How important is a vCISO in keeping your business safe from a ransomware attack?

With cyberattacks becoming more frequent and sophisticated, companies need expert advice (like a vCISO) in setting up a strategic IT security plan. Whether you decide to hire a part-time external consultant or a full-time employee, there is no doubt that in the 'new normal', keeping critical data safe from cybercriminals is vital to ensure business operations and brand. With the right IT security strategy in place, even the highest-value targets can fend off any incoming cyber threats.

Ransomware attacks are on the rise

One of the largest US pipelines was shut down over the weekend of May 8-9th, 2021, after becoming the victim of a ransomware attack. This is only one example of the many cyber scams that target high-profile companies in the world.

Colonial Pipeline Co. is responsible for 45% of the East Coast's fuel supplies, and it comprises 5,500 miles of pipelines. In a statement released recently, a representative of the company said that they "proactively took certain systems offline to contain the threat, which has temporarily halted all pipeline operations, and affected some of our IT systems."

According to the BBC, the hackers held almost 100 GB of data hostage, threatening to leak it onto the internet unless the ransom was paid. The FBI confirmed in a brief statement that a cybercriminal group known as DarkSide is responsible for the attack.

Mitigating the risks of cyber attacks

What should companies learn from this event? While the incident shows us the vulnerability of the industrial infrastructure, it also reminds us about the crucial role of security measures to avoid cyber attacks.

It is important to treat data security as a top priority BEFORE an incident occurs because prevention is always easier than the challenge of reacting and triaging a successful cyber attack.

It’s no secret that historically cybersecurity has taken a backseat to day-to-day operations in many organizations, despite the growing reality that cyber-attacks are on the rise. The rigor of internal testing and preparation is generally not appreciated and difficult to prioritize over other challenges that businesses face.

Therefore, required or recommended annual audits that reveal vulnerabilities often do not generate the immediate response and closure that one would expect. So, how can this pattern be changed short of a full remediation response to a breach itself? One way is to bring in a third party to own the planning and hold the business leaders accountable for executing the cybersecurity standards that audits and reviews expose.

Hiring a Virtual Chief Information Security Officer (vCISO) is one method of ensuring that responsibility and accountability are designated to an individual or group that will prioritize the plan execution.

How can a vCISO help?

To begin with, a virtual CISO is an outsourced security expert (or a team) whose primary goal is to optimize your organization’s cybersecurity. The virtual CISO's role is to continuously perform risk assessments and help your organization find and implement the best security programs based on your needs, budget, and compliance requirements.

Additionally, many vCISO firms bring other expertise to their clients like operating security awareness programs, general IT advice, and of course IT security best practices.

The main benefits of deciding to work with a vCISO are a blend between IT security expertise and cost-effectiveness. While you are guaranteed to receive expert help, the costs are much lower than hiring an in-house expert, and often less than IT services firms.

Final thoughts

In today's digital environment, cyber-attacks are a severe threat to most businesses. To avoid becoming the victim of a ransomware attack as we saw recently with Colonial Pipeline, companies of all sizes should take preventive measures to ensure their critical data is secure.

Experts like those in our vCISO News community can lend their expertise and best practices from years of building alignment between cybersecurity and the business to successfully implement the proper technologies, policies, and procedures.