How Incepta Solutions Implemented a Cybersecurity Strategy for a Smart Device Company
Did you know?
- The economic value of preventing a cyber attack can range from $398,000 – $1.3 million, depending on the cyber attack
- Cyber crime is expected to cost the world up to $6 trillion a year by 2021
- 43% of cyber attacks target small to medium businesses, and can go undetected for up to 6 months
Incepta Solutions successfully implemented a cybersecurity strategy for one of our clients in Canada. This client is an emergent IoT manufacturer of smart home devices with multiple products that work in 3 simple steps:
- Install your device
- Snap in your chosen insert
- Control your Smart Home
Incepta Solutions equipped our client with a 360-degree overview of their cybersecurity risks and enabled them to understand their strengths, weaknesses, opportunities, and threats to mitigate future risks.
With the increasing demand for IoT devices in today’s technological landscape, businesses are making it a priority to follow industry regulations, while still maintaining a competitive edge. This is why our client strived to position cybersecurity as a strength of their product and operations. How? By ensuring that technology is security compliant based on industry standards.
The client’s objective is to focus on two main areas of their business: product security and corporate security. To achieve their goal of providing customers with a secure product and to be considered a prominent player in the smart home technology industry, our client required a strong cybersecurity strategy to protect their products and business.
Here’s where Incepta Solutions leveraged our expertise to support our client.
At Incepta Solutions, we understand that cybersecurity is not a one-time process. A cybersecurity strategy is a component of any business strategy and enables protection as the business grows. The cybersecurity strategy should continue to evolve to safeguard the business from any form of cyber threats. To achieve our client’s goals, Incepta Solutions provided a comprehensive cybersecurity report consisting of three core elements.
1. Data Collection
Incepta Solutions helped our client take inventory of security assets including the application, the device, the data, and the technology. In addition, we have played an integral role in the consolidation of documentations, policies, and processes related to cybersecurity to provide the foundation for a strong cybersecurity strategy.
For each asset type, we have helped the client to determine the impact on company confidentiality, integrity, and availability if they are compromised.
We have also helped to identify potential cyber attacks and the available mitigation solutions.
Following the data collection stage, Incepta Solutions performed an assessment based on the following two security standards:
- CyberSecure Canada – Canada’s only cyber certification program for corporate security assessment
- NIST (U.S. National Institute of Standards and Technology) IR 8259 – for IoT assessment
We have identified the good, the bad, and the gap of the client security implementation against the standards mentioned above.
Upon completion of a thorough cybersecurity assessment, our client was made aware holistically and in detail of the cybersecurity capability of their products and business. With this information, Incepta Solutions recommended an appropriate cybersecurity program with immediate actions and ongoing activities for continuous improvement of the cybersecurity health of the business.
The following action items are included in the recommendations:
- Providing security awareness training to all employees and technical training for security professionals
- Staff augmentation by hiring full-time or contract security professionals
- Acquiring supportive external services and to implement the necessary security tools (i.e. patch management systems, intrusion detection, and security scanning)
By partnering with Incepta Solutions, our client received a comprehensive assessment and inventory of all of their security assets. The assessment included a detailed report of the vulnerability of each security asset and how they can mitigate the potential risks. Incepta Solutions also enabled the client to determine the appropriate next steps for their cybersecurity journey, while securing funding from the Canadian government.
As a result of Incepta Solution’s cybersecurity assessment, our client has a full comprehension of the cybersecurity strategy through all five stages of the journey: Assessment, Protection, Detection, Response, and Recovery. With this information, they are now confident in the security and quality of their products. By considering security in every stage of product development and at every level of implementation, while ensuring that security is every employee and partner’s responsibility, this smart device company is better positioned to become a major player in the smart home technology industry.
“The Incepta team was highly knowledgeable and very helpful in providing insights and best practices to improve our cybersecurity stance. We look forward to a continued relationship with the team towards ensuring that we meet the most up to date practices where the security of our products and customer’s data is concerned.
We would gladly recommend them as partners.”
– Smart Device Company
About Incepta Solutions
At Incepta Solutions, our team of #InceptaInnovators is passionate about developing the bridge between people and operations, as we create stories that we can all be proud of.
Since our inception in 2010, we are recognized as trusted experts in providing digital services to global businesses. We are proud to be named one of the top 5 Information Technology companies in Canada on the Growth List 2020 (published by Canadian Business and MacLeans). We are also humbled to be recently certified as a Great Place to Work.
Our full suite of digital services includes:
Cybersecurity | Integration | Digital Transformation
Data Management | Cloud Strategy | Customer 360