The CTEM Chronicles: A Fictional Case Study of Real-World Adoption

By
Victor Marchetto
,
Manager, Advisory Services
Contents

A Fictional Case Study of Real-World Adoption

You’ve read the Chronicles, maybe caught a webinar.  While the theory sounds solid, with ideas like continuous visibility, prioritized risk, and collaboration between red and blue teams, there’s possibly one question you still have:

“What does this actually look like in a real organization like mine?”

You’ve seen plenty of frameworks crash and burn once they leave the slide deck. You’ve watched good security initiatives die slow deaths because they were too complex, too political, or just plain exhausting to maintain. So when someone tells you CTEM is a game-changer, skepticism is a reasonable response.

In this final episode of the CTEM Chronicles, you’ll step into the shoes of a fictional, but realistic, organization that made the decision to adopt CTEM. You’ll see what pushed them to act, what went wrong, what changed, and what they learned along the way.

By the end, you’ll have a better sense whether it’s the right move to adopt CTEM for your organization.

1. Meet the Organization

Let’s call them Lunera Capital, a mid-sized financial services firm with global operations and a growing digital footprint. They manage high-value transactions across borders, handle sensitive client data, and rely on a mix of modern cloud services and ageing on-prem infrastructure. Think mergers, trading desks, and investment arms. The kind of environment where uptime is critical and lots of regulatory requirements.

Their security team is smart, capable, and yet stretched thin.

They’ve got decent coverage: endpoint protection, vulnerability management, firewalls, and a smattering of threat intel feeds. But the reality is this. They operate in reactive mode 90% of the time. Alerts fly in. Tickets pile up. Patching happens when it can, not when it should.

Everyone knows there are gaps. They just don’t know how big they are.

Leadership sees cybersecurity as important, but not strategic. Until there’s a breach, a failed audit, or a compliance scare, the security team is left to quietly juggle priorities with limited visibility and even less influence.

So when CTEM came up during a leadership offsite, prompted by a Gartner report, it wasn’t met with much enthusiasm but with eye-rolls, “Great, another framework.”

But a seed had been planted.

2. The Catalyst

For Lunera, the turning point wasn’t a breach, but an audit report they couldn’t explain away.

The internal risk team had run a quarterly controls audit focused on external exposure and patching cadence. When the findings landed, they triggered a moment of clarity and panic. Among the highlights:

  • 30% of externally facing assets weren’t even in the CMDB
  • Critical vulnerabilities had gone unpatched for over 90 days
  • Penetration test findings from six months earlier were still unresolved

But the worst part?

When the CIO asked the Head of Security, “So… how exposed are we, really?” the answer was a pause. Not because they didn’t care. But because, honestly, they didn’t know how to articulate it.

They had dashboards, spreadsheets, and weekly status meetings. What they lacked, and what CTEM promised, was a continuous, validated, business-aligned view of exposure. Not just what was vulnerable, but what was actually exploitable. Not just what existed, but what mattered.

That was the spark.

The security leadership team regrouped. CTEM wasn’t a silver bullet, but it might offer the organizing principle they’d been missing. A way to shift from overwhelmed to proactive prioritization.

They decided to run a pilot.

3. Early CTEM Adoption

Lunera didn’t go all in from day one. They couldn’t afford to. So they started small, picking a known and common use case: their external attack surface.

They brought in a CTEM-aligned platform to map every internet-facing asset across the organization. Within days, it uncovered dozens of shadow IT assets. Exposed dev environments, forgotten web apps, misconfigured cloud S3 buckets. Things their existing tools had completely missed.

Lunera didn’t build a new team or overhaul its tech stack to start. They used existing tooling and repurposed internal team capacity for the validation work. It wasn’t about scale. It was about focus.

It was eye-opening, and honestly, a bit embarrassing.

Then came the harder part. What do you do with that data? Visibility was no longer the problem. Action was. Tickets were opened, but no one felt accountable. Teams pointed fingers. Some asked, “Is this really our risk?” Others just ignored the alerts.

The CTEM pilot nearly died on the spot.

Instead of shutting it down, the cybersecurity leader changed tack. They used the new visibility to start better conversations, not just to assign blame. Questions like:

  • Which exposures are actually exploitable?
  • How would an attacker move from here to something critical?
  • What’s the real business impact if this asset gets compromised?

The red team ran validation exercises. Not to catch teams out and point fingers, but to simulate how a real attacker would think and move. Exposure became something people could see and understand. A forgotten staging app led to admin credentials. A dev box offered a pivot into internal systems.

The conversation was changing. Visibility didn’t come from buying a new platform. It came from combining existing data sources and actually validating what was real. Even with a messy stack, they found clarity through validation, not volume.

Remediation stopped being just another ticket. It had business context.  It reduced the signal to noise ratio.  Engineering teams began to understand why these issues mattered. Not all of them, but enough to move things forward.

It was slow. Messy. Political.

But it felt different, security wasn’t yelling into the void, but collaborating with business unit leaders in a different way.

Not everyone bought in right away. Some teams felt exposed. Others saw it as just more noise from security. But over time, the teams who engaged started seeing fewer surprises and more clarity. That built quiet momentum.

4. The Turning Point

Three months in, progress was steady but fragile. Some teams were engaged. Others still saw CTEM as a side project.

Then came a critical moment.

A simulated adversary campaign.

The red team was told to act like a real attacker, starting with external exposures. No rules of engagement. No safe zones. Just find a path.

And they did.

  • An unpatched VPN gateway
  • A weakly secured internal reporting tool
  • Access to sensitive client data through a forgotten internal file share

All of it happened in under five days.

When these findings were presented to the executive team, the impact was immediate. Not because they were technical, but because they were easy to understand. This wasn’t about CVSS scores. This was about real risk. Reputational damage. Regulatory fines. Customer trust.

CTEM stopped being a security project and became a business priority. The CIO backed it. Engineering and product were pulled in. The CISO got the green light to reallocate budget, not just for tools but for people and process.

Red and blue teams began working as one. Exposure validation became a normal part of operations. CTEM moved from test phase to operating model.

5. Full CTEM Implementation

With support secured and results in hand, Lunera committed fully. CTEM became the structure behind their approach to cyber risk.

  • They built a rhythm

Exposure reviews happened every two weeks. New findings were validated, prioritized, and tracked. Security stopped reacting. They began planning ahead.

  • They created ownership

Every exposure had a clear owner across engineering, IT, or the business. CTEM insights led to real accountability which helped to cut down on the time to settle on 

They didn’t add headcount. They clarified ownership using what they already had which helped reduce friction and decision fatigue across teams.

  • They broke silos

Red and blue teams worked together. Simulations ran continuously, and results fed straight into action. Even product and dev teams began asking security to weigh in earlier, because they finally understood what was at stake.

Collaboration between red and blue didn’t happen overnight. At first, there was friction, different goals, different language, and different priorities. But once both sides saw how their work fit into a shared objective, the tone shifted. The red team helped prove what mattered. The blue team helped fix what counted.

  • They focused on outcomes

CTEM helped them ignore noise and focus on real, validated, business-impacting risks. That changed everything.

Cybersecurity stopped being just another control function. It became part of how the business protected its reputation and bottom line.

6. The Outcome

Six months in, Lunera operated differently.

They weren’t perfect, but they were sharper and more aligned, with clear views to critical risks.

What changed?

  • Remediation got faster

Critical fixes that used to take weeks or months now took days. Teams knew what mattered and why and who was tasked with addressing it.

  • Risk reporting became clear

Executives no longer needed to decode security dashboards. CTEM gave them real-world risk stories, with clear progress, clear impact and a roadmap for what systems were next in the crosshairs.

  • Culture improved

Security stopped being a blocker. It became a partner. Developers understood the risks and made better decisions earlier in the lifecycle.

  • Effort was better spent

They didn’t try to patch everything. They patched what could be exploited and what truly mattered.

  • 7. Reflections and Learnings

Lunera’s CTEM journey wasn’t perfect, and there were more than a few headaches changing the culture and existing processes, but it was improving.

  • CTEM didn’t fix everything. It changed the perspective

It helped the business see risk clearly, prioritize with confidence, and drive security that made a difference.

  • Small wins mattered

They didn’t start with a transformation. They started with one project. That led to another. And momentum built.

  • Validation changed minds

Simulations showed what a real attack path looked like. That made the risk real, and helped get people on board.

  • It was a mindset shift

CTEM wasn’t about buying another tool. It was about changing how they thought. From reacting to planning. From guessing to validating. On the surface, many of the elements (threat modelling, vulnerability management, pentesting) weren’t new. The difference was the cadence, the connectedness, and the constant validation that turned scattered efforts into a repeatable system.

8. What This Means for You

Lunera is fictional, but their story is stitched together from dozens of real-world experiences. The challenges, the missteps, the slow cultural shifts these reflect what many teams are already navigating today. 

If your teams are stretched, your tools are scattered, and leadership wants answers in a language you can’t confidently give, CTEM is certainly worth a look.

CTEM is not a product. It’s a way of thinking.

It helps you focus. It helps you prioritize. It helps you move from blind spots to visibility and from chaos to control.

Still Skeptical? That’s the Right Mindset

If you’re reading this and thinking, “This would never work here,” you’re not alone. Most of the people who’ve successfully adopted CTEM started out just as doubtful. It’s not easy, not instant, and not perfect. But it is possible especially when you start small and adapt it to your reality, not someone else’s.

Start small. Map one path. Validate one exposure. Show one win.

Your program doesn’t need to be perfect to get better.

What is EPSS?

The Exploit Prediction Scoring System (EPSS) is a data-driven risk model maintained by FIRST that predicts the likelihood of vulnerability being exploited in the wild within the next 30 days. It complements CVSS by focusing on real-world exploitability.
For example, a CVSS 9.8 vulnerability with an EPSS of 0.1% may pose less immediate risk than a CVSS 7.5 vulnerability with a 75% EPSS.
EPSS updates daily and is publicly accessible at https://www.first.org/epss/.

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