Cyber risks, rapid technological advancement, and rising global connectivity reshape how the world functions. Technology has played a critical role in business growth worldwide, from increasing productivity to improving customer satisfaction. Moreover, the consequential news is that technological advancements have made organizations increasingly vulnerable to cyber risks. However, companies can still maintain growth and progress for security.
Organizations that understand how to detect threats may better meet the security problems they face in modern digital environments. Let’s discuss the digital risks you should look for and how to use this information to get positive ROI.
Types of cyber risks
The following risks are the most prevalent in today’s digital world and should be treated as top priorities to mitigate for your business:
- Cybersecurity: Cyberattacks continue to develop as businesses become more technology-driven. Attacks like ransomware, DDoS, etc., can disrupt the normalcy of any business.
- Data privacy: As we move forward to a knowledge-based economy, data has become the most valuable commodity in the world. It has resulted in hackers targeting critical business data and misusing it for personal gain.
- Compliance: Businesses must adhere to various regulations regarding data privacy, cyber risks, organizational standards of practice, etc. Any violation can attract heavy fines and penalties for a business.
- Third-party: Outsourcing certain services to third parties might compromise the security of your infrastructure. For instance, a software tool you develop with an external vendor may introduce vulnerabilities to your otherwise intact digital environment.
- Resiliency risk concerns a business’s ability to bounce back and continue operations after an unexpected disaster.
- Risks because of human errors: In 2021, 85% of data breaches involved some human element. Whether it’s falling for phishing scams, credential stuffing or misusing work devices, human errors can be costly for organizations if they go unchecked. A cybersecurity service provider can help.
- Cloud storage: One of the most popular options for backup and storage, the cloud offers flexibility, ease of use, and affordability. However, it is also prone to various risks, such as a lack of control over data, data leakage, data privacy, shared servers, and more.
The best way to manage your business cyber 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?
Cyber Risks assessments
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 assessment, you can proactively:
- Identify vulnerabilities: An 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 and best practices training, employees are unlikely to follow security protocols independently, which could cause losses due to human errors. Based on the risk assessment, you can upgrade your securities and incorporate preventive measures against various risks.
- Track and quantify risks: To effectively manage various risks, you need to know their effect on your business. A risk assessment 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
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 a business cyber risks assessment is based on how you 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, which can result in unrecoverable financial losses and a damaged 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 investment cost in security solutions and cyber risk 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 the right way.
Monitoring, managing and acknowledging your cyber security risks is a continuous process that must be done regularly and should be a part of your ongoing operational strategy. Choosing the right vendor can be daunting, especially if you are trying to do it independently. It requires thorough research, careful consideration of all relevant factors and a clear understanding of your digital security risks, needs and expectations. A cybersecurity service provider like us can help. If you’re interested, please reach out to us for a no-obligation consultation at www.CyberSecurityMadeEasy.com
