What is a Cybersecurity Risk Assessment?
A cybersecurity risk assessment is an important step in protecting your organization’s systems from cyberattacks. A risk assessment can help you identify which systems are most at risk and help you develop a plan to protect them.
If you don’t have a risk assessment of your cyber security choices, you could waste time and money. There are a number of measures that you can take to defend against events that are unlikely to happen.
Gartner predicts that by 2025, 45% of organizations worldwide will have experienced attacks on their software supply chains, a three-fold increase from 2021. So when you underestimate or overlook risks that could cause significant damage, many best-practice frameworks, standards, and laws – including the GDPR – require you to conduct risk assessments.
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Why is it important to manage Cyber Risk?
Cyber risk management is essential for today’s business with rapidly changing technology as no company is immune from a cyber-attack, whether it is due to criminal activity or an employee mistake. Businesses face a number of cyber risks, from phish attempts to ransomware to distributed denial of service attacks. A cyber incident can damage an organization, potentially leading to data loss, financial penalties, and reputational damage. It’s not enough to prevent attacks by installing anti-viruses. Anti-viruses are just one aspect of risk management.
A risk management strategy is needed to mitigate risks specific to the business and eliminate cyber-attack threats. A cyber risk management strategy can help the decision-makers about the risks associated with it on a day-to-day operational level and understand the key threats, which can help to spend money and time in the right places. It will help to prevent the risks that were identified.
Here are thetop reasons for implementing a cyber-risk management strategy,
Defending against cyber-attacks
Cyber risk management can identify threats to the organization. Correct defenses can be put into place with help of a risk treatment plan. This will help to reduce cyber-attacks.
Reducing costs and protecting revenue
Financial gain is a motivation for many attackers. They can attack any organization due to this. In 2019, the value of the healthcare cybersecurity market was 9.78 billion, projected to rise to $33.65 billion by 2027. So the loss of revenue can be mitigated by a cyber risk strategy. In addition, Compliance with regulations relating to cyber risk will help the organization avoid fines.
Increase in business reputation
The trust of clients and customers is one of the essential aspects of the business. It can increase by showing them that you take cybersecurity seriously, giving you a competitive edge. In addition, prioritizing customers’ or clients’ data will help to gain their trust. Finally, it will increase customer loyalty and long-term business success.
Conclusion
The importance of risk assessment in business is felt most in its long-lasting impact on overall cyber-defense. It begins with device protection and culminates in a company-wide culture of awareness and accountability.
Continuously improving cyber defense posture is how organizations remain in good standing with their clients, business partners, and legal and regulatory authorities. Risk assessment is one of the most important parts of those efforts.
Post courtesy: Chris Forte, President and CEO at Olmec Systems.
