Making Ongoing Risk Management an Operational Standard

2023-11-15T20:27:12+00:00

Implementing Ongoing Risk Management as a Standard Practice

In 2021, organizations that didn’t have zero trust incurred an average breach cost of USD 1.76 million more than those organizations with a mature zero-trust approach.1 It’s no wonder that 69% of organizations believe that there will be a rise in cyber spending in 2022 compared to 55% in 2021, and more than 25% expect double-digit growth in cyber budgets in 2022.2 With cyberattacks surging due to widespread remote work and increased online interactions during the pandemic, it seems likely that this trend will only continue to grow further.

About 85% of breaches involved a human element in 2021. Additionally, 36% of breaches involved phishing attacks while ransomware attacks contributed to 10% of attacks.3 Amid such an evolving threat landscape, your top-most priority should be ensuring an advanced layer of cybersecurity that can protect your organization from malicious actors.

Building a strong defense is not easy since cybersecurity is not a one-and-done exercise. Your business may be safe now but could be unsafe the very next minute. Securing your business’ mission-critical data necessitates an unwavering commitment over a lengthy period. While there are several pieces to this puzzle, the most important one is ongoing risk management.

In this blog, we will walk you through cybersecurity risk assessment. By the end of it, we hope you will realize how installing cybersecurity solutions alone isn’t enough to counter cyberattacks unless you make ongoing risk management an operational standard for your business.

Understanding cybersecurity risk assessment

In rudimentary terms, cybersecurity risk assessment refers to the act of understanding, managing, controlling and mitigating cybersecurity risks across your business’ infrastructure.

In its Cybersecurity Framework (CSF), the National Institute of Standards and Technology (NIST) states that the purpose of cybersecurity risk assessments is to “identify, estimate and prioritize risk to organizational operations, assets, individuals, other organizations and the nation, resulting from the operation and use of information systems.”

The primary purpose of a cybersecurity risk assessment is to help key decision-makers tackle prevalent and imminent risks. Ideally, an assessment must answer the following questions:

  • What are your business’ key IT assets?
  • What type of data breach would have a major impact on your business?
  • What are the relevant threats to your business and its sources?
  • What are the internal and external security vulnerabilities?
  • What would be the impact if any of the vulnerabilities were exploited?
  • What is the probability of a vulnerability being exploited?
  • What cyberattacks or security threats could impact your business’ ability to function?

The answers to these questions will help you keep track of security risks and mitigate them before disaster strikes. Now, imagine periodically having the answers to these questions whenever you sit down to make key business decisions. If you’re wondering how it would benefit you, keep reading.

Why make ongoing risk management a standard practice?

Making ongoing risk management an operational standard is vital, especially in today’s cyberthreat landscape where even a single threat cannot be underestimated. In one study, 30% of respondents say that real-time threat intelligence is critical for their cyber risk management.2 In one assessment, your business might seem on the right track but in the next one, you might spot vulnerabilities that can expose your business network to bad actors. That’s precisely why having an ongoing risk management strategy is now an integral part of standard operations for every business.

Most organizations lack the capacity to transform data into insights for cyber risk assessment, threat modeling, scenario creation and predictive analysis. This underutilization of data is one of the major roadblocks to making ongoing risk management an operational standard for businesses.

Here are seven reasons why you just can’t keep this key business decision on the backburner anymore:

Reason 1: Keeping threats at bay

An ongoing risk management strategy will help you keep threats, both prevalent and imminent, at a safe distance from your business.

Reason 2: Prevent data loss

Theft or loss of business-critical data can set your business back a long way, and your customers might turn to your competitors. Ongoing risk management can help you remain vigilant of any possible attempts at compromising your business data.

Reason 3: Enhanced operational efficiency and reduced workforce frustration

As a business owner or key decision-maker of your organization, you would be amazed how consistently staying on top of potential cybersecurity threats can reduce the risk of unplanned downtime. The assurance that hard work will not vanish into thin air will surely keep the morale of your employees high, thereby reflecting positively on their productivity.

Reason 4: Reduction of long-term costs

Identifying potential vulnerabilities and mitigating them in time can help you prevent or reduce security incidents, which in turn can save your business a significant amount of money and/or potential reputational damage

Reason 5: One assessment will set the right tone

You must not assume that there should only be one fixed template for all your future cybersecurity risk assessments. However, to update them continuously, you need to conduct one in the first place. Hence, the first few assessments will set the right tone for future assessments as part of your ongoing risk management strategy.

Reason 6: Improved organizational knowledge

Knowing security vulnerabilities across the business will help you keep a keen eye on important aspects that your business must improve on.

Reason 7: Avoid regulatory compliance issues

By ensuring that you put up a formidable defense against cyberthreats, you will automatically avoid hassles with respect to complying with regulatory standards such as HIPAA, GDPR, PCI-DSS, etc.

Choose the right partner

Get the right partner to help you gauge every single cybersecurity risk your business is exposed to and protect your business continuously for a prolonged period. Contact us to learn how we can help you mitigate cybersecurity concerns with regular risk assessments.

 

1Cost of a Data Breach Report, 2021

2Global Digital Trust Insights Survey, 2022

3Data Breach Investigations Report, 2021

Making Ongoing Risk Management an Operational Standard2023-11-15T20:27:12+00:00

Do You Know Your Digital Risk?

2023-10-13T22:08:03+00:00

Are You Aware of the Digital Risks to Your Business?

Rapid technological advancement and rising global connectivity are reshaping the way the world is functioning. From higher productivity to improved customer satisfaction, technology has played a critical role in the growth of businesses across the world. However, the consequential bad news is that technological advancements have also made organizations increasingly vulnerable to digital risks. However, this does not mean that businesses must compromise on growth and advancement for the sake of security.

Organizations that understand how to detect threats and include preventative security measures and controls, as well as proactive solutions and thorough strategies, may better meet the security problems they face in modern digital environments. Let’s discuss the different types of digital risks you should be looking out for and how you can use this information to get positive ROI.

Types of digital risks

Digital risks are increasing in the business world due to the rapid adoption of new disruptive technologies. These risks are seen in various industries and are more pervasive than cybersecurity risks. On a broader scale, digital risks can be classified into physical, technical and administrative 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 risk: Cyberattacks continue to evolve as businesses become more technology driven. Attacks like ransomware, DDoS, etc., can disrupt the normalcy of any business.
  • Data privacy risk: As we move forward to a knowledge-based economy, data has become the most valuable commodity in the world. This has resulted in hackers targeting critical business data and misusing it for personal gain.
  • Compliance risk: Businesses need to adhere to various regulations regarding data privacy, cybersecurity, organizational standards of practice, etc. Any violation can attract heavy fines and penalties for a business.
  • Third-party risk: When you outsource certain services to third parties, it might compromise the security of your IT infrastructure. For instance, a software tool you develop with an external vendor may introduce some vulnerabilities to your otherwise intact digital environment.
  • Resiliency risk: This concerns the ability of a business to bounce back and continue operations after an unexpected disaster.
  • Risks due to 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 quite costly for organizations if they go unchecked.
  • Automation risks: While automation is reshaping the tech industry for the better, it could also give rise to a range of risks such as compatibility risks, governance risks and more.
  • Cloud storage risks: The flexibility, ease of use and affordability offered by the cloud make it one of the most popular options for backup and storage. However, the cloud is also prone to various risks such as lack of control over data, data leakage, data privacy, shared servers and more.

Why risk assessment is critical in managing digital risks

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

With a risk assessment, you 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 identify which systems are likely to be targeted by attackers and incorporate measures to strengthen these systems. Without the information presented by your risk assessment report, you don’t stand much chance of improving your digital security posture against various vulnerabilities.
  • Review and bolster security controls: In most cases, security incidents occur due to a lack of controls in the process. For instance, without proper cybersecurity awareness training and best practices training, employees are unlikely to follow security protocols on their own, which could result in 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. With a risk assessment, you can quantify these risks by identifying the potential losses posed by various threats. This helps you incorporate necessary risk-mitigation strategies to prevent exposure.

The value of risk assessment

IT and security budgets are often difficult to explain to management. Everyone understands the consequences of not investing in the correct security measures. However, it isn’t that easy or simple to put an exact ROI figure on security investments. 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 major data breach for example. It is always about what you stand to lose in the aftermath of a breach. If your business is dealing with valuable customer data, a data breach can result in unrecoverable financial losses as well as reputational damage. Moreover, this might also result in regulatory non-compliance and attract heavy penalties from various regulators. In such cases, 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 survival of the business. You may not be able to 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 gained from routine risk analyses are critical to the operation, resilience posture and long-term success of your business.

Assess your risks the right way

Monitoring and managing your digital security risks is a continuous process that must be done regularly and should be a part of your ongoing operational strategy.

Contact us today to perform a complete risk assessment of your digital infrastructure to help you build a resilient security posture against various threats.

 

*2021 Data Breach Investigations Report

Do You Know Your Digital Risk?2023-10-13T22:08:03+00:00

OneDrive to the rescue

2021-06-10T17:34:34+00:00

Crushing it working from home you suddenly realize you need to print, sign and scan a document.

You have a printer, but no scanner. How can this get done?

Did you know that OneDrive has a scanner built right into the app! Here is everything you need to know.

OneDrive to the rescue2021-06-10T17:34:34+00:00

Data Security

2021-05-12T19:36:50+00:00

We generally all take care to make sure our homes are secure, yet some business owners (and sometimes managers) don’t carry the same attitude towards the company’s data security.

Which is just crazy, because criminals are way more interested in your company data vs your TV.

Watch to see the four main ways you can improve your company’s data security.

Data Security2021-05-12T19:36:50+00:00

Ransomware

2021-04-05T19:39:11+00:00

The worst thing that can happen to your business is a ransomware attack.

This kind of attack is where hackers take control of your network and encrypt all your data (making it not usable). They then won’t undo the damage unless you pay the ransom fee, which is always a ridiculous sum.

The reason they can do so much damage is they were able to break into your system a long time before they launch the attack. There are some symptoms you can keep an eye out for indications you’ve been breached.

Here are three ways you can see if hackers have already infiltrated your system.

Ransomware2021-04-05T19:39:11+00:00

Phishing Types

2021-03-02T19:31:10+00:00

We are pretty sure you have heard of phishing and if not, it’s when you receive an e-mail from a criminal pretending to be another entity trying to get you to divulge sensitive information.

Have you heard about whaling, smishing, or vishing? These are other forms of phishing with the same goals.

Watch to learn more about these three and make sure you and your team are aware.

Phishing Types2021-03-02T19:31:10+00:00

Bloatware

2021-02-01T19:43:46+00:00

Getting a new PC is an exciting feeling and after booting it up the feeling is immediately diminished by the discovery of all the software you didn’t want or need!

All this software is referred too as bloatware, and it will slow down your computer. Our new video shows why it’s their and what you can do about it.

Bloatware2021-02-01T19:43:46+00:00

Microsoft Translator

2020-12-15T18:48:33+00:00

Let us reveal an easier way to translate documents, that doesn’t rely on Google to do it!

Microsoft Translator has been embedded into their products, like Word, Excel, etc.

It surprisingly works very well, and this video will showcase it for you.

PS – We are Colorado Office 365 experts and if your existing IT support company has not shown you have to properly utilize the software you’re already paying for; we should seriously talk.

Microsoft Translator2020-12-15T18:48:33+00:00

Project Communication

2020-12-15T18:43:47+00:00

Having to manage multiple projects with lots of different contributors can be a serious headache.

That is unless you are using one of the people’s favorite collaboration tools, that you are most likely already paying for.

Microsoft Teams is part of Office-365 and is used by 13+ million people.

As the Colorado local 365 experts we’ve put a new video together to show how your business can take advantage and benefit from Teams.

Project Communication2020-12-15T18:43:47+00:00

Microsoft Planner

2021-01-04T18:54:31+00:00

There are some excellent collaborative and productivity tools that are built into Microsoft 365.

Inside Teams, there is a very useful planning project tool called Planner.

Watch the video to learn more.

Microsoft Planner2021-01-04T18:54:31+00:00
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