The recent massive data breach at National Public Data may have exposed anywhere from 1.3 million to 2.9 billion financial records and has once again put how companies manage vulnerabilities in the spotlight. In an environment where cyberattacks are getting more sophisticated daily, vulnerability management is the cornerstone for upholding the security and resilience of an organization’s IT infrastructure. Companies that maintain a strong, continual focus on managing vulnerabilities don’t just reduce the risk of cyberattacks; they also improve compliance, save money, and protect the value of critical assets, like sensitive data and intellectual property.
The importance of vulnerability management today means it’s crucial for companies to learn from each other, implement best practices, and frequently update their efforts to stay ahead of cyberattackers. So, how are today’s most secure companies assessing threats and preventing attacks from occurring? The answer is a comprehensive defensive strategy that includes assessment and scanning, risk management, prevention and mediation, continuous monitoring, and a robust commitment to adapting and improving.
AT&T–73 million records breached. MOVEit–77 million records breached. Ticketmaster–560 million records breached. Dell–49 million records breached. It seems likehardly a day goes by without another significant cyberattack. A recent article in USA Today estimates the cost of cybercrime will reach $9.5 trillion by the end of 2024 and surpass $10.5 trillion next year. Harvard Business Review reports that the average cost of a cyberattack for a U.S. company is $9.44 million and that large companies that suffer a cyberattack underperform the NASDAQ by 8.6 percent in the first year and by 11.9 percent after two years, which could mean millions of dollars in lost profits. With dire consequenceslike these, it is imperative for companies to implement strong vulnerability management programs to keep cyberattacks from occurring.
Equifax experienced a devastating cyberattack in 2017 in which nearly 150 million records were breached. As a result, the company instituted several vulnerability management measures, including improved system monitoring, better patch management, and increased security risk communication. The company’s heightened vulnerability management efforts appear to be working; there is no evidence that Equifax has been hacked since that 2017 incident.
An effective vulnerability management program consists of five key elements:
- Asset inventory. A comprehensive asset inventory catalogs a company’s IT assets, including hardware, software, and network devices.
- Automated scanning program. This technology regularly assesses company systems and identifies weaknesses.
- Vulnerability prioritization. After identifying all system vulnerabilities, it is essential to prioritize them based on their level of risk and potential impact.
- Remediation. Once vulnerabilities are prioritized, it’s important to concentrate on the most critical areas first.
- Ongoing assessment and modification. It’s essential to constantly monitor and evaluate the company’s overall IT environment, assessing vulnerability management efforts and adapting to new developments to keep systems as safe as possible.
While the elements of good vulnerability management programs remain the same, how companies achieve each element’s goals is changing rapidly due to technological advances.
New technologies are transforming how organizations identify, prioritize, and mitigate vulnerabilities, enabling more proactive and efficient cybersecurity strategies. For instance, zero-trust architecture (ZTA) reduces the attack surface by ensuring only authorized users and devices can access sensitive resources. To better manage vulnerabilities across different environments like cloud and hybrid setups, cybersecurity mesh architecture (CSMA) adapts access controls dynamically based on up-to-date threat intelligence. Companies also utilize artificial intelligence (AI) and machine learning (ML) to analyze vast amounts of vulnerability data in real time and conduct continuous, automated scanning of systems and applications.
With so many recent advances, it’s easy for companies to overlook technology that could significantly bolster their security efforts, like blockchain technology used to create tamper-proof logs for vulnerability data and security orchestration, automation, and response (SOAR) platforms that automate responses to common vulnerabilities and threats, such as deploying patches or blocking suspicious IP addresses. Extended detection and response (XDR) platforms unify data from multiple sources and trigger automated responses to detected vulnerabilities.
A vulnerability management program ensures that the best technology is used for each element to increase efficiencyand improve performance. Companies can be more proactive with their vulnerability management efforts through new technology like threat intelligence platforms (TIPs), which enable the secure sharing of threat intelligence data across organizations or industries, and attack surface management (ASM) tools to simulate potential attack paths. As quantum computing becomes more popular, quantum-resistant cryptographic algorithms are being developed to protect against potential vulnerabilities.
In addition, organizations use DevSecOps integration to incorporate security into the development lifecycle to prevent vulnerabilities from reaching production. Compliance is another increasingly important issue in today’s marketplace. Many companies now combine vulnerability management with compliance efforts to better satisfy data protection regulations.
Organizations that invest in tools and training, build a security-conscious culture, and take a holistic approach to vulnerability management that includes a combination of technology, processes, and people stand the best chance of avoiding a damaging cyberattack. With a constantly evolving threat landscape, ongoing assessment, adaptation, and investment in vulnerability management are critical to long-term success. It’s also essential for companies to learn how to balance managing vulnerabilities and promoting productivity to ensure continued growth.
Several factors, such as the increasing complexity of IT environments and the sophistication of cyberattacks, have combined to make effective vulnerability management essential to business today. Companies must assume that cyberattackers will, at some point, probe their systems, looking for weak points to exploit. Those who accept this as fact and commit to proactively identifying, assessing, and mitigating security weaknesses stand a much better chance for continued long-term success. They will safeguard sensitive data and critical assets, ensure regulatory compliance,and avoid costly fines and reputational damage.
Unfortunately, many organizations run into difficulties balancing security with productivity. Companies that go too far one way or the other put their very futures at risk. The keys to finding the right balance include automating vulnerability scanning, patch management, and remediation processes when possible, scheduling regular maintenance windows that have a limited impact on productivity, and using a risk-based approach that prioritizes vulnerabilities by potential impact. The good news is when companies try to balance vulnerability management with productivity, they can reduce downtime and, as a result, grow their profits.