The widespread use of modern technology has completely redefined what security means in the business environment. Business executives and leaders now prioritize cybersecurity as a critical aspect of the overall business survival and security strategy.
Unfortunately, there is no one-size-fits-all solution when it comes to cybersecurity. Every organization has unique security needs that often call for tailor-made solutions. This means that implementing a robust security strategy is a multi-faceted effort. The process of identifying cybersecurity risks and developing solutions to mitigate them is known as cybersecurity risk management.
Why is risk management important?
Organizations have become heavily dependent on data and IT systems, making them valuable business assets. Consequently, the impacts of cybercrimes can be severely disruptive and devastating. Cases of data breaches continue to grow more prevalent, sophisticated, and unpredictable. To put the situation into perspective, 4.1 billion sensitive records were exposed in the first half of 2019 as the result of data breaches on businesses and institutions. The number of reported data breaches increased by more than 54 percent compared to the same period in 2018.
Such shocking figures give a clear picture of what modern enterprises should prepare for. Every business needs to appreciate the value of a robust risk management strategy to avoid becoming part of these statistics. Here are three crucial things you need to know about cybersecurity risk management for your business.
Identify your risks
The first step in managing risk is identifying and singling out the risks by conducting a thorough vulnerability assessment. You must first understand the potential risks that your business faces before coming up with preemptive or mitigation measures. Begin by setting the scope to include all critical business areas that must be evaluated, for instance, online platforms, data access points, customer touchpoints, and so on.
Understanding your security risks is a critical process that will help you expose potential security loopholes and identify the overall security status of the organization.
Develop and implement a risk management plan
After identifying and detailing all the possible risks, you can then develop security measures to seal off the vulnerabilities. Do not focus on the loopholes themselves but rather on the efforts and resources needed to mitigate them. Keep in mind that different categories of risks may require different solutions.
At this stage, you have to set your security goals and define the acceptable security levels for your business. Then, create and implement a cybersecurity framework that encompasses all the critical areas that need reinforcement.
Get everyone on board
Managing risk is a heavy responsibility that should not rest on just one person or department. Everyone, from stakeholders and management to employees, needs to play a role in maintaining acceptable cybersecurity levels. Educate your staff on good cybersecurity practices and make sure they understand the importance of the imposed security measures. You can even make security training a part of the onboarding process for new staff members as they join your team.
Getting everyone on board also instills a level of accountability in each individual and a sense of shared responsibility. Remember, once cybercriminals strike, it counts as a collective failure of the organization. The entire organization suffers in the event of data loss, and it doesn’t help to blame the IT department or specific individuals.
Keep in mind that risk management is a continuous process that needs frequent re-evaluation, testing, and adjusting. You’ll have to repeatedly assess your security vulnerabilities as new threats emerge and the technology landscape evolves. Simple antimalware and firewalls no longer cut it on their own; they aren’t enough to deliver fully dependable data and IT security. Managing modern security threats involves a combination of specially designed tools, services, and training. If you’re feeling a bit lost, get in touch with us at IND today to learn more about cybersecurity solutions and how to manage business risks.