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Strengthening cyber resilience: A three-pronged approach for modern miners

Discover how Canadian mining companies can enhance their cyber resilience through a three-step approach focusing on robust technical controls, organizational best practices, and financial impact quantification.

Establishing a comprehensive cyber strategy is an ongoing process, especially for the mining sector, which has historically lagged behind other industries in prioritizing cybersecurity. Equipped with a thorough understanding of their cyber exposures, mining companies can more effectively develop and implement a cyber risk management strategy, aimed at protecting employee safety, company data, finances, and reputation.

Designing a holistic cyber strategy necessitates a thoughtful three-pronged approach that addresses the technical, organizational, and financial components of cyber risk management. Below are actionable ways mining companies can develop or strengthen their approach to cyber risk mitigation and management across their organization, ensuring that managing cyber risk is a top priority across all levels and locations.

Step one: Establish robust technical controls

To help combat the increasing sophistication of cyber threats in the mining industry, the foundational step in creating an effective cyber strategy is establishing technical controls to safeguard both information technology (IT) and operational technology (OT) systems.

Below are some recommended technical controls to help safeguard your IT and OT functions. While many of them have been considered best practice for years, the mining sector has often been slow to adopt them. Given the rising frequency and severity of cyberattacks, neglecting these IT and OT best practices is no longer an option:

Recommended IT cyber controls

Multi-factor authentication (MFA): Implementing MFA for remote access and privileged accounts to reduce the risk of unauthorized access.
Email filtering and web security: Employing technologies to filter malicious emails and block access to unsafe websites.
Patch and vulnerability management: Regularly applying updates to IT systems to address known vulnerabilities.
Replacement or protection of end-of-life (EOL) systems: Ceasing the use of obsolete products where possible and protecting legacy systems.
Remote desktop protocol (RDP) mitigation and other hardening techniques: Implementing measures to protect against unauthorized access to remote access systems.
Privileged access management (PAM): Limiting and monitoring access to privileged accounts.
Cybersecurity awareness training and phishing testing: Educating employees and conducting tests to reduce human error.
Digital supply chain cyber risk management: Adopting a framework to identify and address potential vulnerabilities in the supply chain.
Logging and monitoring: Establishing systems to detect suspicious activities and enable timely incident response.
Endpoint detection and response (EDR): Deploying tools for real-time threat detection and incident response.
Incident response plans: Developing well-defined plans for coordinated and effective responses to cyber incidents.
Secured, encrypted, and tested backups: Regularly backing up and testing data restoration capabilities, with encryption for added security.

Recommended OT cyber best practices

Segmentation and network isolation: Separating OT networks from IT networks.
Access control and authentication: Ensuring only authorized personnel can access OT systems.
Patch and vulnerability management: Regularly updating OT systems, including monitoring for vulnerabilities and testing patches.
Logging and monitoring: Performing comprehensive activity logging to detect and respond to incidents.
Endpoint protection: Utilizing antivirus and anti-malware software on OT devices, where possible.
Incident response (IR) planning: Developing and regularly testing IR plans specific to OT environments.
Secured, encrypted, and tested backups: Regularly backing up and testing restoration of OT data and configurations.
Physical security: Implementing access controls and surveillance systems

Step two: Develop and enforce best practices

Beyond technical controls, a robust cyber risk management strategy must include building and enforcing an organizational strategy, encompassing best practices for both IT and OT systems. This includes:

Governance and leadership: Establishing clear governance structures and assigning responsibilities for system security, including a framework for regular risk assessments and mitigation measures.
Effective communication and collaboration: Promoting cross-collaboration between IT and OT teams and other stakeholders.
Cyber policies and procedures: Developing and enforcing comprehensive and regularly updated policies aligned with IT and OT security requirements.
Training and awareness: Providing regular education on security risks and best practices.
Supplier and contractor management: Instituting a program to ensure third parties adhere to security standards.
Disaster recovery (DR) and business continuity planning (BCP): Implementing strategies for timely recovery of critical systems.
Auditing and monitoring: Conducting regular assessments and implementing real-time monitoring.

By prioritizing best practices at all levels of an organization, from executives down to every employee, mining firms can foster a culture of security awareness and accountability. Ultimately, this proactive approach will enhance their ability to respond to emerging threats and maintain business continuity in the face of potential cyber incidents.

Step three: Quantify financial impact

Finally, understanding the potential financial impact of a cyber incident is crucial for informing stakeholders, allocating resources, and making informed risk management decisions. Mining companies can utilize various cyber risk quantification methods, such as cost/benefit analyses, scenario evaluations, and analysis of historical data to further understand their cyber risk exposure.

Collaborating with cybersecurity experts can provide valuable insights, tailored to their unique risk profile. By leveraging these insights, companies can develop a clearer picture of the potential costs associated with cyber incidents, including direct losses, regulatory fines, and reputational damage.

Elevating cyber risk management in mining

By implementing technical controls and best practices and understanding the financial implications of cyberattacks, mining companies can significantly strengthen their cyber resilience and better protect themselves in an evolving threat landscape.

To learn more about building cyber resilience for your modern mining operations, download Unearthing cyber risk and opportunity: The modern miner’s guide to buying cyber insurance coverage, a guide designed specifically for miners seeking to safeguard their businesses against the growing threat of cyberattacks.

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Article

Strengthening cyber resilience: A three-pronged approach for modern miners