Every business operation is affected by uncertainties. These uncertainties can impact different areas of an organisation including finance, safety, and security. The risks involved with every business can either lead to a positive or negative outcome. For any organisation to grow, taking risks is part of growth.
Many companies today are reliant on the use of technology to achieve business goals and improve efficiency. With technology comes the unavoidable possibility of exposing the company to a myriad of security risks. In this article, cybersecurity will be explained in detail including the necessary measures in order to avoid related risks.
What is a cybersecurity risk?
By definition, cybersecurity risks pertain to the wide network of information, technology, services, and tools used by a company in relation to computers and the internet. It is a common misconception that protection from these risks can be optimised by the use of ‘tools’ or ‘programs’ alone. But in order to mitigate cybersecurity threats, a company must employ a combination of tools and security protocols. There should be a perfect balance between the use of technology and implementation of rules and policies to ensure that each employee is in compliance. Much of what happens during a cyber-attack can be attributed to human error and negligence.
Assessing cybersecurity risks
In order for an organisation to effectively come up with protective measures against security threats, there must be a cybersecurity risk assessment conducted first. The goal of this assessment is to identify key aspects of the business that will ultimately lead to well-balanced and well-planned out security measures.
- Identify what assets need to be protected. The nature of the business will determine what kind of information needs protection. Retail companies, for example, are prone to cyber threats from individuals that aim to get access to sensitive personal information in order to get financial gain. With security risk consultants, it is easier to narrow down the assets of the company to come up with protocols that help operational safety.
- How much risk exposure the business can handle. It is a fact that eliminating security risks 100% of the time is highly unlikely. To come up with a risk management approach, the business should also know how much negative impact it can handle. The business should clearly have an idea of the value each asset has to the overall reputation of the organisation.
- The likelihood of an attack. A security risk assessment helps determine how vulnerable a company is to a cyber-attack. By finding the vulnerabilities of an organisation, they can better implement controls to prevent them from occurring. Methods to detect as well as protect should be used together with an approved recovery or response plan.
Without a proper risk assessment strategy, there will be difficulties in customising the approach when enhancing cybersecurity measures. The proper identification of risks helps in making sure that the investment is allotted towards what is truly important and effective. The decision to protect a business against cyber-attacks is no simple matter and should be addressed with the help of experts.
