Risk management is a key part of any business strategy. Companies of all sizes have to measure the risks they face, determine what their acceptable level of risk is, and create strategies to minimize various risks and their impacts. Failing to address risk management can have severe consequences down the line for any company.
One aspect of risk mitigation that should never be overlooked is cyber risk management. What is cyber risk management? How can it help your company succeed? Where should you start with cybersecurity risk mitigation?
What Is Cyber Risk Management?
Cyber risk management is the framework that a company uses to address potential cyber threats and security risks within their IT infrastructure. It helps protect the business from data breaches and other network security incidents while limiting their impacts.
A cyber risk management strategy may include things like:
- Creating comprehensive network maps to keep track of all IT assets;
- Running periodic penetration tests to uncover previously-unknown vulnerabilities;
- Continuous firewall setting updates as new rules are added;
- Frequent software/firmware updates for IT assets;
- Employee training to increase cybersecurity risk awareness;
- Cyber threat intelligence feed monitoring; and
- Installing various tools that check for intrusion attempts and malware.
Some companies try to pass all of the above tasks to their already-overloaded IT personnel. This can be problematic, as it interferes with their ability to focus on maintaining uptime and may lead to important security tasks being missed or ignored outright.
What Are the Benefits of Managing Cybersecurity Risks?
Working on your company’s cyber risk management strategy can be important for a few reasons.
First, it helps you protect your business from common cyber threats. There are countless cybercriminals who are looking for ways to make a quick buck by stealing your company’s sensitive data and selling it to the highest bidder. Having even a basic risk management plan in place can help prevent numerous data breaches in the long run.
Second, having a written cyber risk management strategy can help with certain regulatory requirements. For example, as noted by Morse Law, “The Massachusetts data security regulations…require every company that owns or licenses ‘personal information’ about Massachusetts residents to develop, implement, and maintain a WISP.” WISP is the acronym for a written information security program. Many states have similar requirements, so it’s important to have this document for legal reasons.
Third, if your company does suffer a cyberbreach, having a risk management plan in place can be useful for not only mitigating the effects of the breach, but for avoiding penalties. There’s a world of difference in how regulators address a company that can prove it every reasonable precaution to prevent a cyberattack vs how they treat a company that had no plan at all for preventing data breaches. It can also help when trying to claim on your cyber insurance plans—insurers may use a lack of cybersecurity measures as a reason not to pay out on insurance policies.
Finally, being able to boast of having strong network security and data privacy measures can be a selling point for your company’s services. Data breaches are a near-constant headline in various news sources. Showcasing your cyber risk management strategies to customers can help put them at ease and earn their confidence—especially after a headline-making data breach.
Where Should I Start with IT Security Risk Management?
One of the big challenges of cyber risk management is getting started. Finding people who are trained to handle IT security and hiring them to manage your risk mitigation strategy can be time-consuming and expensive. However, foisting the responsibility for security risk mitigation on your existing IT staff can lead to staff burnout or to security issues being ignored.
So, many companies like yours turn to managed security service providers (MSSPs) like ideaBOX to supplement their cybersecurity efforts. An MSSP has the dedicated security personnel, tools, and training to help you get your cyber risk management strategy off the ground quickly and efficiently.
Dedicated MSSPs can bring whole teams of security experts to bear on your network security infrastructure—quickly identifying and solving common security problems so you can keep cybercriminals out of your network.
Are you ready to start protecting your company from cyber threats and mitigate your risks? Reach out to the ideaBOX team today to get started!