“An ounce of prevention is worth a pound of cure.” — Benjamin Franklin
Benjamin Franklin’s wise words have a clear meaning: it’s better to be safe than sorry. Today, this concerns the internet, as that’s not always a safe space. Cyberattacks are on the rise, and there’s no indication that they will stop anytime soon.
As a result of this increase, everyone is on red alert: consumers are paying more attention to where their data goes, governments are putting regulations in place to protect their populations, and organizations are spending more time, energy, and money to protect their operations against cybercrime.
For organizations, the increasing awareness of cyber risk by consumers and regulators doesn’t have to indicate trouble. Research indicates that the organizations best positioned to build digital trust are more likely to see annual growth of at least 10%. [1]
AirPlus has been awarded a silver status score in the latest cybersecurity assessment by CyberVadis [2], a result we are very proud of. What does such a score mean and how can your company effectively manage cybersecurity risks in the first place to build and maintain digital trust?
Let’s find out!
The importance of cybersecurity today
Let’s start at the beginning: what’s cybersecurity all about?
Cybersecurity — also known as Information security or IT security — is the protection of a company’s assets such as hardware, data, premises, intellectual property, and people against misuse, theft, corruption, and destruction, as well as from disruption or misdirection of the services it provides. [3]
There’s a lot at stake when managing cybersecurity risks and it’s easier said than done, especially in today’s ever-changing and digitalizing landscape in which organizations face numerous hurdles that make it difficult to effectively protect their systems and data.
Let’s have a look at each of these obstacles: [4]
- Cloud services and third-party vendor complexity
Cloud services and reliance on third-party vendors have revolutionized the way organizations operate, but they have also introduced new risks. Organizations must ensure that proper security measures are in place. Failure to adequately assess and manage vendor risk can result in vulnerabilities that can be exploited by those with harmful intentions.
- The ever-changing laws and regulations landscape
The constant evolution of laws and regulations further complicates cybersecurity risk management. Organizations must stay up-to-date with industry-specific and regional compliance requirements, as non-compliance can have severe legal and financial consequences. From the European Union’s General Data Protection Regulation (GDPR) to the California Consumer Privacy Act (CCPA), organizations must navigate a complex web of regulations to ensure the privacy and security of their customers’ data.
- The Artificial Intelligence factor
As Artificial Intelligence (AI) continues to advance, its impact on the nature, frequency, and complexity of cybersecurity attacks is becoming increasingly significant. AI algorithms can automate finding vulnerabilities, creating advanced malware, and executing large-scale cybersecurity attacks with minimal human intervention. One of the most significant ways AI affects cybersecurity attacks is by enhancing phishing and social engineering tactics. AI can generate convincing phishing emails that are increasingly difficult to distinguish from legitimate communications. It’s important to understand these to avoid a successful breach.
How to effectively manage cybersecurity risks
To tackle today’s challenges, it’s key to prioritize effective cybersecurity risk management. Through this, your organization can identify and address potential threats and vulnerabilities before they result in significant damage. Again, it’s better to be safe than sorry.
This is not only about technology. It’s about fostering a culture of cybersecurity awareness and accountability so that your organization can build resilience and reduce its overall risk exposure. And so, cybersecurity isn’t only the security team’s responsibility, but rather a collective effort that involves all employees and business unit leaders.
Therefore, by considering not only technical vulnerabilities but also organizational, human, and regulatory aspects, you can allocate resources effectively to manage risk and protect valuable assets.
The cybersecurity risk management process
By continuously monitoring and analyzing potential risks, you can stay ahead of emerging threats and take appropriate actions to alleviate them. This includes identifying vulnerabilities in systems and processes, as well as potential areas of weakness in third-party relationships.
So where to start and how? The below steps [4] guide the way to achieving effective cybersecurity risk management.
- Identification
Identifying potential risks and vulnerabilities within the organization’s systems and infrastructure can be done through various methods, such as conducting risk assessments, analyzing historical data, and using detailed, actionable threat information.
- Assessment
The next step is evaluating the likelihood and potential impact of each identified risk. By quantifying the risk level, organizations can prioritize which risks require immediate attention and allocate resources accordingly.
- Mitigation
Then the implementation of strategies and controls is needed to reduce the likelihood or impact of identified risks. Common measures, besides implementing security controls, are conducting employee training, and performing regular system updates and patches.
- Response
For this step, predefined procedures and protocols must be in place to address and mitigate any potential risks that may arise. A well-defined risk response plan ensures that organizations can effectively respond to incidents, minimize the impact, and restore normal operations promptly.
Assessing the cybersecurity level
To stay on point with a solid risk management process in place, a review of your organization’s security measures, and the effectiveness of existing security controls is crucial.
The review examines different components, including data security practices, software and hardware performance, regulatory compliance, vulnerabilities, security policies, and the presence of internal and external threats. By conducting regular cybersecurity assessments, you can proactively manage cybersecurity risks, protect against potential breaches, and ensure compliance with industry standards and regulations.[5]
AirPlus’ cybersecurity silver score
For AirPlus, the cybersecurity assessment took place earlier this year and was performed by CyberVadis.
We provide, as a B2B payment solutions provider, corporate payment solutions and services to companies around the world of all sizes and in all industries, together with an ever-evolving network of partners. We are the experts in bringing not only simple but smarter payment solutions so that our customers and partners can do better business.
The objective of the assessment was to get a clear picture of our organization’s cybersecurity performance based on four themes: Identify, Protect, Detect, and React. [6] Within these four categories, we answered 223 questions on various security areas, e.g., compliance, data protection, information protection, third-party management, and crisis management.
In addition to completing the questionnaire, proof of compliance with safety requirements was also required, such as within the Payment Card Industry Data Security Standard (PCI DSS) and ISO 27001 — the leading international standard for the implementation of a holistic information security management system (ISMS).
As a result of the CyberVadis assessment, AirPlus was awarded with 891 points out of a possible 1000 points, representing a solid silver score. As a comparison, the average score generally is around 650 points. The points are linked to various scoring levels, illustrated below:
The AirPlus score belongs to the highest scoring level of ‘Mature’, which means that CyberVadis could verify that Information Security is part of our company culture and that we have a mature security approach. [7]
Customers count on us for security, trust, and reliability [8], and we are proud to maintain this high level of security and keep setting the standards high for our customers. This certification shows how seriously we take security — for us and our customers.
Conclusion
In today’s complex and rapidly evolving digital landscape, it’s important to remain vigilant and proactive in our approach to cybersecurity risk management. By following best practices and using the appropriate frameworks, your organization can stay ahead of cyber threats and safeguard its valuable assets.
Cybersecurity risk management is a crucial aspect of modern business operations. By effectively identifying, assessing, and mitigating risks, we can enhance our protection against cyber threats.
For this ongoing process, it’s key to understand that cybersecurity risk management requires the involvement of all employees and business unit leaders. By integrating cybersecurity into your corporate risk management framework and prioritizing risks, you can ensure security has high importance and maintain specific awareness for informed decision-making.
The current digital transformation and the increasing frequency and complexity of cyber threats make cybersecurity reviews essential. Regular assessments are decisive in preventing heightened cyber risk, potential non-compliance with legal and regulatory requirements as well as an increased likelihood of experiencing a data breach. They play a vital role in identifying missing or inadequate protection measures, prioritizing risk remediation efforts, and ensuring that security practices align with industry standards.
And what’s better than boosting a solid cybersecurity management process with a high assessment score that builds further digital trust for your organization?
Get in touch to learn more about how your business can make a solid start with — besides smart and simple — above all secure payment solutions.
Sources:
[1] Digital trust: Why it matters for businesses | McKinsey
[2] Third-Party Cyber Security Risk Assessment Company | Cybervadis
[3] What is cybersecurity? | CyberVadis
[4] Cybersecurity Risk Management: Frameworks & Best Practices | StudySecurity
[5] How To Perform A Cyber Security Audit: A Step-by-Step Guide | StudySecurity
[6] What is the aim of the assessment? | CyberVadis
[7] How to read the CyberVadis scoring scale? | CyberVadis
[8] AirPlus Customer Perception Study 2022. Internal AirPlus International report: unpublished | AirPlus International
