Cybersecurity Analytics: Paving the Way for Data-Driven Decision Making for CIOs & CISOs

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What is cybersecurity analytics, and why CIOs and CISOs are buzzed with this technology to save organizations from malicious cyber threats? Take a look at the stats below. Here’s an industry-wise cyber attack scenario right now.

The Role of CIOs and CISOs in Cybersecurity

Almost 3,700 global cybersecurity professionals participated in a 2021 ISACA survey that found that 48% of cybersecurity teams directly report to a CISO. Around 25% report to the CIO. Despite the difference in reporting, the survey reflected no significant differences in security function ownership between the CIO and the CISO. This included their roles in cybercrime reporting and detecting and responding to cyber threats.

Within a company, it is the responsibility of the CIO to continuously use and produce better tech and identify the right tools to increase efficiency. The CISO proactively secures the integrity and security of data.

Here, we will explore what is cybersecurity analytics, how it can add value, and why the cybersecurity roles of CIOs and CISOs are interconnected in an organization.

What is Cybersecurity Analytics?

Cybersecurity analytics is a data aggregation process of collecting evidence and building timelines to create a cybersecurity strategy that can identify, analyze and neutralize cyber threats.

SIEM (security information & event management) tools use point-in-time testing that identifies vulnerabilities at a single moment and does not reflect day-to-day security efforts. It is an error-prone approach that often fails to keep up with a dynamic network.

Cybersecurity analytics uses behavioral analytics and machine learning (ML) to monitor a company’s network. It can detect changes in network traffic or resources, enabling organizations to respond to threats in real time.

Importance of Cybersecurity Analytics for CIOs and CISOs

Only 20% of the CISOs and CIOs who participated in the Harvey Nash and KPMG survey of 2020 felt that their organizations were well equipped to ward off cyber threats.

These apprehensions came true when, in 2021, Chinese spies discovered four new flaws in the Microsoft Exchange Server email software and exploited them to hack around 30,000 institutions in the US.

Cybersecurity analytics can help CIOs and CISOs devise a resilient threat protection strategy in the following ways:

Proactive Threat Protection

Conventional SIEM tools address cyber threats when they attack. CISOs or CIOs can leverage cybersecurity analytics to monitor data flows and network behavior for potential threats. This helps identify threats before they attack a system.

A Holistic View of the Enterprise

Cybersecurity analytics offers a bird’s eye view of the network activity for the entire enterprise. CIOs and CISOs can use this to outline their event data and configuration. They can also keep track of new devices and their activities when they join the network.

Assessment and Results

Cybersecurity analytics provide real-time feedback of the system to CIOs and CISOs. This includes reports on the general health of the network and the potential threats that have been neutralized.

Business leaders can use this data to accurately gauge the effectiveness of the system in securing their network.

How Cybersecurity Analytics Solutions Help CIOs and CISOs

Data analytics can help CISOs and CIOs reduce or prevent data breaches and cyberattacks. It can strengthen the cybersecurity of their organizations in the following ways –

Optimize Intrusion Detection

Data analytics can help analyze historical and current cybersecurity data. This includes information gathered during forensic data breach investigations. The use of predictive analytics in cybersecurity can enable the crunching of this data to anticipate malware, viruses, worms, and other cyberattacks.

These predictions can improve the detection and prevention capabilities of a company’s cybersecurity system.

Identify Weaknesses

Data analytics can consolidate vast amounts of information from numerous sources. It can analyze millions of attacks against a security apparatus to identify vulnerabilities.

Fast Attack Detection

The 2022 Cost of Data Breach Study sponsored by IBM Security found that advanced detection and response technologies reduced the average breach response time by up to 29 days.

Viruses or malware installed on company networks can go undetected for months or even years. They can manipulate or steal data at will. Data analytics can help detect data breaches in near real-time, which is crucial in preventing irreparable damage.

Automated Workflows

People are the most vulnerable element of the security apparatus. Data analytics can help automate workflows, eliminating the need for manual intervention. Since automated workflows are monitored, any unusual activity that may be a potential threat can be quickly flagged.

Complement Existent Measures

Combined with machine learning algorithms, data analytics can strengthen conventional measures like complex passwords, encryption, 2-factor authentication, etc. It can also help foster cybersecurity innovation.

Cyber Security Analytics Use Cases

Off-premises work, such as remote work or working-from-home, can increase the risk of security issues for organizations. In 2021, more than 26% of Americans worked from home.

With the ability to consolidate large amounts of data in one place, cybersecurity analytics tools can function in near real-time, providing the following benefits to organizations.

Priority Alerts

Security analytics platforms can rank alerts based on their severity. They can also provide specific data on potential risks, helping security teams to make more well-informed decisions.

Threat Intelligence Automation

Cybersecurity efforts generate vast amounts of data. Threat intelligence automation can drastically reduce the time required to perform manual security tasks. This improves accuracy and can help CIOs and CISOs to detect vulnerabilities within their network more efficiently.

Proactive Threat Detection

Security analytics tools combine new data with historical trends to identify patterns or discrepancies in network traffic and user behavior. Any deviation from the usual or expected activities can signify an impending attack, allowing security teams ample time to prepare in advance.

Better Forensic Incident Audits

Cybersecurity data analytics can help determine where a threat originated, what and how much was affected during the attack, etc. This information can aid crucial forensic investigations to uncover the full impact of the attack.

It can also help CIOs and CISOs implement new measures to prevent similar attacks from happening again.

Here’s How Micro Focus Used Data Storytelling to Level Up Their Cybersecurity Solution

British multinational Micro Focus is one of the world’s biggest providers of information technology and enterprise software. One of its most dynamic and disruptive business verticals is cybersecurity technologies.

Micro Focus was facing a unique challenge. Its cybersecurity solution could not amp up the user experience (UX) to the level that security professionals desired. The solution was not deemed user-friendly enough. The different applications involved in a typical workflow were not inter-connected by a seamless interface. The company wanted to develop an interactive visual interface that could connect multiple streams of data to identify cyber threats quickly.

Working closely with the client, Gramener built a visual engine that could sit on top of their enterprise data, making the consumption of vast threat datasets easier, actionable, and immersive. It allows users to –

• Visualize cyber threats on a single interface
• See the steps that could be taken to mitigate the attacks
• Displays cyber threats to users through an interactive and user-friendly interface
• Categorize & prioritize cyber threats based on the impact, expected loss, industry, region, motivation, actors, etc.
• Tight integration into ticketing systems with task allocation using an NLP-based chat experience
• One–stop shop for access to industry-specific insights from a native interface with a recommendation-based engine

The solution builds a powerful narrative and engages users with a unique and exploratory visualization of the latest threats landscape. It helped Micro Focus and its clients visualize how cyber threats operate, highlight the salient points to CISOs, SOC, and IT Ops, recommend countermeasures against cyber-attacks, and monitor cyber threats in real time.

Conclusion: Organizational Cybersecurity is a Dual Responsibility

A CISO protects the company from cyber threats. A CIO enhances the security apparatus of the technology used to run the business to improve its efficiency, user experience, and resilience.

When undertaking security measures, CIOs must consider the ROIs of their projects. By contrast, CISOs are more focused on protecting the organization, cost notwithstanding.

From a security perspective, it isn’t easy to separate the roles of a CIO and CISO. They are interconnected and closely aligned in most organizations.