For the Public Sector, Manage Third-Party Risk With Threat Intelligence
Organizations are increasingly relying on digital solutions to gather, analyze, store, and distribute critical information, and those processes are becoming increasingly interconnected between organizations and their partners, suppliers, customers, and other third parties.
This process of digital transformation is a double-edged sword, because while it is making many critical operations vastly easier and more efficient, it also greatly broadens the attack surface of any one organization. Third-party risk is a critical concern for organizations of all sizes — up to and including government institutions, which are not only closely interconnected, but also manage highly sensitive information, whether it’s classified intelligence or simply the personally identifiable information (PII) of its citizens.
The National Institute of Standards and Technology (NIST) has developed a Risk Management Framework (RMF), a six-step process based on identifying and implementing the right information systems, security controls, and processes to support the proper functioning of government agencies:
- Categorize the information to be protected
- Select the minimum baseline controls
- Implement security controls
- Assess the effectiveness of those controls
- Authorize the information system for processing
- Monitor the security controls
The RMF emphasizes the following qualities:
- It promotes the concept of near real-time risk management and ongoing information system authorization through the implementation of robust continuous monitoring processes.
- It encourages the use of automation to provide senior leaders the necessary information to make cost-effective, risk-based decisions.
- It integrates information security into the enterprise architecture and system development life cycle.
- It provides emphasis on the selection, implementation, assessment, and monitoring of security controls, as well as the authorization of information systems.
- It establishes responsibility and accountability for security controls deployed within organizational information systems.
Threat Intelligence Addresses the Challenges of Third-Party Risk
Threat intelligence addresses all of these qualities.
The context provided by threat intelligence also allows organizations to effectively prioritize vulnerabilities by the actual risks they present, helping them determine which of their systems are critical. Many vulnerabilities are never actually exploited — knowing which alerts to prioritize and which to safely ignore can be a massive timesaver for many security functions.
Threat intelligence that updates in real time and is derived from a wide variety of sources helps organizations go beyond traditional, static measurements of risk. Real-time threat intelligence helps all security functions — whether it’s security operations, vulnerability management, fraud prevention, or another function — stay on top of the threat landscape. Real-time threat intelligence helps security teams identify threats 10 times faster, on average, and resolve them 63 percent quicker, according to one IDC study.
Automating the collection, processing, and analysis of threat data is also a huge timesaver. With it, human analysts and researchers are able to focus on turning that information into real, actionable intelligence. And it’s also that intelligence that helps senior leaders make broader, strategic decisions and save time and money — that same IDC study found that threat intelligence helps staff spend 34 percent less time compiling reports, and organizations saw a 284 percent return on investment after three years.
To find out more visit Recorded Future on Stand E11 https://pssxpo.co.uk/exhibitor-list/recorded-future/