Risk Management for Cyber Protection
If you know only one thing about the world of cyber, it’s that it’s constantly changing. So if you’re a business that operates in cyberspace and handles customer information, you’ll not just require a cybersecurity risk management strategy that protects you for the now, you’ll also benefit from having one that proactively protects you from any emerging cyber risks. So what’s a cybersecurity risk management strategy, and why do you need one?
So what are the risks when it comes to cybersecurity? Cyber attacks and data breaches are the biggest risks when it comes to operating in the digital world.
A cyber attack is when a person or group will attempt to gain access to a computer system or database to steal, modify or restrict access to data. The main reason for doing this is to blackmail organisations into paying up to regain access to their information. This can be done through malware, phishing or ransomware.
A data breach is when sensitive information is accessed by an unauthorised individual, which could then be copied, stolen or distributed to others outside the business. This information could include data like names, addresses, email addresses and even passwords.
These risks becoming a reality can be huge for a business, as not only can they stop them from operating as usual, costing money and productivity in lost hours, but it can also cause a lot of reputational damage too. Who would want to do business with a company that has client and customer data stolen, especially a one whose emphasis is on everything digital?
Managing These Risks
Cybersecurity risk management is all about identifying, analysing, evaluating and combating your business’s digital threats. Because everyone in the business would likely be working in digital space (even to differing degrees), they’re all responsible for playing their part in minimising risks.
For any size business, there should be steps in place when handling data to make sure it’s carefully managed. This includes having strong passwords, not sharing personal data and being aware of phishing and scam emails.
By knowing what your threats – and even potential threats – can be, a risk management strategy allows you to be better prepared and put protections in place to ensure that if any problem does come up, you can deal with it.
And as well as being best practice, risk management is also a key requirement for security standards like General Data Protection Regulation (GDPR) and Network and Information Systems (NIS) regulations.
Proactive Risk Management
A proactive risk management strategy will look to identify risks before they happen, and find methods for dealing with those risks before they arise. It’s the opposite of being reactive, where risks are only identified and managed after a cybersecurity threat has happened.
Being proactive when it comes to cybersecurity means you can also preempt attacks from existing threats, but you can analyse new and developing hardware and software to predict what could become a risk to your business and your data in the future.
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How We Can Help
It’s only natural to want a policy that covers the cyber risks that do exist, allowing you to be protected just in case the worst happens. We can work with you to put together a policy that includes proactive risk management, meaning you can have cover for not only existing risks to your business but ones you may encounter in the future too.
And each business will be different too, as they will operate in the digital space a little bit different to each other, so to get the most suitable cover for you, it might have to be tailored to suit your exact requirements.
You can give us a call on 0207 923 4191 to discuss your options when it comes to cybersecurity risk management policies.