Cybersecurity Threats Mitigation

Introduction

Cybersecurity threats both inside and outside an organization. Mitigating cybersecurity threats would involve applying various security policies, procedures, and processes to minimize the impacts of such threats (Hodge et al., 2019). Mitigation of cybersecurity threats encompass threat prevention, detection of the threats, and remediation of the threats. The following are some of the strategies that Magellan could use to mitigate the cybersecurity threats.

Conducting a Risk Assessment to Determine the Vulnerabilities

Performing risk assessment would always be the first step of mitigating cybersecurity threats and the stage involves uncovering the potential gaps in the security controls of the given organization. Assessing the threats or risks would provide Magellan with the insight into its assets that should be protected and the available security controls (Lykou et al., 2019). The initial stage would also help the Magellan’s IT experts to identify the areas of vulnerability and prioritize the required steps. Therefore, threat assessment would provide the experts with the organization’s cybersecurity posture relative to the third-party vendors.

Establishing the Network Access Controls

The first step is necessary for assessing Magellan’s assets and identification of the high-priority vulnerable areas while establishing network access controls helps the IT experts to mitigate the insider cybersecurity threats. One of the common ways of establishing network access controls is to implement the zero trust strategy for only user-access privileges depending of the user’s specific job functions. Such strategy is instrumental in minimizing the impacts of cybersecurity threats caused by the employees’ negligence and lack of cybersecurity best control practices awareness (Hodge et al., 2019). Magellan could also establish network access controls by strategizing on the endpoint security as the number of connected networks increases.

Implementing Firewalls and Antivirus Software

The strategy would involve installing the various security solutions, for example, firewalls and antivirus software. Firewalls and software are necessary for providing additional barriers to access Magellan’s network or computer servers. For instance, firewalls would act as a barrier between the external forces and Magellan’s networks to give the company significant control over the traffics (Lykou et al., 2019). Antivirus software would also search the organization’s device and network to identify the potential malicious threats.

Creating a Patch Management Schedule

Cybercriminals have advanced their knowledge and expertise to challenge the consistently released patches by the software providers. Therefore, Magellan should enhance its awareness of the typical patch release schedule to provide effective patch management schedule. The patch management schedule would help the IT experts to stay ahead of the cybersecurity attackers.

Continuously Monitoring the Network Traffic

Proactive actions such as continuously monitoring the network traffic would help Magellan to stay ahead of the cybercriminals. The company could also apply various tools that allow the IT experts to obtain a comprehensive view of the IT systems and ecosystem at all time to facilitate detection of the real-time threats and mitigation of the cybersecurity risks. The mentioned strategies would also assist the IT experts to actively identify the new cybersecurity threats and suggest the most appropriate and optimal path to address such potential attacks (Lykou et al., 2019).

Building an Incident Response Plan

Building an incident response plan would require Magellan to make its security team and non-technical employees aware of their roles and responsibilities in case of data breach or cybersecurity threats. The incident response plan would help the company to be 100% prepared for potential data breaches since cybersecurity threats could originate from anywhere and at any time (Nieto et al., 2019). Therefore, the plan would also be essential for the company to remain proactively prepared for quick and efficient remediation of cybersecurity issues.

Using Security-Scorecard

Using the security-scorecard would provide the IT experts with the outside-in view of the company’s security posture. Such offers would give the experts team visible insight into the organization’s network and IT system vulnerabilities at all time. The card has an easy-to-read dashboard that would make it easier for the experts to continuously comply with the IT systems policies and make informed decisions on strategies to improve Magellan’s security status (Nieto et al., 2019). Therefore, using the security-scorecard would help Magellan to stay protected against any potential threats in future.