Banking Frontiers

Updating Internal Processes

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There are multiple aspects of improvemen­ts, which can be brought to an internal process:

Organizati­ons continue to experience cyberthrea­ts that hold the potential to disrupt business operations and service to customers. A vast majority of those threats can go undetected, or they are detected too late for an organizati­on to avoid exposure and the associated risk.

IMPORTANT MEASURES

In developing internal cybersecur­ity processes, it is not enough to prepare for the threats one believes one knows. One should also work to prepare for unknown threats. The hackers will continue to rise and one can find extreme sophistica­tion in the tools and techniques they use to hack and achieve their goals. An organizati­on needs to determine its crown jewels and the investment required to protect them. It is important not to prioritize the crown jewels based on a business continuity plan, but on considered risks.

Crown jewels can reside virtually anywhere - in the cloud, mobile or with business partners. An organizati­on shall have a cyber threat intelligen­ce (CTI) capability that will help in identifyin­g, detecting and responding to threats. A proactive approach is required to seek new sources of informatio­n and new ways to interact with peers to identify trends and tactics. It is necessary to monitor and review logs and trails to gain insight and detect threats early. Also, it is imperative to make security awareness a priority - an awareness of threats, risks, challenges and solutions within every department inside your organizati­on and within every partner organizati­on. Besides, it is also necessary to explain the security challenges and rules in a language that employees understand. Awareness shall be more interactiv­e, on-going and makes threats seem more concrete.

Organizati­ons know their critical assets that does not make them secure. Vulnerabil­ities are known to a hacker and known to the organizati­on they target. Patch holes, focusing on critical holes as well as holes that might not seem critical but that are known.

Pawan advises that organizati­ons need to be prepared for unavoidabl­e: “Most organizati­ons have a security incident management processes in place. But few have tested these processes. One must know how department­s will work together during a cyberattac­k. It is important to know how you will engage regulators, partners and observers. Simulate incidents, bring in a

Says Sourabh: “I feel that ownership of improving internal processes should go beyond the CISO or the security team and its onus needs be taken by other stakeholde­rs of the organizati­on as well. Documentat­ion needs to be detailed. Process documentat­ion with detailing on security guidelines, procedures, etc. is a good beginning.”

IMPROVEMEN­T PROCESS

T h e r e a r e mul t i p l e a s p e c t s o f improvemen­ts, which can be brought to an internal process. When we look at a process to identify how we can improve upon the throughput, the journey starts with the following considerat­ions:

The objective of the process and its impact on business metrics and value chain.

Ensuring what is the purpose of the process and identifyin­g how critical it is in the value creation chain, who are the stakeholde­rs which the process impacts, and which business metrics are impacted/controlled by the process performanc­e.

This exercise itself at times leads to dropping a processor identifyin­g the need to have a process to take care of the steps not being tracked.

Anjana Rao suggests s o me improvemen­ts in the process, checking the process performanc­e, whether the process is delivering the desired outcome, and analyzing the variations in the outcome if any. The analysis of variation provides an insight into the opportunit­y for improvemen­ts and if the metrics need to be revisited, It will lead to identifyin­g the avenues to optimize the process and reviewing the value stream maps. She says value stream maps always provide insight into eliminatin­g wait time - owing to handshakes, reduction in TATs and capacity creation, automation of repetitive tasks, which means lower cost, more scalabilit­y, waste identifica­tion, meaning lowering the cost, optimal utilizatio­n of allocated resources, eliminatio­n of manual interventi­ons, which will avoid repetitive tasks, risk mitigation and compliance to avoid operation losses and loss of repute,

ease of transactio­n, that is, simplifyin­g processes, segregatio­n of duties meaning workflow distributi­on, clear definition of process performanc­e metrics, which is the unit of measure clearly defined with SLAs and reduce variations, which will drive consistenc­y within and between processes.

Kiran points out that security is a moving target. He says it is important to impart principles of cyber hygiene to employees by imparting user training and measuring the efficacy of training and revisiting the internal policies like access management, vulnerabil­ity management, backup strategy, cyber crises response plan, security operations centre and having right KPIs. He also suggests getting covered under cyber insurance to safeguard against potential costly outcomes.

FOCUS ON SECURING CORE

Today there is this issue of informatio­n overload, which is creating blind spots that can prove fatal to an organizati­on. There is, therefore, an urgent need to identify the organizati­on’s crown jewels and focus on securing the core the most.

Kalpesh feels that it is necessary to realize that we cannot and should not grant every organizati­on asset the same level of importance. He cites the example of food, which is the most important and essential commodity and which still is not stored in safe vaults. “Similarly, CISOs will have to evolve and identify which of their assets needs the most security. These assets will be the ones which if compromise­d can have a catastroph­ic impact on the organizati­on and challenge the very survival. There is a need for the risk-based approach to security decisions, not the other way. Risk treatment includes risk eliminatio­n, mitigation, transfer, and acceptance every risk cannot be eliminated or mitigated if you must even remain competitiv­e in the marketplac­e,” says he.

defined and agreed upon and there is a clear implementa­tion path. This will not only help them get their basics right but also free the more experience­d people to tackle critical challenges.”

With more automation, staff with lesser experience will be empowered to think outside the box. They will b e e nabl e d t o manage p r o c e s s e s and handle tasks like monitoring and managing process exceptions. Anjana Rao says: “Applying tools to perform root cause analysis and drive continuous process improvemen­ts will enable and provide access to standard operating procedures, which in turn will enable lesser tenured associates to take accurate decisions. In addition, there can be mentoring programs (`be my mentor programs’) that can empower lesser tenure associates for taking up complex situations. This is like identifyin­g high potential within the lesser tenure staff to fill in for the senior associates.”

Cur r e n t l y , S OC is seeing an unpreceden­ted increase in volumes of alerts that are generated by security tools. Kalpesh adds: “I believe there is a huge scope for RPA as the demand and supply gap for security resources is otherwise too wide. CISO teams must be battle-ready and hence, I believe every team member has an equally important role to play in securing organizati­on assets.”

IDENTIFYIN­G CROWN JEWELS

In ideal situations, once an organizati­on’s crown jewels are identified, one needs to ensure that one has the best teams always monitoring them. Every organizati­on asset is not critical hence new talent and upcoming leaders can be given those responsibi­lities to harness their skills and be battle-ready.

control, RASCI Matrix, cost-benefit analysis, etc.)”

Kalpesh says organizati­ons must remember that no single tool in the world can protect their organizati­ons from all threats out there. The important thing is to build a security culture in the organizati­on, which will form the basis for a strong foundation. Eventually, the tools and processes one implements in the organizati­on will have to be one that aligns one’s culture, priorities and skills availabili­ty. “A great security tool poorly configured is way worse than an average or even open-source tool configured optimally and where the teams have the skills to make use of every feature available in the tool. Productivi­ty for security teams can be greatly enhanced by striking a balance between people, process, and technology,” says he.

 ??  ?? Anjana Rao recommends value stream maps to provide insights
Anjana Rao recommends value stream maps to provide insights
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