Current challenges in information security risk management



Cybercrime is ever-changing and continues to grow and evolve, often in line with the protections we develop to keep our data and operations safe. While we’ve discovered and now leverage innovations like multi-factor authentication, credential management, and biometrics, information security continues to face an unprecedented level of risk in today’s hyper-digital era.


If your systems are riddled with vulnerabilities, this makes the data you’re processing and storing highly vulnerable to cybercriminals. In this regard, a lack of knowledge is one of the biggest challenges; by understanding some of the most common issues and threats in this niche, you’re able to get closer to more secure operations.


In that vein, it’s worth examining what some of the biggest information security risks are and why they prove challenging to manage.


Combatting internet fraud


In recent years, internet fraud has been on the increase, in large part due to the increased digitisation and automation of financial systems and the digital collection and storage of the data we require to run our business and society, at large.


The challenge posed, in this regard, is securing system security and the information contained therein. This has very much to do with the human element involved perpetrating internet fraud; regardless of how sophisticated your systems are, human thinking and behaviour can undermine these efforts.


A successful spear phishing attack, for example - which relies on accessing critical information from human subjects - can compromise sensitive financial or personal information. If your teams are unaware of how information security is breached in this way, they’re likely to make easy targets.


The difficulty in ensuring IoT security


With more and more devices connected to the Internet of Things (IoT), there is a greater burden on companies to ensure that the data contained therein is secure and doesn't serve as low-hanging fruit for cybercriminals.


The fact of the matter is that connected devices of this nature function as data collectors. The information collected and stored in these devices can help criminals steal identities and other personal information. Given that these devices are connected to other smart devices in your home or office, the breach of one IoT device can lead to data infiltration in others.


Fortunately, companies are now turning to digital certificates, which have the potential to secure sensitive information stored on these increasingly interconnected devices. This is done by issuing unique digital IDs by using trusted cloud services.


The challenges associated with information security standard compliance


There are real challenges and risks inherent to systems that fail to meet security standards. Compliance with leading information security standards, therefore, needs to be a critical component of any security strategy.


The issue, here, is that organisations often feel lost in a sea of competing regulations, policies and best practices, which makes compliance a nightmarish process. Given the expertise required to execute these standards in line with business objectives, hiring external security teams can prove to be a costly affair, especially for smaller businesses.


Moreover, staying up-to-date with changing regulations can prove challenging in the absence of in-house security expertise.


While the input of security experts may be crucial to achieving compliance, Physical Identity and Access Management (PIAM) software may simplify long-term compliance activities within your organisation. This automates security monitoring and evaluation, helping you stay on top of your commitments.


Internal vulnerabilities


Another major challenge for information security management is the risk associated with your own employees and personnel. As outlined above, this has very much to do with the often uncontrollable human element of cybersecurity. These risks and breaches can be categorised by intent: Those that are a result of malicious intent and unintentional attacks.


Regardless of intention, however, personnel risks are a major cause for concern mainly due to a lack of coherent strategies to address them.


A good starting point, here, would be comprehensive security training that guides your teams to safely access and use business systems and comply with other security best practices.


How RiskXchange can help


RiskXchange is an information security technology company that helps companies of all sizes overcome cyber threats by providing instant risk ratings. The company was founded and is led by recognised experts within the security industry, who have held leading roles within companies such as IBM Security.


By leveraging these rating systems, achieving information security risk management may prove to be a more data-driven exercise. Find out more by getting in touch.


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