How a Cyber Risk Assessment Reduces Business Risk

Risk Assessment

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Proactive Strategies to Boost Your Company’s Overall Security

The shift to remote work, accelerated by the global pandemic, has revolutionized our approach to how we work and collaborate. This transition brings undeniable benefits such as enhanced work-life balance and operational cost reductions. However, we’re seeing this move to remote exposing several organizations to new cybersecurity vulnerabilities that must managed diligently to protect sensitive data and maintain business integrity. While each technology ecosystem is different for each organization, below are three keys to think about when enhancing your remote workforce capabilities.

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Protecting your business from online threats is more than just a technical challenge; it’s a fundamental aspect of responsible business management. One of the most effective tools at your disposal to understand where you’re protected and where you’re vulnerable is a cyber risk assessment. This process offers a structured way to identify weak points in your online defences, recognize what the potential fallout from a cyberattack could be on your organization, and what you can do to fortify entry into your network.

What follows are the basics you should know about what a cyber risk assessment is and how an assessment can help you better manage your own cybersecurity threats. 

1. What’s involved in a Cyber Risk Assessment?

A cyber risk assessment is an ongoing process that evolves with your business and the virtual world. There are four primary areas that an assessment focuses on:

a) Spotting Important Digital Information

Businesses today, regardless of size or industry, rely on digital assets. This could range from customer databases and email lists to proprietary software and internal documents. Knowing what digital assets you have and where in the greater organization they are “owned” is the first step in protecting your information.

b) Checking for Weak Points and Threats

With a clear inventory of your digital assets, you can begin to assess their vulnerabilities. This involves a deep dive into your current security protocols, software, and even employee behaviours. It’s about both finding your gaps and understanding why they exist in the first place.

c) Understanding the Consequences of an Attack

Uncomfortable as it may feel, once you know your assets, weak points, and threats, visualize the potential outcomes should a cyber breach happen. This isn’t just about immediate financial losses but long-term impacts such as reputational damage, loss of customer trust, and potential legal ramifications. Play out those “worst-case scenarios” as this helps with the fourth step: making a plan. 

d) Making a Plan to Protect Your Business

The final step is formulating a comprehensive strategy. This should be a multi-faceted approach that addresses the current vulnerabilities you identified, and maps out any anticipated future threats and the response plan for each. 

2. Why should you conduct a Cyber Risk Assessment?

There are many benefits for business growth because of the digital evolution. Yet, there are also challenges that no company has come up against. Recognizing where our vulnerabilities are allows you to: 

a) Invest in the Right Security

An obvious benefit, but one worth emphasizing. A thorough assessment directly leads to enhanced defences against a myriad of online threats because you’ve invested in the right security for your organization.

b) Make Smart Choices

With a clear understanding of your vulnerabilities, you can allocate resources more effectively. Instead of a scattergun approach to cybersecurity, you can focus on areas that offer the most value and protection. 

c) Staying Within the Rules

From the Canadian anti-spam legislation (CASL) to PIPEDA (Personal Information Protection and Electronic Documents Act), businesses today need to navigate a complex web of regulations. A cyber risk assessment ensures you’re not just compliant but ahead of the curve.

d) Protecting Your Reputation

 A company’s reputation is everything…and it’s fragile. A single breach can undo years of trust-building. By being proactive, you’re sending a clear message to your customers about your commitment to their privacy.

3. How do you build an empowered and proactive security-focused team?  

Your employees are your first line of defence. Yet, with 74% of breaches involving human error, ensuring they’re well-trained on cyber security is crucial. The following three ideas help bring clarity to empowered, security-focused team members. 

a) Train Your People

Regular training sessions can keep your team updated on the latest threats and best practices. This isn’t just about avoiding phishing scams but fostering a culture of vigilance and commitment to your organizational health.

b) Have Clear Rules for Online Safety

Clear, well-communicated guidelines can eliminate ambiguity and ensure everyone is on the same page. This could cover everything from password protocols to the use of personal devices. Ensure these are well-documented and easily accessible to people in your organization.

c) Open Conversations

A culture of openness can be a game-changer. Employees should feel comfortable raising concerns or admitting mistakes without fear of punitive measures. Look at concerns and/or mistakes as opportunities to learn and help your other team members improve their own security-minds along the way. 

4. What is the future of online safety for organizations?

The one thing we all know about the digital space is that it’s in a state of constant flux. For organizations, staying protected means staying informed. While you may work with a cyber security partner, such as ADVANTUS360, whose role it is to stay on top of the trends and technologies, it is still beneficial for you to know who/what could be a threat to your company. Areas you want to keep informed on include:

a) Emerging Threats

From Artificial Intelligence (AI)-driven attacks to quantum computing, the future holds challenges we can’t yet fully comprehend. Regularly revisiting and updating your risk assessment is not just good practice; it’s essential.

b) Innovative Solutions

As threats evolve, so do the tools to combat them. Staying updated on the latest cybersecurity solutions can offer your business a competitive edge.

c) The Role of AI and Machine Learning

AI and Machine Learning technologies are set to revolutionize cybersecurity, offering real-time threat analysis and predictive solutions. Embracing them could be a game-changer for your business growth strategy.

A comprehensive cyber risk assessment provides your organization with a roadmap to navigate the wild west world of cybersecurity. While the threats are real and ever-evolving, with the right approach, they can be managed and mitigated. Taking the time now to understand and address these risks can save a lot of headaches, sleepless nights, and expenses down the line. 

Partnering with experts like ADVANTUS360 ensures that your organization’s cybersecurity is in experienced hands, providing tailored IT Security solutions and guidance every step of the way. Contact ADVANTUS360 today to fortify your digital defences and stay ahead of the curve.