Cyber security risks have become part of doing business in the digital space. As such, businesses must invest as much as possible in fighting cyber security threats in a bid to avoid the costly data recovery process that may lead to lose of business in cases where clients feel exposed. Cyber security risk management begins with risk assessment and management. Organizations must assess their risks in order to adequately manage them and protect their business from malware and malicious hacking. Note that, a successful risk management and assessment service process must align with your organizational goals and recommend cost effective cyber security measures.
Risk assessment and management services are performed on different business processes, applications and networks. Assessment focuses on internal and external systems, processes and networks that are relied upon to transmit and store sensitive client data or legally protected data such as; financial statements, credit card and healthcare information. Risk assessment provides cost effective yet practical plans on how to protect business assets while maintain a safe balance between operational effectiveness and productivity.
The first risk assessment and management step is characterizing your network, system, application or process in bid to determine possible threats. Characterization should answer questions such as; what type of data is transmitted, who have access to the system, and what are the internal and external interfaces available among others. Notably, there are basic threats that must be evaluated during every risk assessment exercise. These common cyber security threats include; possibility of unauthorized access by malicious hackers through malware infections. Misuse of privilegesoffered to authorized users resulting, unintentional data and information leakages that may occur once unencrypted USB’s are used, loss of client data and disruption of productivity and services.
It is paramount to determine any inherent risks and their impact to your organization. This is done without evaluating a system’s control measures. This is because, it seeks to determine the impact your business can bear should a cyber-security threat occur. Once all the aforementioned steps are completed, you can analyze the cyber security control department. This is where risk management comes on handy. Risk management entails risk evaluation and steps. Therefore, protestor
As the digital business space upgrades gradually, businesses should also apply good security measures like use of multi-layered processes that in return protect your people, assets, network, systems and resources. With a clear understanding of risk tolerance, organizations are able to prioritize practices, policies and procedures that strength their security systems.