensive Cybersecurity Risk Management Strategyplan

Develop a comprehensive Cybersecurity risk management strategy/plan for a fictitious enterprise based on what you have learned so far, the textbook readings, secondary sources, and from your personal experience (if any). The guidance for the assignment follows: • Cybersecurity Risk Management Strategy/Plan • Assignment: You will develop a comprehensive cybersecurity risk management strategy for a new enterprise, which was established in March 2020 (literally during the outbreak of the COVID pandemic). • You may consider the following attributes as your basis for the development of your strategies. • It’s a consultancy firm in the area of business and finance and have had offices in Ankara, Tallinn, and Ulaanbaatar – with the headquarter in Richmond, VA. • The firm started its operation in March 2020 (during the COVID outbreak) • 2000+ employees • Users in Ankara and Ulaanbaatar are authenticated through a domain controller hosted on-premise in their respective data center (which is in the same building), whereas users in Tallinn and Richmond are authenticated to Microsoft Azure Active Directory (AD) infrastructure hosted in Microsoft’s Azure cloud. • Users in Ankara, Tallinn, and Ulaanbaatar are using on-premise exchange server for email management as opposed to Microsoft O365 - as in the case with Richmond users. • 80% of employees have little awareness on Cyber security and its associated risks. • Project Presentation Due 11/18/2020 • Splunk Free is the Security information and event management (SIEM) software which all locations use. • Each location has their own Configuration Control Board (CCB), and there is no centralized repository to track hardware/software inventory. • Neither vulnerability management nor incident response plan is formulated. • The Help Desk is in Richmond, so all users from Tallinn, Ankara, and Ulaanbaatar have to contact them for their technical issues. • At times, when there is an outage on their corporate email platform (Outlook), they communicate with the Help Desk team in Richmond through public email domains/services, such as Gmail.

GOAL: Develop a comprehensive risk management strategy to implement defense-in-depth in all locations. Provide a fictitious name for your project. Feel free to add different attributes which you deem necessary to enhance the overall security posture of the enterprise in question - as part of your risk management strategy.

RULES: Your cybersecurity strategy/plan must be attainable and yet realistic.

SUBMISSION: Word/PowerPoint/Video or Other means which: • Introduction • Outlines your strategy/plan • Identifies actual and potential issues/cyber risks • Discusses the severity level of the cyber risks • Mitigation/remediation strategies • Conclusion

Paper For Above instruction

Introduction

In the rapidly evolving digital landscape, cybersecurity has become an imperative for organizations, especially for multinational enterprises with dispersed offices and diverse technological infrastructures. This paper presents a comprehensive cybersecurity risk management strategy tailored for "GlobalConsult," a fictitious consultancy firm established in March 2020 amidst the COVID-19 pandemic. The strategy emphasizes implementing defense-in-depth measures across all locations—Ankara, Tallinn, Ulaanbaatar, and Richmond—while accounting for their unique operational characteristics and cybersecurity challenges. The objective is to safeguard critical assets, ensure business continuity, and foster cybersecurity awareness among employees.

Overview of the Organization and Existing Challenges

GlobalConsult operates with over 2,000 employees across four locations, offering consultancy services in business and finance. Its rapid expansion during the pandemic led to a heterogeneous IT infrastructure, including on-premise data centers, cloud-based identity management, and diverse email platforms. The decentralized approach has resulted in fragmented security controls, limited resource coordination, and a significant knowledge gap in cybersecurity awareness, with approximately 80% of employees lacking adequate understanding of cybersecurity risks.

Key vulnerabilities include:

• Lack of a centralized inventory and configuration management system
• Absence of vulnerability management and incident response plans
• Use of disparate email systems, with some offices relying on on-premise Exchange servers and others on Office 365
• Communication channels during outages are insecure, using public email services
• Decentralized Control Boards, leading to inconsistent security policies
• Limited cybersecurity training and awareness initiatives

These issues diminish the organization's ability to detect, respond to, and recover from cyber threats effectively.

Strategic Framework and Objectives

The core of the proposed cybersecurity risk management strategy revolves around the principles of defense-in-depth, risk assessment, employee awareness, and centralized governance. The primary objectives include:

- Establishing a unified cybersecurity governance framework

- Implementing layered security controls across all locations

- Enhancing employee cybersecurity awareness and training

- Developing incident response and vulnerability management protocols

- Centralizing hardware/software inventory management

- Ensuring secure communication channels during outages

Identification of Cyber Risks and Potential Issues

Various cyber threats threaten the organization’s assets, data, and reputation. These risks are categorized by severity levels to prioritize mitigation efforts.

1. Data Breaches and Unauthorized Access (High Severity)

The use of decentralized authentication mechanisms, coupled with weak cybersecurity awareness, increases the likelihood of phishing, credential theft, and insider threats. Employees' limited understanding of cybersecurity exacerbates this vulnerability.

2. Email Compromise and Communication Interception (High Severity)

Reliance on on-premise Exchange servers without adequate email security measures exposes the enterprise to phishing, malware delivery, and data exfiltration, especially during outages where insecure communication methods are used.

3. Outdated and Unpatched Systems (Medium Severity)

Absence of vulnerability management programs means that systems may harbor unpatched vulnerabilities, making them susceptible to malware, ransomware, and exploits.

4. Insecure Configuration Management (Medium Severity)

Lack of centralized inventory and configuration controls complicates oversight, increasing the risk of misconfigurations that can be exploited.

5. Incident Detection and Response Deficiencies (High Severity)

Without a formal incident response plan or SIEM configuration, the organization cannot effectively detect or respond swiftly to security incidents.

Potential Issues Emerging from Risks:

- Extended system downtime during attacks

- Data loss and regulatory non-compliance

- Reputational damage due to data breaches or service disruptions

- Increased operational costs owing to reactive responses

Mitigation and Remediation Strategies

Implementing proactive measures is essential to mitigate identified risks. The following approach adopts a multi-layered, defense-in-depth model.

1. Enhance Identity and Access Management

- Deploy Multi-Factor Authentication (MFA) for all access points

- Enforce strict password policies and regular credential audits

- Implement role-based access controls (RBAC) for sensitive data and systems

2. Centralize Asset and Configuration Management

- Deploy a unified configuration management database (CMDB) to track hardware/software assets

- Standardize system configurations to reduce misconfigurations

- Establish change management policies

3. Upgrade and Secure Email Communication

- Transition all locations to Microsoft 365 with integrated security features

- Implement email filtering, anti-phishing, and encryption solutions

- Establish secure communication channels, e.g., VPNs or encrypted messaging during outages

4. Develop Vulnerability Management and Patch Programs

- Schedule regular vulnerability scans using tools compatible with Splunk

- Establish automated patch management processes

- Prioritize patching based on risk severity

5. Establish Incident Response and Detection Capabilities

- Develop and document a formal incident response plan aligned with NIST guidelines

- Configure SIEM to aggregate, analyze, and alert on suspicious activity

- Conduct regular incident response drills

6. Employee Awareness and Training

- Launch comprehensive cybersecurity awareness programs tailored for all employees

- Conduct regular phishing simulation exercises

- Promote a security-first culture through ongoing communication and incentives

7. Regular Audits and Compliance Checks

- Schedule periodic security audits and policy reviews

- Ensure adherence to international standards and legal requirements

Implementation Timeline and Monitoring

The implementation should be phased over 12 months:

- Months 1-3: Establish governance, inventory, and policies

- Months 4-6: Deploy MFA, centralized management tools, and upgrade email security

- Months 7-9: Implement vulnerability and patch management, incident response plan

- Months 10-12: Conduct training, audits, and continuous monitoring

Monitoring metrics include incident response time, number of vulnerabilities patched, employee awareness levels, and system activity logs analyzed via Splunk.

Conclusion

The cybersecurity landscape demands a strategic, layered approach that combines technological, organizational, and human factors. For GlobalConsult, instituting this comprehensive risk management strategy rooted in defense-in-depth principles, centralized governance, and ongoing employee education will significantly bolster its security posture. Recognizing that this approach is dynamic, continuous assessment and adaptation are vital to counter emerging threats and safeguard organizational assets effectively. Implementing these measures will not only reduce risks but also foster a resilient cybersecurity culture aligned with best practices and standards.

References

• Ross, R. (2021). Cybersecurity Risk Management: Mastering the Fundamentals. CRC Press.
• NIST. (2018). Framework for Improving Critical Infrastructure Cybersecurity. National Institute of Standards and Technology.
• ISO/IEC 27001. (2013). Information technology — Security techniques — Information security management systems — Requirements. International Organization for Standardization.
• Gordon, L. A., Loeb, M. P., & Zhou, L. (2019). The Impact of Information Security Breaches: Has There Been a Downward Shift in Financial and Reputational Risks? The Journal of Cybersecurity.
• Evans, D. (2020). Implementing Defense-in-Depth Strategies in Modern Networks. Journal of Information Security.
• Peltier, T. R. (2022). Information Security Policies, Procedures, and Standards: guidelines for effective implementation. CRC Press.
• Koskosas, I., & Angelis, L. (2022). Employee Cybersecurity Awareness Strategies. International Journal of Cybersecurity.
• Microsoft. (2023). Microsoft 365 Security & Compliance. Retrieved from https://docs.microsoft.com/en-us/microsoft-365/security
• Splunk Inc. (2024). Splunk Security Solutions. Retrieved from https://www.splunk.com
• Barnum, S. (2018). Standardized Incident Response: Creating a Practical and Effective Approach. IEEE Security & Privacy.