In managing cyber security risk, it is paramount that you promote improved cybersecurity while also protecting your organization from an insurance perspective in a transparent and forward-thinking way, allowing your employees to work safely. Without the best cyber security solutions for your business, you and your employees are constantly at risk from a potential cyber-attack. The security of your organization and its cyber defense is majorly dependent on the weakest link.
You can protect your business against many of the effects of cybercrimes by purchasing cyber liability insurance. Vulnerability (weakness) is a gap in the protection efforts of a system, and a threat is an attacker who exploits that weakness. Where cybersecurity was once seen as unnecessary or reactionary measures you take after an incident has occurred, businesses have woken up over the past few years and are getting much more proactive about locking down their networks and securing their data.
Finding out how to create a cyber security policy is one way to protect your business from online threats and plan how you would respond if an incident occurred. There are a number of different things that organizations can do to improve cyber-security, including regular patching to mitigate known threats.
While an increasingly connected world makes your lives easier, it also poses great risk as you expose your personal data to cyber criminals or hackers. Data breaches and theft of personal information are simply one segment of cyber risk, and there are, unfortunately many others. Cyber-attacks are now a part of life and, even with improved cyber security expertise, you can never be totally safe from such threats.
Demand and supply-side changes will move security information and event management (SIEM) from on-premises to the public cloud. Cyber-crime is an evolving and ever changing threat, so you need to constantly fine tune your whole security environment. Create layers of security at your organization, so that in the event of a breach the attacker(s) are continually facing one barrier after another – and therefore being slowed down. These solutions provide efficient and timely security insights by utilizing AI, machine learning, and skilled professionals for efficient and effective responses to cyber incidents.
The process to determine which security controls are appropriate and cost effective, is quite often a complex and sometimes a subjective matter. Security will likely remain one of the key concerns when a company decides to move its data to the cloud, but IT leaders understand now that the level of risk mostly relates to the behavior and culture of their employees. At the focal point data risk, you help your organization build secure and flexible risk management programs centered around their critical data, providing a comprehensive answer to the risks surrounding malicious cyber threats, data privacy and security challenges, shifting compliance mandates, and complex system implementation initiatives.
Discovering vulnerabilities is important, and being able to estimate the associated risk to the business is just as important. With cyber criminals’ methods of compromising valuable information continuing to evolve and threats becoming more aggressive and complex, security is now more important than ever before.
High-level security concerns, like unauthorized data exposure and leaks, weak access controls, susceptibility to attacks, and availability disruptions, affect traditional IT and cloud systems alike. Wherever the rate of return on investment is high and the risk is low, you are bound to find people willing to take advantage of the situation, transforming risk into a strategic advantage and embedding governance, risk, and compliance throughout their organization, supply chain, and business ecosystems to mitigate threats to their operations, IT systems, and business.
Want to check how your Cyber Security Risk Processes are performing? You don’t know what you don’t know. Find out with our Cyber Security Risk Self Assessment Toolkit: