Page 47 - Cyber Defense eMagazine March 2024

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inventorying network devices and software, eliminating unnecessary components to minimize the attack
surface, and continuously adapting and streamlining these elements to meet evolving security threats
and enhance operational efficiency.

While embedding cybersecurity awareness internally is foundational, the complexity and sophistication
of threats often necessitate leveraging external expertise to augment defenses, providing fresh insights
and specialized skills that are critical for staying ahead of potential vulnerabilities.

According to Mandiant’s M-Trends 2023 report, 63% of organizations were notified of breaches by
external entities in 2022—an increase from 47% the previous year, which means more companies are
relying on external partners for cybersecurity expertise. Engaging with external cybersecurity experts
allows for an impartial view and a continuously refreshed approach that matches the ever-changing
landscape of cyber threats a critical consideration for sectors such as finance. These levels of vigilance
and preparedness are not just about meeting compliance standards; it's about fostering a cautionary
security culture that prioritizes the identification, analysis, and management of cyber risks as an integral
part of business resilience.

The Cornerstone of Cyber Defense

A comprehensive suite of cybersecurity tools and compliance consulting establishes a strong defense
against cyber threats. Yet, the true cornerstone lies in empowering employees through consistent training
and phishing tests. Such empowerment is crucial, as it turns every team member into a vigilant guardian
of the organization's digital frontiers. The SEC's evolving regulations on cybersecurity risk management
underscore the critical nature of this empowerment. They serve as a reminder that while technology is a
powerful ally, the human element remains irreplaceable. Strengthening this human firewall is not a one-
time event but a continuous process. The ideal time to have fortified this aspect of cybersecurity was in
the past, and the second-best time is now — reflecting the urgency with which the industry must adapt
to the changing regulatory and cyber threat landscapes to maintain operational integrity.

About the Author

Michael Cocanower is Founder and Chief Executive Officer of AdviserCyber,
a Phoenix-based cybersecurity consultancy serving Registered Investment
Advisers (RIAs). A graduate of Arizona State University with degrees in
finance and computer science, he has worked more than 25 years in the IT
sector. Michael, a recognized author and subject matter expert, has earned
certifications as both an Investment Adviser Certified Compliance
Professional and as a Certified Ethical Hacker. He is frequently quoted in
leading international publications and has served on the United States Board
of Directors of the International Association of Microsoft Certified Partners
and the International Board of the same organization for many years. He also
served on the Microsoft Infrastructure Partner Advisory Council.

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