Why Cybersecurity Risk Management Is Vital for Every Business

April 11, 2023

Building a company takes a lot of time, energy, effort and resilience. Entrepreneurs have to be willing to take risks and weather tough times to grow their companies. With all that goes towards being a success, the last thing you want is to lose what you’ve built because you didn’t invest in cybersecurity risk management. That’s why cybersecurity protection is vital to every enterprise.

Cybersecurity risk management

The Problems With Neglecting Cybersecurity Risk Management

Cyber threats are a growing problem in our society, and businesses of all sizes and industries are targeted. For thieves, it’s a lucrative operation. Criminals  stole more than $6 billion in 2021 through various cyberattacks aimed at businesses and individuals.

The risk can be even greater for entrepreneurs in certain industries. According to Business Wire, almost three out of every four banks and insurers experienced an increase in cyber threats. These types of businesses and others in the financial services sector seem like jackpots to criminals, which means the threats against them aren’t likely to go away anytime soon.

The only way to properly handle the problem is to be proactive with cybersecurity risk management. It is much easier to prevent a breach than to clean up the mess that happens after one. A cyberattack could lead to large amounts of money being stolen.

Even if insurance and legal action help recoup lost funds, a company may not be able to restore its reputation. Clients may become hesitant to invest or work with a financial company that seems to have a history of not being able to protect people’s hard-earned money. This can lead to more losses long after the cyberattack.

Staying a Step Ahead 

With risks that are so large, the best thing a company can do is plan ahead. Every business needs the right tools to stop attempted attacks, as well as solutions to quickly address problems that do occur. How do you know your level of risk and what threats you face? Start by assessing the current cyberhealth of your business. Here are a few key areas to think about:

  • Email communications
  • Remote workers
  • Data transfers
  • Cybersecurity monitoring

Each of these factors could determine how much risk your business faces from cyber threats. A lapse in just one area could make you vulnerable. By being aware, you can find the right solutions.

Email

Email is a critical item to consider when creating your  cybersecurity risk management plan. Most email service providers offer some level of protection, including data encryption to protect your communications and scanning services to try to detect incoming threats and spam. However, some dangerous emails can still get through to your team’s inboxes, putting the company at risk.

Criminals often use emails to send phishing attempts by creating messages that seem to be from a valid business partner. They get workers to click on a link or provide credentials that are then used to compromise your company’s security.

Remote Work

The rise in remote work has opened a new window of opportunity for cybercriminals. Now they can target the home connections of individual workers, which are usually less secure than a company network. This increases the risk of communications or files being intercepted by the wrong people for the wrong reasons.

Transferring Data

Moving large files or sensitive data is another area that has to be considered in a cybersecurity risk management strategy. Data transfers from financial companies are especially targeted since they could give criminals access to accounts and more funds. It is important to make sure that all file-sharing services used in your company can be secured and won’t be compromised.

Cybersecurity Monitoring

Sometimes the biggest cybersecurity lapse is simply the failure to monitor what’s happening to your data. Cyberattacks are more subtle than ever. Malware on your network won’t make every computer in the company go dark or display a threatening message like in the movies. Instead, the malicious software will stay unobtrusive, slowly breaching your defenses without you noticing.

In-depth and continuous monitoring can help you react more quickly to possible breaches. Your company should watch for small changes in data or unexpected and unknown log-ins. These are signs your system has been compromised.

Improving Your Cybersecurity Risk Management Plan

With all this in mind, the best thing you can do is get the right resources to protect your business. A smart solution is to work with a company such as Compyl to get a comprehensive set of tools that  protect your enterprise.

Our platform offers  continuous compliance  to manage your cyber threats now and into the future. You’ll want features that include gap assessments to see where risks exist and how to reduce them. Another great feature to have is single sign-on. SSO allows an IT team to more easily manage credentials, reducing the chances of breaches.

A virtual Chief Information Security Officer can also help protect your business by creating an overall strategy and standard for security within your company. By setting these standards, it becomes easier to tell when there are problems and to respond to them.

It is important to remember the human aspect of cybersecurity as well. A company that has as many cybersecurity tools as it can afford but doesn’t train its workers to look out for and take action to prevent threats is still at risk. Your business should hold cyber threat workshops regularly so staff members know how to recognize and prevent threats, as well as who to notify if they spot a problem.

Cybersecurity Risk Management Is Good Business

The bottom line is that no business can afford to ignore cybersecurity risks. The threat is real and present and has to be confronted head-on to prevent big losses for a company and its clients. Creating a plan that accounts for the gaps in your cybersecurity practices while also being able to evolve for the future will protect your investment in your company.

To start building your  cybersecurity risk management plan,  contact Compyl today to get the resources you need

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