Cybe rsecurity is a top concern for all areas of an organisation, from legal to HR to IT to operations.
A data breach can be devastating, not solely for your technical team, but for the entire company—and can have lasting repercussions. Depending on the severity of the breach, you may need to shut down operations completely for a period of time, which can also lead to customer and revenue loss.
Reputational damage is also a key concern—65% of victims of a data breach have lost trust in the organisation that was breached. And companies that inadvertently expose personal information may be subject to class-action lawsuits to the tune of millions of pounds. In terms of financial fall-out, the average cost of a data breach in the United Kingdom is nearly £3.38 million.
Compliance with industry regulations is a good starting point for defending your organisation. But now, relying on compliance alone is no longer enough. It’s not about ticking a box, it’s about being aware of, and constantly surveying new and emerging risks, managing existing risks, and making that process efficient. That means it’s essential to take an active approach to monitoring and managing your cyber risk.
Case in point? The COVID-19 pandemic brought on a sudden and widespread migration to a distributed office environment with minimal time to prepare or set up new network security protocols. This resulted in a security breach in 20% of organisations surveyed.
This is a prime example of a risk that could be identified early on. The risk might not have been a global pandemic, but perhaps one of business continuity—if the workplace becomes inaccessible for whatever reason, are the right systems, tools, and processes in place to carry on? If not, how will that affect the organisation? This is an example of taking a risk-based approach to cyber security.
In order to stay a step ahead of future cyber security risks, it’s important to take a strategic approach to assessing potential risks to your organisation (including internal, third-party, infrastructure-based, and Act of God scenarios). By identifying each individual risk and building plans for mitigating and remediating them, you’ll be well-prepared to recover quickly in almost any scenario.
Here are five steps for building risk management into your cyber security initiatives:
By shifting away from a compliance focus and building a cyber security plan that’s focused around your company’s unique risk profile, you’ll be in a strong position to effectively and efficiently detect and respond to any threats as soon as they occur, rather than months later.
This will help your business avoid the operational problems and reputational damage caused by major breaches, and remain competitive in your industry for the long run. By using technology that helps you not only assess risks, but also analyze the costs associated with mitigating them, you can run a cost-effective risk management program that gets results.
For a one-to-one conversation on how to run effective cyber risk assessments, contact Nick Frost.
Principal Consultant & Co-Founder