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Why Is Risk Management Important?

Posted in: board and C-level engagement, enterprise risk management, ERM, IT Strategy, management, risk management, Security - Aug 24, 2021

Enterprise risk management done correctly can mitigate different types or levels of risk. Depending on the industry and group, risk management should address the organization’s business needs and respond to any risk event.

At best, risk is challenging to handle at any business level. But enterprise risk management streamlines the company’s risk portfolio.

What Is Enterprise Risk Management?

Enterprise Risk Management (ERM) is the core principles and practices to guide a company through uncertain events. It provides a response and strategy to help the business when an event occurs. Today, many Fortune 50 companies have a Chief Risk Officer (CRO) or equivalent. The role of a CRO is to establish an effective risk plan and response for the organization.

“To get started on an ERM plan, businesses must define their core operating objectives and then identify the risks that exist to these core operating objectives and strategies,” writes Matt Kunkel, CEO of LogicGate, in an article for Forbes. “An ERM plan should seek to mitigate these risks.”

Successful risk management practices should not be complex. Unfortunately, organizations tend to overreact every time a risk event happens. Rational, simple decision-making before, during, and after something occurs will help deliver a solution that works and keeps the business operating.

Risk Management Team

Over the past several years, the need for internal risk management teams has become vital to organizations’ success. Along the same lines, executive team buy-in is critical to the success of risk management. Executives should participate by asking the right questions to the core risk management team.

If the enterprise risk team is merely considered a project team, the enterprise effort will fail.

If the enterprise risk team is merely considered a project team, the enterprise effort will fail. Enterprise risk teams are not project teams; they need to be aligned and directed by the executive team and the board as a continuous function of the company.

Enterprise Risk Management Programs

Understanding risk management programs will help corporations execute better responses to multiple threats. The following are a few basic things needed for success.

Industry Requirements

Industry requirements assess the business area and then match the appropriate risk training or certifications. The risk management team should always consider sector-appropriate requirements when putting together a plan.

Check out the Best Risk Management Software for 2021

Training

Risk training is essential for companies. Further, the training should be tiered to meet the requirements of each area. Follow-up training is key to keeping everyone aware of risks and mitigating them for each department.

Companies can escalate the risk training when an event occurs. A good rule of thumb is to assess the risk event and ask the right questions before reacting, especially if it is a new unknown risk.

Certifications

Risk certifications should be a requirement for individuals directly responsible for risk management. Be careful to balance the business needs to what’s required.

Maintain Focus

Remember, focus on the right things. Reactionary risk management causes chaos in the entire organization. If the staff senses something is wrong, they will react accordingly.

Communication

Have a simple, structured communication and response plan. When a risk trigger is determined, a direct response will generate a higher degree of success. Overcomplicating the message and response will cause more confusion.

Risk Management Consulting Firms

Be careful when contracting an external party to handle ERM. Outside firms should guide and continue to strengthen the businesses risk management for the company. Firms offering an end-to-end solution need evaluation and accreditation before providing any long-term solutions.

Landmines and Rabbit Holes

There are landmines and rabbit holes with every risk management effort. Stepping back to reassess a situation may take time away from the response, but will ultimately generate better results.

Landmines explode when something triggers the risk. Most risk teams spend too much time outlining the worst-case scenario. Avoiding risk landmines by focusing on the short-term cause and effect will simplify the process.

Rabbit Holes start as productive initiatives and end up as something else. If the risk discussion becomes circular, table it and move on. Surprisingly, looking at another subject may answer the response intended by the rabbit hole.

Implementing ERM

Filling a business’s need for enterprise risk management will provide an excellent roadmap to meet expected and uncommon threats. As such, ERM should be required practice for all organizations.

Have a team or a plan in place to meet the threats of the 21st century — don’t wait until an event occurs. By being prepared, any business can bounce back from a risk event.

The post Why Is Risk Management Important? appeared first on CIO Insight.

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What Does a Next Generation Firewall Do?

Posted in: firewall, IT security, IT Strategy, next generation firewall, NGFW, Security - Aug 23, 2021

While most of the world is full of good-intentioned, trustworthy people, there is a huge number of bad actors out there that want to take down your systems and get their hands on your hard-earned money or data. That’s why next-generation firewalls are an important part of modern cyber security strategy.

With so many organizations converting to a hybrid workforce, businesses are more vulnerable to cyber threats than ever. Learn how a next-generation firewall can protect your business.

What Is a Next-Generation Firewall?

A firewall is a software or hardware system designed to protect computer networks from being accessed by unauthorized parties. The name “firewall” is used because fire usually impedes the progress of something — in this case, it impedes the progress of an attack on a network.

A NGFW stops complex attacks by enforcing security regulations at the application, port, and protocol levels.

When it comes to security, a next-generation firewall (NGFW) goes beyond a typical stateful firewall. A NGFW is a type of firewall that can identify and stop complex attacks by enforcing security regulations at the application, port, and protocol levels. Like a traditional firewall, it can be implemented in either hardware or software.

What Does a Firewall Do?

A firewall works like a traffic guard at your computer’s entry point or port. Only trusted sources, or IP addresses, are allowed in. IP addresses are important because they identify a computer or source, just like your postal address identifies where you live.

Firewalls are the first line of defense against external attacks, and keeping them healthy is crucial for your network security. Not only do they keep malware and hackers at bay, but they also provide a solid defense for your data resources.

Vulnerabilities in the firewall can lead to intellectual property theft, damaging file deletions, or business interruptions due to cascading effects. Keeping up to date with the newest security upgrades and patches is a must.

At the consumer level, some people use their router as a firewall appliance. Because routers have minimal security features, they’re not recommended for individuals, and are entirely inappropriate for business application. The question then becomes: What is the best way to create an efficient and effective firewall for your systems?

What Are the Functions of a Next-Generation Firewall?

Firewalls are created for one purpose, and that is to allow/deny traffic from different ports and IPs. This is what a next-generation firewall should do, according to eSecurity Planet:

Deep Packet Inspection (DPI): DPI can identify and block unsafe packets at the application layer. In this way, DPI is goes beyond the stateful inspection of traditional firewalls.
Intrusion Prevention Systems (IPS): IPS will inspect the contents of traffic and look for patterns of malware or malicious traffic. Formerly a standalone product, IPS can also remove suspect traffic from the network.
Identity Awareness: A NGFW’s ability to recognize identity enables administrators to apply firewall rules more granularly, targeting specific groups and users.

Next-Generation Firewall vs. Traditional Firewall

Both next-generation firewalls and traditional firewalls strive to safeguard an organization’s network and data assets, but there are a few distinctions.

In a traditional firewall, traffic is regulated based on port, protocol, source address, and destination address. Its core functionality is packet filtering, stateless inspection or stateful inspection, and virtual private network (VPN) support.

To guard against more complex attacks, NGFWs have multiple levels of protection built in. They also provide application-level control and intrusion prevention.

Who Needs a Next-Generation Firewall?

A strong firewall is the foundation of every company’s network security. Any traffic wishing to join or exit the corporate network must first travel through the firewall, allowing it to filter out any traffic that might jeopardize the organization’s systems or security.

A truly robust security strategy goes beyond the firewall; consider implementing zero trust security.

Because they can combine the work of antiviruses, traditional firewalls, and other security software into a single solution, NGFWs can be a low-cost alternative for enterprises seeking to improve their basic security. However, a truly robust security strategy goes beyond the firewall; consider implementing zero trust security.

How Do NGFWs Support Security Best Practices?

The goal of any firewall is to keep attackers out of the network while also protecting systems and data. NGFWs should be able to deliver on the following:

Advanced security and breach prevention
Visibility over the whole network
Flexible management and deployment options
Rapidity of detection

The Value of Next-Generation Firewalls

In the present era, having a next-generation firewall is vital. Daily, threats to devices and networks are evolving. A NGFW’s adaptability safeguards businesses from a far larger range of attacks than a traditional firewall. Security experts should carefully evaluate the advantages that NGFWs may bring, as there is a lot to gain.

The post What Does a Next Generation Firewall Do? appeared first on CIO Insight.

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Top Cyber Security Threats to Organizations

Posted in: accidental insider incidents, advanced persistent threats, credentials/passwords, cyber threat, external attacks, external threats, insider threat, internal threats, IT Strategy, phishing, Security, shadow IT, social engineering - Aug 23, 2021

Cyber security threats are a constant for organizations, whether they do business with the public or other organizations. Cyber threats are malicious attempts to gain unauthorized access to an organization’s network, and the resources on the network.

Cybercriminals or hackers somewhere in the world are constantly attempting to infiltrate an organization’s network, and these criminals pose a constant threat. Cyber threats can easily become cybercrimes if organizational leadership does not champion a cyber security program.

Leadership Shapes the Cyber Security Culture

It’s imperative that organizational leadership and senior management give the required manpower, training, and tools to mitigate cyber threats. Without support and buy-in from upper and middle management, an organization may expose itself to any number of cyber threats.

In 2020, cyber threats turned into mass data breaches that compromised user accounts, email addresses and credit card information. Some of this information was sold on the dark web.

Cyber Security Challenges

Organizations must be vigilant in keeping cyber threats from becoming cybercrimes. Cyber threats are only prevalent today because they keep making money for cybercriminals. Cybercriminals value information that can generate immediate revenue, either directly or when sold on the dark web. They especially value the following types of business information:

Banking credentials
Critical info about customers, vendors, and staff
Trade secrets
Information that can damage an organization’s reputation

Cybercriminals are motivated by the potential for stealing financial and intellectual property information; organizations must be equally motivated to eliminate or mitigate any cyber threats.

Cybercriminal Targets

Cybercrimes are estimated to reach $10.5 trillion in damages annually by 2025, according to Cybersecurity Ventures. Further, Coalition found that ransomware was responsible for 41% of the cyber insurance claims payouts in the first half of 2020.

Any organization or person can be the target of a cybercriminal, but these criminals tend to favor soft targets with a higher potential payout. The most vulnerable organizations need to ensure management is fully invested in a sound cyber security program. According to CDNetworks, these are the most vulnerable industries:

Small businesses
Healthcare institutions
Government agencies
Energy companies
Higher education facilities

Whether leadership is managing a financial institution or a small business, management staff must have a working understanding of cyber security risks in order to mitigate cyber threats.

Management personnel can ensure cyber security best practices are implemented by accessing sites like Center for Internet Security (CIS) or National Institute of Standards and Technology (NIST) to compare their current cyber security practices.

Popular Cyberattacks

Being keenly aware of the most popular cyberattacks should be part of the required annual security training for any organization. Cyber threats can occur internally or externally.

Internal Cyber Threats

These are the top internal cyber threats, according to Endpoint Protector.

Unauthorized data sharing: Sharing sensitive data with an external entity that does not have need-to-know privileges.
Shadow IT: Using unauthorized third-party software.
Unauthorized devices: Using an unsanctioned, unsecure device at work. USB sticks are a common example of this threat, but it can also include adding personal devices to the business network, or bringing an unsanctioned device into a secure area.
Theft of property: When sanctioned devices that may contain sensitive information, such as company laptops or phones, are not returned to the office.

External Cyber Threats

These are the top five external cyber threats.

Internet of Things (IoT): Weak passwords, lack of patching, and IoT skill gaps make this technology extremely vulnerable to an outside attack, according to Thales.
Phishing: When cybercriminals pose as a trustworthy source and contact a user via email, phone, or text. The goal of phishing is either to directly obtain sensitive information via social engineering, or to infect the network with malware via malicious links.
Distributed Denial of Service (DDoS): Attempts to make a computer or network unavailable by overloading it with fake requests from multiple sources.
Brute-force attacks: When a hacker uses brute-force tools (e.g., Hashcat, L0phtCrack, or Aircrack-ng) to guess a user’s password. Weak passwords are especially vulnerable to a brute-force attack.
Advanced Persistent Threat (APT): A sophisticated attack in which a hacker infiltrates the network for an extended period of time, conducting multiple small attacks or data thefts over the course of months or years. APTs are often not detected using conventional cyber security measures.

Best Practices for Mitigating Cyber Threats

The best way to mitigate an internal or external cyber threat is to establish a clearly defined cyber security program that is disseminated to every employee within an organization. What’s more, no cyber security program can be successful if the program is not championed by leadership.

An annual or semiannual cyber security training program must be firmly established in the organization. Further, a refresher training session may be required if a new cyber threat is presented, or if repeated risky employee behavior is observed. A robust cyber security program also covers disciplinary actions for infractions committed by an employee.

7 Ways to Mitigate Cyber Threats

Abide by the Principle of Least Privilege (PoLP). Provide employees with the minimum level of permissions needed to perform assigned tasks, and monitor permission sets for Privilege Creep.
Minimize attack surfaces via microsegmentation. An essential part of zero-trust security, microsegmentation restricts access to applications and data based on approved identities and roles.
Implement multi-factor authentication (MFA). MFA or two-factor authentication (2FA) add additional layers of access control, putting another line of security between hackers and a business’ data.
Establish a strictly enforced policy for mobile devices. Ensure that sensitive data is never stored or transferred over unsecured mobile devices, and establish policies that prevent Shadow IT and other internal threats.
Apply released patches and updates immediately. This applies to every device across the enterprise, as well as network infrastructure.
Implement monitoring and backup services. Many third-party vendors offer backup and cyber security monitoring as a single SaaS solution.
Ensure that cyberattacks are part of the Disaster Recovery Plan (DRP): Be sure to test the DRP regularly, and update it as the cyber threat landscape shifts.

Cyberattacks Are a Constant Threat

Cyber security is the responsibility of every member in the organization, especially management. Cyber security assets (e.g., hardware and software) and training for the employees and DevOps staff are all essential to a successful cyber security program.

Organizational leadership and senior management are also essential to the success of a good cyber security program. Threat-conscious behavior must be exhibited daily by leadership.

Read next: Are Your Containers Secure?

The post Top Cyber Security Threats to Organizations appeared first on CIO Insight.

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Top 10 Paying IT Jobs in 2021

Posted in: career development, Careers, high paying IT jobs, Hiring, IT hiring, IT job, IT job market - Aug 23, 2021

Millions of Americans are looking for ways to increase their salaries and advance their careers. Fortunately, IT jobs are plentiful and lucrative.

IT professionals account for some of the most in-demand workers in the job market today. For example, data scientists, product managers, and DevOps engineers account for some of the best and top-paying jobs overall, according to Glassdoor.

So how do you get the IT career of your dreams? To get that job, you have to put in the time. The most high-paying companies tend to recruit employees with the most extensive experience, both in the classroom and the workplace.

Top 10 Paying IT Jobs in 2021

Check out the table below to see the top 10 high-paying IT jobs you could go after, according to average U.S. salaries on Glassdoor. Click each title to learn more about the required skills, experience, and certifications for each. Keep in mind that your paycheck may be higher or lower depending on your location, education, experience, and other factors.

Job Title	Average Salary
CIO	$174,999
Machine Learning Scientist	$135,196
Cloud Architect	$134,844
AI Engineer	$118,415
Data Scientist	$115,383
Product Manager	$111,624
Desktop Developer	$110,405
DevOps Engineer	$103,252
Full-Stack Engineer	$101,919
IT Support	$51,187

CIO

Average salary: $174,999 a year

Skills and requirements:

A bachelor’s degree at the least; some companies require a master’s or Ph.D
Various IT certifications
5-15 years working in IT
Ability to translate tech jargon into easy-to-understand language
Knowledge of business goals
Crisis management skills

Machine Learning Scientist

Average salary: $135,196 a year

Skills and requirements:

Bachelor’s degree in Computer Science or related field
Understanding of data structures and data modeling
Knowledge of quantitative analysis methods
Experience building out data pipelines and statistics
Software engineering experience
System design experience

Cloud Architect

Average salary: $134,844 a year

Skills and requirements:

Bachelor’s degree
Experience with client systems and applications
Knowledge of multiple programming languages
Experience with databases and big data
Networking experience
Data storage fundamentals
Security foundations
Knowledge of AWS, Microsoft Azure, and/or other cloud services
Cloud-specific patterns and technologies
Communication skills

AI Engineer

Average salary: $118,415 a year

Skills and requirements:

A bachelor’s degree
Strong programming skills
Foundation in statistics, linear algebra, and mathematics
Understanding of software development life cycle
Comfort with software design patterns
Experience with machine learning, deep learning, and neural networks
Familiarity with Spark and big data technologies
Work with algorithms and frameworks
Communication and problem-solving skills

Data Scientist

Average salary: $115,383 a year

Skills and requirements:

A bachelor’s degree; you can also take a boot camp
Understanding of SQL databases
Python and R programming
Comfort with Hadoop platform
Understanding of machine learning and AI
Data visualization experience
Business strategy experience

Product Manager

Average salary: $111,624 a year

Skills and requirements:

Bachelor’s degree
Strong communication skills
Technical expertise
Business skills
Research skills
Marketing knowledge
Interpersonal and delegation skills

Desktop Developer

Average salary: $110,405 a year

Skills and requirements:

Bachelor’s degree
Knowledge of probability and statistics
Data modeling and evaluation skills
Software engineering and system design experience
Knowledge of various languages, such as Python, SQL, and Java

DevOps Engineer

Average salary: $103,252 a year

Skills and requirements:

Bachelor’s degree
Version control experience
Experience with Continuous Integration servers
Configuration management skills
Deployment automation skills
Infrastructure orchestration experience
Monitoring and analytics skills
Knowledge of testing and Cloud Quality tools such as Slack, GitHub, and Phantom

Full-Stack Engineer

Average salary: $101,919 a year

Skills and requirements:

Bachelor’s degree
Deep understanding of front-end languages (HTML/CSS)
Deep understanding of back-end languages (JavaScript, Python, PHP)
Database Management Skills
Knowledge of Web architecture
Knowledge of database storage
Familiarity with Git and GitHub
Basic design skills

IT Support

Average salary: $51,187 a year

Skills and requirements:

Working knowledge of hardware and software
Understanding of the latest IT and software trends
Strong customer service skills
Strong communications skills
Excellent organization skills

How to Get a Top-Paying IT Job

Remember that if you want to pursue a career in IT, or are looking to advance your current career, some IT jobs are more in demand than others. Before you enroll in school or go back, be sure your education will help you land a top-paying job in IT. Here are some education areas to consider:

Cybersecurity
Cloud computing
Data analytics and data science
Software development
AI and machine learning
Project management
Programming

You can also pursue certifications online, jumpstarting your way into a top-paying position in IT. For example, if you’re looking to be a DevOps engineer, you can pursue the Certified DevOps Engineer certification through AWS. Before you pay out-of-pocket for a certification, check with your current company — they may reimburse you!

The post Top 10 Paying IT Jobs in 2021 appeared first on CIO Insight.

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Why Do Good Workers Leave Bad Managers During a Pandemic?

Posted in: Careers, Hiring, hiring challenges, IT worker retention, keeping tech talent - Aug 20, 2021

The COVID-19 crisis fundamentally changed the global workforce in myriad ways. The pandemic has had a direct impact on why good employees leave bad managers and bad companies.

At the beginning of the pandemic, the world didn’t shut down or stop working. Corporations laid off millions of workers to save money. Shortages of products created panic buying. People were nervous about their future. Businesses held the upper hand on who would work and who wouldn’t. Many employed individuals were just thankful for having a job.

As the months dragged on, employees started to see that working from home had benefits. People noticed they could have a new work-life balance.

Read more: Hiring Crunch Hits IT

Remote Work

The biggest game changer for workers is remote work. Before COVID-19, most corporations frowned on working from home. Many companies did not possess the technical infrastructure because the cost and setup could expensive to add.

The organizations allowing people a remote or hybrid work option had an early advantage. They augmented existing infrastructure to get the rest of the staff connected. As the world’s population stopped traveling and everyone stayed home, the remote work option became necessary, and employees became accustomed to it. Working from home became heavily desired by employees.

Commute Time

With so many workers staying home, commute time drastically changed. However, managers didn’t recoup as much time as workers. “Managers were able to recoup only 23 minutes of personal time, whereas independent employees gained more than an hour,” according to a Harvard Business Review study of 1,300 U.S.-based knowledge workers in 2019 and 2020.

In general, work began earlier, lasted longer, and productivity stayed the same or better. Once seen as a privilege, telecommuting is here to stay and has become another reason for employees to change how they work. However, professional workers without access to high-speed internet or technical skills risk being seen as “unessential workers.”

Wages

Unemployment became a huge factor in 2020. Employees affected by the loss of income feared losing everything, and not knowing when things were going to get better.

Things were also complicated for workers that weren’t laid off. They had to pick up more responsibilities, or risk losing their job. Early in the pandemic, many companies promised bonuses and higher salaries when things returned to normal. For many though, those promises were empty.

Now that there is a labor shortage, employees have the upper hand and can demand more from their employers. Although COVID-19 may have rattled them, eventually all good employees leave bad managers and bad companies.

A New Workers’ Revolution?

No matter the industry or location, employees experienced something genuinely revolutionary during the global pandemic. People realized they could change how, where, and why they worked. Productivity has increased but pay hasn’t kept up, according to the Economic Policy Institute.

What’s more, Apple, Microsoft, and other giant tech organizations want to see their employees back in the office. To many employees, the strides in remote work appear as if they were for nothing.

Though fast-food and retail stores promised large bonuses for employees coming in during the pandemic, the promises were far from significant. Healthcare workers putting their lives on the line received little but a thank-you. Teachers concerned with student education and health may not get raises.

The way people work is changing faster than businesses can adjust. Before the pandemic, everyone became used to how companies and people worked. When the pandemic became global, that dynamic rapidly changed. Businesses cut employees without remorse to maintain profits. Now, workers are making tough decisions.

Good Employees Leave Bad Managers

What happens next? Will companies accommodate the new demands in the workforce? Remote work, shorter commutes, and wages are the driving forces behind workers demanding more.

Workers saw during the pandemic that things could be different, but did COVID-19 change the rules? Without a doubt. When opportunity knocks, good employees leave bad managers and bad companies. Workers are demanding more from their employers or quitting for better opportunities.

Remote workers during the pandemic found that their work-life balance was much better. According to the Bureau of Labor Statistics, workers enjoyed more time for themselves last year: “Time spent in leisure and sports activities increased by 32 minutes per day, from 5.0 hours in 2019 to 5.5 hours per day in 2020.”

The remote workforce is creating change. If the pandemic only lasted a few months, these questions about workers’ rights might be non-existent. But the pandemic continues, and workers have opportunities they never thought possible.

The post Why Do Good Workers Leave Bad Managers During a Pandemic? appeared first on CIO Insight.

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