As the frequency and severity of cyber attacks continue to increase, businesses are struggling to keep pace with rising risk

As the frequency and severity of cyber attacks continue to increase, businesses are struggling to keep pace with rising risk. In 2018, the cost of cybercrime hit a record high of £228 billion globally, up from £179 billion in 2017. This also represented an 18% year-on-year increase in the cost of breaches from the previous year. As a result, more organizations than ever before are assessing their exposure to cyber risk and implementing strategies to mitigate potential danger. In this article, we’ll look at the many challenges businesses face when it comes to cyber risk assessment and how you can make sure your organization is ready for anything that might come its way.

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A cyber risk assessment is a thorough investigation of the potential threats to your business and the likelihood of them occurring. This includes an analysis of the security measures your organization has in place and their ability to protect sensitive data. It also includes a detailed evaluation of the threats posed by different types of cyber threats, such as cyber-attacks and cyber fraud. Risk assessments can be performed on individual departments or the entire company, depending on the scope of the assessment. Assessments can be based on any industry standard framework such as CIS Controls, NIST or ISO 27001. These assessments are an important part of the overall risk management process. Cyber risk assessments can also be performed as part of a wider Information Security Management System (ISMS) audit.

Cyber risk assessments are important for a number of reasons. Firstly, they provide you with a detailed breakdown of the threats facing your organization. This can help you pinpoint and prioritize how you can best mitigate risk. Secondly, they allow you to define risk in a quantifiable manner. This allows you to set appropriate controls and manage your risk accordingly. Finally, they provide a benchmark you can use to track progress over time. This allows you to identify strengths and weaknesses in your organization and make changes where necessary to ensure you are best prepared for any potential challenges.

Data risk is the likelihood of data being breached or stolen. While this is a core component of risk for any organization, it is particularly important for businesses that store or process sensitive data. This can include healthcare, finance, or government agencies but may also include retailers or manufacturers that collect or store sensitive customer information. When identifying data risk, you want to consider the type of data being stored, the environment it is stored in, and the controls in place to protect it. For example, you may be storing data on a server in your office. This data should be relatively secure as it is stored in an environment you control. However, if you are using an outsourced cloud provider, there could be an increased risk of data exposure due to the way it is stored.

Operational risk is the overall risk that your organization cannot meet its business obligations, including commitments such as service level agreements (SLAs). This could be due to human error, malicious activity, or a variety of other circumstances. For example, if a natural disaster takes out a key portion of your organization’s IT infrastructure, you may not be able to service your customers in a timely manner. When assessing operational risk, you want to consider all aspects of your business, including IT, finance, supply chain, and human resources. In particular, you want to focus on how these departments might affect one another. For example, a disruption in the supply chain could affect your ability to produce goods on time or a change in the exchange rate could affect your ability to pay bills.

Reputation risk is the likelihood that negative publicity or bad press will impact your organization negatively. This can include everything from a PR crisis to the potential loss of a key customer. When assessing reputation risk, you want to consider both digital and physical assets. For example, if there are negative comments about your brand online, many people may see that before they visit your company website. Customer satisfaction is also an important consideration. If a significant portion of your customers are not happy with your services, they might choose to go elsewhere.

Once you have completed your assessment, you will have a clear idea of exactly how prepared your organization is for cyber threats. This will allow you to set appropriate controls and implement strategies to mitigate the most pressing dangers. It will also allow you to track your progress over time, helping you identify areas in which you need to make improvements. This can include determining what additional protections you need to put in place, increasing staff training, or increasing investment in cyber security tools. It is important to remember that assessing your cyber risk is a continuous process. You need to regularly review your results to track progress and make any necessary changes. You also need to keep up to date on emerging threats so you can respond appropriately to new challenges.

Cyber risk is a growing concern for many organizations. While cyber threats affect all businesses, it is important to understand your unique risk profile. This includes assessing the likelihood and potential impact of different types of cyber threats and identifying areas in which you need to improve your protections. Doing so can help you stay prepared for the ever-evolving cyber landscape. A cyber risk assessment is an important part of this process, providing you with a detailed breakdown of the threats facing your organization.

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If you're new to cyber security protocol implementation, you may find the process overwhelming. You can start by assessing your current cyber security posture to ensure that the above steps are actionable. You can get a comprehensive cyber hygiene assessment tool/report based on Industry standard CIS Controls. Click here to begin. This will give you a detailed report to identify and address your current risks, establish your risk profile, and provide you with action steps.