Effective cyber vulnerability management is paramount for organisations, particularly as the frequency and severity of cyber threats continue to rise. A recent report by S&P Global Ratings highlights that poor management of cyber vulnerabilities can reflect broader governance issues, potentially influencing assessments of an entity's risk management and internal controls. As cyber attackers increasingly exploit known vulnerabilities, organisations that fail to prioritise timely remediation expose themselves to significant risks.
In 2023, incidents of vulnerability exploitation surged, nearly tripling due to a record 29,000 newly identified vulnerabilities, up 4,000 from the previous year. This increase is attributed to enhanced security research, improved detection tools, and the growing complexity of applications. As attackers exploit these vulnerabilities, organisations face both financial and operational repercussions, emphasising the need for robust vulnerability management strategies.
Not all vulnerabilities pose equal threats; around 26.5% of newly identified vulnerabilities have already been targeted by malicious code. Conversely, some require specific conditions to be exploited, complicating the remediation process. Systems directly connected to the internet are particularly susceptible to attacks, making it crucial for organisations to assess their exposure and apply patches promptly.
Unfortunately, many entities exhibit infrequent or inconsistent remediation practices across industries, indicating a lax approach to vulnerability management. This is especially concerning for older vulnerabilities—those identified seven or more years ago—which still account for a significant portion of exploits. The report notes that a vulnerability lingering unaddressed for eight months, particularly one that affects outdated software, signifies inadequate vulnerability management and potential underlying cybersecurity issues.
Most vulnerabilities are only occasionally or infrequently remediated
To enhance remediation efficacy, organisations are encouraged to adopt nuanced strategies that go beyond traditional scoring systems like the Common Vulnerability Scoring System (CVSS). Incorporating the Exploit Prediction Security Score (EPSS) offers a dynamic assessment of the likelihood that a vulnerability will be exploited, enabling better prioritisation of remediation efforts.
As cyber vulnerabilities continue to proliferate, effective management of these risks is essential to prevent intellectual property theft, operational disruptions, and reputational damage. S&P Global emphasises that poor vulnerability management could serve as a material risk factor, warranting careful consideration in governance assessments. In an increasingly complex cyber landscape, organisations must prioritise robust vulnerability management to safeguard their systems and uphold their governance standards.