“It takes years to build a sustainable business but seconds of a cyber-attack or a security breach to demolish your hard-work.”
were the words of Monish G Chatrath (our Managing Partner), in a recent discussion with our IT risk advisory team.
Context
In the current era of growing connectivity and the evolving era of offensive technologies, security of information systems is an area of prime importance. In this context, periodic and proactive vulnerability assessments and penetration testing (‘VAPT’) can provide a strong defense from various cyber threats, while addressing several regulatory requirements and compliance standards. This thought leadership alert explains 'how'.
What is VAPT?
Vulnerability assessments entail an automated review of components that identify inherent weaknesses in components of the IT system (such as network devices, servers, web applications, etc). Penetration tests are expert-driven activities that seek to identify (a) various means for an attacker to break into the IT system & (b) the potential areas of damage once the attacker breaches the perimeters of security in the IT system, by exploiting the identified vulnerabilities to generate a proof of concept.
What are the main risks that VAPT seeks to address?
The costs of damages from cybercrime across the globe are currently estimated by experts to be in the region of US$ 6 trillion annually, which is in addition to loss of reputation (the implications of which are immeasurable).
A website or an application that has not been sufficiently scanned for common vulnerabilities is analogous to an open treasure for hackers making it an 'insecure point' for your business. Such sites are susceptible to the risk of being attacked in order to gain access to underlying databases. Moreover, hackers are increasingly adding hidden malicious codes in websites for visitors on the site to get unconsciously infected.
VAPT also seeks to address DDoS attacks, data breaches, data loss, unauthorized access, inadequate notifications & alerts, cloud service hijacking, botnets, malwares (ransomware and others), misconfigurations, inadequate visibility & controls, etc.
What should you expect from VAPT assessments?
- Ascertainment of the risk posture of your internal systems and confidential information.
- Determination of the crucial set of activities in your web applications and enhancement of their security from hackers.
- Deployment of secure codes to insulate your websites from complex cyber attacks.
- Identification of misconfiguration and incorrect programming practices in your organization.
- Identification of vulnerabilities in your applications & networking infrastructure.
- Validation of the effectiveness of your information security safeguards.
- Identification of remediation measures to address existing vulnerabilities in your system.
- Maintenance of the integrity of assets, in case of existing hidden malicious codes.
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Achieving compliance with applicable regulations and standards (including those relating to COBIT, HIPAA, GDPR, GLMA, ISO 27001/ ISO 27002, NIST, PCI DSS, SOC & SOX - all of which require VAPTs).
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Reactive v/s proactive risk management
With one assault every 40 seconds and over 2,200 attacks per day on average (according to experts), security has become a serious concern for both large and small businesses.
A carefully planned approach to VAPT can go a long way in determining your organization’s security and risk posture, while also ensuring that you meet specific regulatory requirements & compliance standards.
Very often it is the risks that you do not mitigate, which are the ones that can be your undoing. Consequently, VAPT is not a ‘nice to have’. It is an imperative for all organizations & not just high technology driven ones.
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Please do not hesitate to reach out to contactus@mgcglobal.co.in for details and we will immediately have one of our experts contact you.
Enjoy the weekend ahead!
Best regards
Markets Team
MGC Global Risk Advisory LLP
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About MGC Global
Recognized as one of the '10 most promising risk advisory services firms' in 2017, as the 'Company of the Year' in 2018 &, 2019' (both in the category of risk advisory services), one of the 'Top Exceptional Companies to Work For’ in 2020 and amongst the ‘Top 25 Customer Centric Companies’ in 2020 and 'The Consultant of the year' in 2021 (in the category of risk advisory services); MGC Global is an independent member firm of Allinial Global.
MGC Global provides services in the areas of enterprise wide risk management, control assessments (SOC, IFCR & SOX), internal audits, process re-engineering, governance frameworks, IT advisory (including VAPT), GDPR & data protection readiness, cyber security, CxO transformation and forensic services. Our Firm has the capabilities to service its clients through its offices in Bengaluru, Mumbai, NCR; and has service arrangements with its associates in all major cities in India.
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About Allinial Global
Allinial Global (formerly PKF North America) is currently the world's second-largest member-based association (with collective revenues of approximately USD 4.5 billion) that has dedicated itself to the success of independent accounting and consulting firms since its founding in 1969. It has member firms in 99 countries, who currently have over 28,000 professional staff and over 4,000 partners operating from over 680 offices across the globe.
Allinial Global provides its member firms with a broad array of resources and support that benefit both its member firms and their clients in the key impact areas of learning and development, human resources, international outreach, technical support, knowledge-sharing platforms through its specialized communities of practice, marketing resources, information technology and best practices in practice management.
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