Are You Aware of the Digital Risks to Your Business? Part Two

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The best way to manage digital risks is by regularly performing comprehensive security risk assessments. After all, how would you know your current vulnerabilities or gaps and where your most significant security challenges lie without an “under the skin” examination? 

Risk assessment is critical in managing digital risks

With a risk assessment, we can measure your security posture against various internal and digital threats and determine how equipped you are to deal with these risks. When you perform a security risk assessment, you can proactively:

  • Identify vulnerabilities: A risk assessment helps you identify which part of your digital environment is relatively weak against various security threats. You can specify the attackers that will probably target which systems and incorporate measures to strengthen these systems. Without the information presented by your risk assessment report, you stand little chance of improving your digital security posture against various vulnerabilities.
  • Review and bolster security controls: In most cases, security incidents occur because of a lack of controls. For instance, without proper cybersecurity awareness training and best practices training, employees are unlikely to follow security protocols independently, which could cause losses because of human errors. You can upgrade your securities and incorporate preventive measures against various risks based on the risk assessment.
  • Track and quantify risks: To effectively manage various risks, you need to know their effect on your business. With a risk assessment, you can quantify these risks by identifying the potential losses of multiple threats—we incorporate necessary risk-mitigation strategies to prevent exposure.

The value of risk assessment

IT and security budgets are often challenging to explain to management. Everyone understands the consequences of not investing in the correct security measures. However, putting an exact ROI figure on security investments isn’t straightforward. The value of risk assessment is based on how you choose to act with the information you get from these reports.

In this scenario, the real question is—what is the cost of not making this investment? Let us consider a significant data breach, for example. It is always about what you stand to lose in the aftermath of a breach. A breach can result in unrecoverable financial losses and reputation.  

Moreover, this might result in non-compliance and attract heavy penalties from various regulators. Reviving a business after a major disaster can be almost impossible.

Here, the cost of investment in security solutions and cyber insurance is negligible since it concerns the business’s survival. You may not measure the exact ROI of the airbags in your car, but that does not mean that your survival is not dependent on them. Similarly, the information and insights from routine risk analyses are critical to your business’s operation, resilience, and long-term success.

Assess your risks 

Your ongoing strategy should include monitoring, managing, and acknowledging digital security risks. 

Selecting the right vendor can be challenging, especially if you’re working independently. A thorough understanding of your digital security risks, needs, and expectations is required, along with detailed research. You can get help from a cybersecurity service provider like us.

If you’re interested, please reach out to us for a no-obligation consultation at www.CyberSecurityMadeEasy.com

Terry Cutler

I’m Terry Cutler, the creator of Internet Safety University, an educational system helping to defend corporations and individuals against growing cyber threats. I’m a federal government-cleared cybersecurity expert (a Certified Ethical Hacker), and the founder of Cyology Labs, a first-line security defence firm headquartered in Montréal, Canada. In 2020, I wrote a bestselling book about the secrets of internet safety from the viewpoint of an ethical hacker. I’m a frequent contributor to National & Global media coverage about cyber-crime, spying, security failures, internet scams, and social network dangers families and individuals face daily.