The Bitter Truth.

The topic of cybersecurity is a touchy one for many top-level firms and businesses today. Personally, we believe this should not be the case. With the average cost of any cyberattack on a company estimated to be around $2.4 million, prevention is really better than cure in this scenario.

Speaking of prevention, the subject of cybersecurity risk management comes up.

Why Cybersecurity Risk Management?

Every Modern Company is at a Huge Risk of a Cybersecurity Breach.

It doesn’t even matter how large such a company is. Afterall, Yahoo lost the details of over 3 billion accounts to hackers, and Uber was not left out in a breach that left data from upwards of 57 million riders and drivers in the wind.

The fact is that every business now needs an internet infrastructure of some kind to operate. The moment you put your business online, that is the moment anyone can decide to point a red dot on your back. 

Thus, cybersecurity risk management is as important as can be.

What can be done?

Managing cybersecurity risks is not an overnight process. For this to be done right, a series of wheels need be set into motion. That will ensure all the leaks are plugged and moles are ratted out – helping to keep a tight ship running.

A typical risk assessment model would be:

Identifying Weaknesses

Hackers will always go after the weaknesses of an organization, and that is only logical. That makes it important to know what points of vulnerabilities exist before they can be exploited. 

Here, traffic trends are rigorously analyzed to see what could be an imminent threat, helping to form a response strategy before such threats materialize at all.

Identifying Key Assets

While all data and information should be kept on lockdown, breaches of some won’t cause serious damage. However, other breaches will be to data sensitive files which the company might never recover. It, thus, becomes important to identify the very key assets in the company. Only then can a suitable mode of protection be launched around such assets.

Getting Top Management On Board

Without the agreement of the top management, cybersecurity risk management will never take off. That is part of the reasons why only about 38% of international organizations are well equipped to handle a cyber-attack. The others? Just sitting ducks.

Handling Your Cybersecurity Risk Management Efficiently

It needs no reminding that the cost of a cybersecurity attack on any company is hefty – and the above figures are just an average value! In the same vein, working towards preventing these attacks in the first place is more inexpensive than letting things happen.

To get the best return for your cybersecurity spends, hiring a professional firm to handle the operations will be in your best interests. Afterall, these organizations are made up of highly trained individuals who understand your cyber framework, know where you could get hurt, and have the experience to plug the problem before it happens. 

That way, you are not just throwing money around without getting anything done.

Take Action Today

The ball is in your court. Would you rather lose countless user data, revenue and goodwill – or get started on your cybersecurity risk management practices today?