Determine a Managed Approach to Threat and Vulnerability Mitigation

Introduction

ABIZ, as a finance company, needs to address and mitigate threats, vulnerabilities, and compliance issues in its operations. These three aspects are interrelated and must be addressed cohesively to ensure the company’s integrity and protect its clients’ data. This report will discuss three aspects: how the company can protect information assets and supply chain protection.

Threats, vulnerabilities, and compliance

To address threats, ABIZ must establish a comprehensive security framework that identifies potential threats, assesses their likelihood and impact, and implements appropriate measures to mitigate them. Firstly, ABIZ must adopt a strong information security policy that outlines the acceptable use of technology and data (Dion, 2018). This policy should include access control, password management, data classification, and incident response guidelines. Secondly, ABIZ must implement security controls to prevent unauthorized access to its network and systems (Dion, 2018). This includes firewalls, intrusion detection/prevention systems, antivirus/antimalware software, and encryption technologies. Additionally, ABIZ must ensure tha employees receive adequate training on cybersecurity best practices and awareness of social engineering techniques, such as phishing attacks.

To address vulnerabilities, ABIZ must conduct regular vulnerability assessments and penetration testing to identify weaknesses in its network and systems. Vulnerability assessments are typically automated scans that detect known vulnerabilities in software and hardware (Dion, 2018). Penetration testing, on the other hand, is a manual process that simulates an attacker attempting to exploit a vulnerability. Once vulnerabilities are identified, ABIZ must prioritize them based on their potential impact and likelihood of exploitation. Critical vulnerabilities should be addressed immediately, while lower-priority vulnerabilities can be addressed in subsequent phases. ABIZ must also establish a patch management process to ensure that software and hardware are updated regularly to address known vulnerabilities.

Compliance is particularly important in the finance industry due to the sensitive nature of the data being handled. ABIZ must comply with regulations such as the Gramm-Leach-Bliley Act (GLBA), the Payment Card Industry Data Security Standard (PCI DSS), and the Sarbanes-Oxley Act (SOX). To address compliance, ABIZ must establish policies and procedures that ensure compliance with regulatory requirements. This includes establishing a data retention policy, a privacy policy, and a security incident response plan. ABIZ must also conduct regular audits to ensure its operations comply with regulatory requirements and industry standards. Additionally, ABIZ must establish a culture of compliance by training its employees on regulatory requirements and providing them with regular updates on chaulations and industry standards.

Changes need to protect information assets in the organization

Protecting information assets is a critical priority for any organization, particularly for a finance company like ABIZ that handles sensitive financial data. Protecting information assets involves preventing unauthorized access to data, ensuring data confidentiality, integrity, and availability, and complying with regulatory requirements. To address these concerns, ABIZ must establish a comprehensive information security program that includes policies, procedures, and security controls (Rains, 2020). One of the first steps ABIZ must take is to identify its information assets. This includes identifying data that is considered sensitive, such as financial records, personal information, and intellectual property. Once identified, ABIZ must assess the risks associated with these assets, including the likelihood of a breach occurring and the potential impact of a breach.

ABIZ must implement technical controls to protect its information assets. This includes access controls, such as passwords and two-factor authentication, to prevent unauthorized access to data. Encryption should protect sensitive data in transit and at rest (Safa et al., 2019). ABIZ must also implement data loss prevention (DLP) technologies to detect and prevent data breaches. DLP technologies can prevent data leakage through email, social media, and file-sharing services. Additionally, ABIZ should implement intrusion detection and prevention systems (IDPS) to detect and prevent unauthorized access to its network and systems.

ABIZ must also establish policies and procedures to protect information assets. This includes implementing a data classification policy to ensure that sensitive data is correctly identified and protected (Safa et al., 2019). A data retention policy should also be established to ensure that data is retained only for as long as necessary and is securely disposed of when no longer needed. Another critical aspect of protecting information assets is ensuring that employees are trained on information security best practices. ABIZ should implement an information security awareness training program that covers topics such as password management, social engineering, and the handling of sensitive data. The program should be tailored to each employee’s specific roles and responsibilities to ensure that they receive training relevant to their job function.

Finally, ABIZ must ensure that it complies with regulatory requirements related to protecting information assets. This includes compliance with the Gramm-Leach-Bliley Act (GLBA), the Payment Card Industry Data Security Standard (PCI DSS), and other applicable regulations (Safa et al., 2019). ABIZ must also regularly assess its information security program to ensure it is effective and compliant with regulatory requirements.

Protection of the relevant supply chain of the organization

To address supply chain risks, ABIZ must first identify the critical components of its supply chain. This includes identifying suppliers, subcontractors, and other third-party vendors that play a critical role in the delivery of products and services. Once identified, ABIZ must assess the risks associated with each component of the supply chain, including the likelihood of disruption occurring and the potential impact on operations. ABIZ must implement measures to mitigate supply chain risks (Baryannis, 2019). This includes developing a supply chain security program with policies, procedures, and security controls to protect its supply chain. The program should address critical risk areas, such as cybersecurity, physical security, and data protection.

ABIZ should implement technical controls to protect its supply chain. This includes ensuring that its suppliers and vendors have adequate security controls to protect data and systems (Baryannis, 2019). ABIZ should also implement a secure communication protocol for exchanging sensitive data with suppliers and vendors. Encryption should be used to protect sensitive data in transit, and access controls should be implemented to ensure that only authorized personnel can access the data (Baryannis, 2019). ABIZ should also implement physical security measures to protect its supply chain. This includes ensuring that its suppliers and vendors have secure facilities and that products and materials are transported securely. ABIZ should also conduct regular audits of its suppliers and vendors to ensure they comply with security requirements.

Another critical aspect of supply chain security is supplier selection and vetting. ABIZ should establish a process for selecting and vetting its suppliers and vendors to ensure adequate security controls are in place (Baryannis, 2019). The process should include a review of the supplier’s security policies and procedures, a site visit to assess physical security, and a review of the supplier’s security audit reports. ABIZ should also establish a contingency plan to address supply chain disruptions (Baryannis, 2019). This includes developing a plan for identifying and responding to disruptions, communicating with stakeholders, and restoring operations as quickly as possible. The plan should be regularly tested and updated to ensure it effectively addresses potential disruptions.

Table 1: Supply Chain Risk Assessment Matrix

Table 2: Supply Chain Security Controls

References

Baryannis, G., Validi, S., Dani, S., & Antoniou, G. (2019). Supply chain risk management and artificial intelligence: state of the art and future research directions. International Journal of Production Research, 57(7), 2179–2202.

Dion, J. (2018). Risk management for cybersecurity and IT managers. Packt Publishing. Read Chapter 1, 2, 3, 4, 5

Rains, T. (2020). Cybersecurity threats, malware trends, and strategies. Packt Publishing. Read Chapter 2

Safa, N. S., Maple, C., Furnell, S., Azad, M. A., Perera, C., Dabbagh, M., & Sookhak, M. (2019). Deterrence and prevention-based model to mitigate information security insider threats in organizations. Future Generation Computer Systems, 97, 587-597.