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Does your business have a Cybersecurity Risk Assessment?

Cybersecurity Risk Assessment

No business today is 100 per cent secure from cyberthreats and more businesses are waking up to this reality now than ever before. So does your business have a Cybersecurity Risk Assessment? We’ll help you understand it if not…

Cybersecurity investment is suggested to have grown by 5.6% in 2020 to reach nearly $43.1 billion. With cyberattacks surging due to widespread remote work and increased online interactions during the pandemic, it seems likely that this trend will only continue to grow further. 

Cybersecurity is ongoing 

58% of IT leaders and practitioners consider improving IT security among their topmost priorities. Nearly 53 percent of these leaders find cybersecurity and data protection to be among their biggest challenges as well. 

Cybersecurity is not a one-and-done exercise. Your business might be safe now, but this can change quickly as new dangers arise. Securing your critical data and the data of your invaluable clients or customers requires sustained effort over a long period of time. While there are several pieces to this puzzle, the most important one, considering today’s current circumstances, is ongoing risk management.  

It is important to understand what a risk assessment is and looks like, how risk assessments should be carried out and why it is so important to your business. In addition, it is essential to assess whether you can manage this alone for your business or if you will need additional support to achieve universal and consistent security. 

Understanding Cybersecurity Risk Assessment 

In simple terms, a cybersecurity risk assessment refers to the act of understanding, managing, controlling and mitigating cybersecurity risks across your business’ infrastructure. 

In its Cybersecurity Framework (CSF), the National Institute of Standards and Technology (NIST) states that the purpose of cybersecurity risk assessments is to “identify, estimate and prioritise risk to organisational operations, assets, individuals, other organisations and the Nation, resulting from the operation and use of information systems.” 

The aim of a cybersecurity risk assessment is to help key decision-makers take informed decisions to tackle prevalent and imminent risks. Ideally, an assessment must answer the following questions: 

  • What are your business’ key IT assets? 
  • What type of data breach would have a major impact on your business? 
  • What are the relevant threats to your business and their sources? 
  • What are the internal and external security vulnerabilities? 
  • What would be the impact if any of the vulnerabilities were exploited? 
  • What is the probability of a vulnerability being exploited? 
  • What cyberattacks or security threats could impact your business’ ability to function? 

The answers to these questions should help you keep track of security risks and ensure you have the time to address them. Having the answers to these questions allow for smoother and more efficient planning for the future of your business. 

If you find that you may need support to keep your business secure or would just like to discuss how we could help, head to our dedicated Dark Web Monitoring and Cybersecurity page here and get in touch.

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