In all organizations there needs to be clear, jargon-free, continuous communication between leadership and cybersecurity experts so that every understands the risks and priorities. Gadgets, phones, and anything connected to the internet is susceptible to cybersecurity attacks, and risk mitigation measures can be directed towards reducing the severity of risk consequences, reducing the probability of the risk materializing, or reducing your organization’s exposure to risk.
You can use cybersecurity research to mitigate threats against customers and your enterprise. For example, financial institutions and their customers are under constant attack as criminals attempt to compromise accounts, personally identifiable information, and even intellectual property. The purpose of effective cybersecurity is to utilize defense in depth to identify and greatly mitigate risk while still allowing beneficial functionality of the device being secured. Forming networks or communities of peers is a good starting point for staff with cybersecurity responsibilities to connect with others confronting the same risks.
With attacks that can misdirect wire transfers and hold computer systems hostage (particularly those that are behind the curve for cybersecurity), hackers can easily target any industry. As cybersecurity policy directions develop, privacy and data protection authorities have an important role to play in reinforcing privacy values to ensure that cybersecurity policy respects privacy rights and prioritizes personal information protection.
Adequate policy that identifies which parts of data infrastructure represent the greatest risk to business, and how to mitigate those risks, is sorely lacking at many organizations and a complex topic that crosses multiple legal disciplines and business functions. Cybersecurity risk mitigation requires thorough planning tailored to the particular data, business practices, and infrastructure of your organization, taking into consideration the threats that you face. New controls can be implemented to limit the printing of sensitive information and better monitor information that is printed in the highest risk areas, building on prior actions.
Considering the number of botnets, malware, worms, and hackers faced every day, organizations need a coherent methodology for prioritizing and addressing cybersecurity risks. Most organizations now need a layered approach to security that can protect across connected devices, systems, cloud infrastructures, and data centers. One approach that has had only limited success is to delegate the responsibility for cybersecurity solely to the IT department of an organization.
In the event of an incident it is vital to take immediate action to fix or destroy any identified risks so that potentially problematic data is remediated swiftly across your organization. Mitigation refers to measures that reduce the chance of an emergency happening or reduce the damaging effects of unavoidable emergencies. In the event of a successful breach, you may face legal action and be forced to pay to re-file your business license, which gets expensive. Use a risk matrix to identify the risk rating of a hazard and activities to help you prioritize control measures. In doing so, you can help to mitigate risk and prevent damage to your finances, operations, mandatory regulation, and governance strategies.
Creating a ‘bring your own device’ (BYOD) policy is an important component of mitigating the human risk to security. Allowing employees to use their own devices in a secure and tightly controlled way can help you prevent adversaries with destructive intent and malicious insiders alike from exposing you to business email compromise which could damage your industrial control systems.
Although these cyberattacks begin with computer skills and social engineering techniques, having the proper internal controls in place can limit the financial damage and reputational concerns that a company may face and identify what risk exists, from inadequate internal authentication and access protocols (leading to illegal access of system) to insufficiently robust protection of designs and trademarks.
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