Why Is It Important to Perform a Cyber Risk Assessment?
Why Is It Important to Perform a Cyber Risk Assessment?
In the technological age of today where cyberattacks are common – place, it’s a critical part of a company’s defence procedure to perform regular cybersecurity risk assessment. The cybersecurity risk assessment is used to take a good look at how the business would fair in the event of a cyberattack and the potential impact to the business. In other words, how would it affect the company’s reputation, finances and overall business health.
Certainly, we can see that technology is continually changing and evolving. As a result, we recommended companies undergo a cyber risk assessment at least once every two years. Even earlier if new threats become a concern.
Quantified Data Helps with Decisions
Cyber risks are one of the most common concerns for business leaders today. And therefore, must be appropriately minimised for businesses to truly flourish. That’s to say, that the simple act of performing a cyber risk assessment will help minimise risks by allowing a company to
Firstly, identity the biggest threats potentials.
Secondly, take the appropriate steps to minimising those threats and protect their investment
So, theCyber risk assessments helps in the decision – making process as it produces quantified data.
In addition, businesses can make informed decisions regarding their cybersecurity infrastructure.
And is also a valuable resource that reduces wasted time by spending money on threats based on non-quantifiable data. In other words, reduces wasted time and money on threats that have no real risk to the business.
See into Blind Spots
Many business leaders may not be fully aware of all the risks that threaten their business. Certainly, that doesn’t mean that the threats are not there because they are. And cybersecurity involves many components, so some of these can be overlooked by business leaders. In other words, there are blind spots. As a result, the cyber risk assessment is set up to give business leaders the information and resources to understand the possible risks and see into their blind spots.
In addition, businesses are having to keep up with the rapid advancements in technology. And the ever-changing threat landscape. So, it’s no wonder businesses have blind spots when it comes to cybersecurity.
Firstly, we can now see the importance of performing regular cyber risk assessments to find hidden dangers. Secondly, we see the need to take- action and implement security measures to address the threat before it’s too late.
Plan for the Future
In order to grow, a business needs to regularly think about the future. Certainly, true when it comes to cybersecurity needs as well. Companies that remain static tend to fail especially when it comes to cyber threats and their consequences.
A cyber risk assessment better prepares a company for the future as it reduces the potential threats and risk to the business.
Once you do the initial cyber risk assessment especially if it has great detail, it can used as a template for future assessments. And can be regularly updated to meet the continuous changes in technology, the threat landscape and the needs of the business. It will help the business know what to look for in the future and repeat the process.
Simplify IT Systems
Another benefit of performing a cyber risk assessment is that businesses gain the resources they need to consolidate IT systems successfully in acquisitions and mergers. Simplifying IT systems make them easier to
Draw date from
and be effectively used to store large amounts of sensitive data
review security controls
So cyber risk assessments do much more than pinpoint potential threats to a business!
But once these potential weaknesses are identified and the threat understood, it’s important to review and improve security controls. Security controls are preventative or corrective controls that need to be enhanced or modified as needed.
Ensure All Data is Safe and Compliant
Keeping sensitive data private and out of the hands of fraudsters and identity thieves is one of the biggest challenges that businesses in all industries face. Companies can help ensure that they have the proper securities in place to prevent intrusions by doing a cyber risk assessment. Businesses need to remain up-to-date with all IT regulatory compliance and these assessments help ensure that happens.
Afterall there are countless documents that must be reviewed and safely stored while operating a business. These can include bank statements, insurance policies, contracts, partner agreements and other organisational documents. Certainly, each of these documents must remain protected and away from fraudsters and identity thieves. By using the quantified data from a cyber risk assessment, business leaders can better develop their security policies in- order to protect their data and network, not to mention keep the sensitive client data safe.
Call Rock IT for Help
The first steps to protecting your business against cybersecurity threats is by
understanding what threats can potentially affect your business,
the impact of these possible threats and
how to maintain the appropriate security level.
And a cyber risk assessment is the best way to take these first steps and help uncover your security vulnerabilities.
For more information about the importance of performing a cyber risk assessment or for assistance with tools or strategies needed to minimize security threats, contact cybersecurity experts Rock IT