Cyber Security: Your incident vs response plan

The threat of cyberattacks and ransomware assaults has increased significantly as technology continues to permeate more and more aspects of our daily life. Therefore, any organization must have a cyber-incident response plan to defend against and respond to cyber threats.

This manual will walk you through the crucial components of an efficient cyber incident response plan. We also discuss the six stages of a cyber-incident response plan based on NIST incident response guidelines. We’ll also demonstrate how to carry out this plan well and strengthen your incident response capabilities.

Critical Elements of a Cyber Incident Response Plan

We must reiterate right away that building cyber resilience takes time. It is insufficient to only have an efficient incident response plan. This strategy needs to be updated regularly to account for new risks.

Additionally, you may occasionally consult with outside cybersecurity experts to get their expert assessment of your preparedness for a cyberattack. They can also assist in updating your strategies and protocols. Finally, to determine just how vulnerable your organization is in the event of an incident, they can also help you conduct a thorough risk assessment.

Several important components should be present in a thorough cyber incident response plan, including:

• An organized team with defined tasks and responsibilities for responding to incidents.
• The incident response plan is routinely tested and trained. By doing so, it will be guaranteed that the plan would truly limit the harm that data breaches and/or ransomware attacks may do.
• Procedures for locating, stopping, stopping the spread of, analyzing, eradicating, and recovering from an incident.
• Plans for communicating the occurrence and its effects to stakeholders, including employees, clients, and customers.
• Knowing when to contact law enforcement and how to do so in case of a cybersecurity incident.

The steps to assess and modify the incident response strategy.

The NIST Computer Security Incident Handling Guide’s advice should be considered.

A CIRP should incorporate specific protocols for other incident types, such as malware, phishing, and natural catastrophes, in addition to these essential components.

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SOC-as-a-Service – Is it the best way for UCBs to adhere to RBI’s revised Comprehensive Cyber Security Framework (CCSF)?

The Reserve Bank of India (RBI) has recently revised its Comprehensive Cyber Security Framework (CCSF) to improve the cyber security of banks, particularly the Urban Co-operative Banks (UCBs). The revised framework highlights the need for UCBs to adopt the SOC-as-a-Service model to ensure compliance with the new norms.

What is SOC-as-a-Service?

SOC-as-a-Service is a managed security service that provides continuous monitoring and analysis of an organization’s security posture. The service is delivered through a Security Operations Center (SOC) which is manned by security experts who use a combination of technologies, processes, and expertise to monitor the security of an organization in real-time.

Can SOC-as-a-Service be the best solution for all UCBs?

Security Operations Center (SOC) as a Service can be a cost-effective solution for primary (urban) cooperative banks (UCBs) to adhere to the new Reserve Bank of India’s (RBI) Comprehensive Cyber Security Framework (CCSF), but it is not necessarily the best solution for all UCBs. It depends on the specific needs and resources of each individual UCB. SOC-as-a-Service provides UCBs with access to a team of security experts who can monitor and manage the bank’s security systems and respond to security incidents on a 24/7 basis. This can be especially beneficial for UCBs that lack the resources or expertise to effectively manage their own security operations.

Additionally, SOC-as-a-Service can be quite costly for UCBs, particularly for smaller banks with limited resources. These banks may prefer to implement more cost-effective security solutions, such as using security software and services, rather than outsourcing their security operations. In short, SOC-as-a-Service can be a cost-effective solution for some UCBs to adhere to the new RBI CCSF, each bank should evaluate their own specific needs and resources and determine the best solution for them to adhere to the new framework.

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Top 10 types of cyber-attacks that can compromise an organization’s security

Cyber-attacks are a growing threat to organizations of all sizes, and it is critical for companies to understand the various types of attacks they may face. Here are the top 10 types of cyber-attacks that can hamper an organization’s security:

Top 10 types of cyber-attacks

Phishing:

This type of attack is used to steal sensitive information or login credentials by tricking individuals into revealing their passwords or other personal information through fraudulent emails or websites.

Here is a list of some key cyberattack statistics as per IBM’s 2022 Cost of Data Breach Report-

• With 16% of breaches, phishing was the second most common cause, costing $4.91 million.
• During this year, 19% of data breaches used stolen or compromised credentials as their main attack vector.
• Averaging $4.5 million, breaches brought on by lost or stolen passwords.
• With a 243-day identification period and an 84-day containment period, this type of breach had the longest life cycle.
• The average amount of time taken to find and contain a data breach is 16.6% longer than this amount of time.
• With a 16% frequency and a cost of $4.91m, phishing was the second most frequent reason for breaches.

Ransomware

In a ransomware attack, hackers encrypt an organization’s data and demand a ransom payment for its release. These attacks can cripple an organization’s operations and result in significant financial losses. In 2022, ransomware remained the most common type of malware. As a result of its capacity to extort large amounts of money, it has grown in popularity among cybercriminals. Cybereason. Ransomware attacks surged dramatically in 2022, with 25% of all breaches involving ransomware attacks, according to Verizon’s 2022 Data Breach Investigations Report.

Malware

Malware attacks involve introducing malicious software into an organization’s systems to steal data or disrupt operations. Common types of malware include viruses, Trojans, and spyware. Viruses are spread more widely by employees with infected machines. 61 percent of organizations experienced malware spread by employees in 2020. By 2021, it had risen to 74 percent; by 2022, it had reached 75 percent – the highest infection rate since the SOES survey began in 2016.

Denial of Service (DoS)

DoS attacks are used to overload a network or website to make it unavailable to users. These attacks can result in significant downtime and lost revenue. Additionally, it makes it challenging for the host to recognize and defend itself against the real source of the attack. Legitimate users cannot access network resources like information systems and devices. That’s terrible news for hosts and their clients. Unfortunately, that’s also the primary security feature many of the best web hosting providers take pride in preventing DDoS attacks from disrupting services. 

It is relatively easy to launch a DDoS attack and extremely difficult to mitigate it. DDoS attacks are often too massive to handle, even with some quality CDN providers. Here are some important cyberattack statistics related to DoS attacks

• In 2022, the YoY DDoS growth is 109%.
• In Q2 of 2021, the average DDoS attack lasted 30 minutes; a year later, they averaged 50 hours.

SQL Injection

In an SQL injection attack, hackers manipulate a database through user input on a website to access sensitive information. These attacks can result in the theft of sensitive data, such as financial information or intellectual property.

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