The digital age has brought us a host of new problems to contend with. Nearly every business relies on information technology to operate, so it has become crucially important for each business to assess the risk to their cyber security. Failure to do so could result in the downfall of your business if you become the victim of a cyber-attack.
Why Is It Important to Assess Cyber Risk?
Doing a cyber risk assessment might not seem to be a necessary task, but there are situations in which you will have to perform one and plenty of reasons why you should be proactive about your cyber risk.
- Avoiding expenses. If you successfully identify cyber risks and mitigate the threat, you can save yourself trouble in the long run, which saves your business money.
- Make a template. You must perform risk assessments at regular intervals and continue to update your system. The first time you do a risk assessment, you develop a plan that will streamline the process in the future. It will also make it easier if you have staff turnover and new employees working on the next assessment.
- Self-awareness. By doing a risk assessment, you will discover your strengths and weaknesses and can make a better plan for future growth.
- Avoid breaches. Sometimes the cost of a cyber-attack is more than just money. If you improve your security, you can avoid potentially embarrassing personal data breaches.
- Cyber insurance. Two out of every three businesses without cyber insurance which experience a data breach wind up going bankrupt. Cyber insurance is critical to helping you prevent this, but to get cyber insurance, you need to perform risk assessments.
- It May Be a Legal Requirement. Sometimes, federal regulations require an organization to perform a cyber risk assessment. For instance, any entity covered by the Health Insurance Portability and Accountability Act (HIPAA) must perform such assessments. Other industries also have similar requirements.
How Do We Perform a Cyber Risk Assessment?
The basic process is about answering four questions. First, you need to identify relevant threats to your organization. Second, you must find all internal and external vulnerabilities. Then, you must assess the impact if an outside party were able to exploit those vulnerabilities. Finally, you must calculate the chances of such exploitation.
After you have double-checked the work, you’ll need to meet with your team to decide what action you need to take. Your IT team will have to make the necessary changes to improve your security. With time, as you do more and more cyber risk assessments, your risk score should go down, though that risk will never drop to zero.
We can help you through this process. Our experienced and knowledgeable team has been through it before. Contact us today and let us start the process to give you more security in your business.