Cybersecurity breaches have been increasing, and it’s estimated that by 2023, they’ll have grown to 15.4 million. While technology improvements and remote IT help desk have made it easy for enterprises to upgrade their security procedures, atrocious hackers are now deploying sophisticated tools. This means that in addition to having rigorous cybersecurity regulations, you also have to take proactive actions to lower your cybersecurity risks.
As a company, you can’t afford to leave your data security up to chance. The corporate impact might be tremendous; it could result in lost income, operational disruption, and stolen client data. Data breaches could inflict reputational damage that, in some situations, could knock you out of business. So, given everything that’s in danger, how can you reduce cybersecurity risk for your organization? Here are ten vital tactics that you should execute as part of cybersecurity risk management.
Vital ways to execute cybersecurity risk management
Encrypt and backup data
Hackers can easily access normal-text data, so opt to encrypt sensitive data. Encrypting data limits access to those who have the key; hence, unauthorized parties can’t read the data. Additionally, some data encryption software alerts you if someone tampers with the data.
Cyberattacks can cause data loss, so back up your vital data regularly. Without a safe backup, cyberattacks could create operational disruptions and financial loss. The 3-2-1 backup rule is effective. This approach requires at least 3 copies of your data, and 1 should be offsite, and 2 on distinct media.
Update software and systems
Software and system updates affect digital security. They introduce new features, correct bugs, and patch exploitable security flaws. Hence, updating software ensures you are protected against newer threats and malware. Additionally, malicious hackers write exploit code. This code is usually malware that can infect your entire system. Use a patch management system to monitor updates and maintain data security.
Perform Employee Training
Phishing emails addressed to employees are a typical way hackers access database. Globally, 3.4 billion phishing emails are sent. Emails with malicious links provide hackers access to user data, including login passwords.
Phishing emails often look authentic; a hacker may impersonate company leaders to request personal information. Without sufficient training, the employee may reveal crucial information; therefore, cybersecurity awareness training is vital. Tell your employees about cyberattacks and how to prevent them. Also, underline the company’s stance on disclosing sensitive information, including social media.
Reduce attack surface
Hackers can obtain sensitive data through attack surfaces. IoT, software, online application systems, and even personnel are vulnerable to whaling and phishing.
These are 3 main attack surfaces:
- Physical attack surfaceincludes organizational assets a hacker can gain on your premises.
- Next is the digital attack surface,which is internet-accessible assets outside a firewall. Digital attack surfaces include known assets like your servers/OS, unknown assets like a forgotten website, and rogue assets like impersonating apps.
- Then there is the social engineering attack which is a vital but often-overlooked assault surface. Hackers utilize human psychology to get employees to reveal sensitive information.
Therefore, to establish your threat environment, security holes, and attack vectors, do an attack surface study.
Ensure physical safety
Most corporate cyber risk management policies ignore physical premises. However, you must assess your vital infrastructure’s security, and you should also review your data protection policy for disposal strategies.
You must protect restricted regions with high-value systems. Use keycards and biometrics for 2-factor authentication. Without the keycard, no one can enter the area.
Cyberattacks are becoming more complex as hackers find new ways to access data. Installing firewalls protects networks against cyberattacks. A reliable system protects against brute-force attacks and prevents irreparable damage. Firewalls monitor network traffic for suspicious activity that could affect data integrity. They prevent spyware and protect data privacy.
Choose your organization’s firewall carefully. And opt for a system with comprehensive application and network security and visibility. It should have protection, preventive, and streamlined security.
Evaluate your vendors
Your cybersecurity likely depends on third-party providers. Efficient IT help desk solutions can offer excellent protection against cybercrimes and hackers. However, an inefficient help desk can leave you dry during attacks. Therefore, you can’t disregard vendor risk management. Instead of depending simply on incident response, this will assist limit third-party risk.
Install a Kill Switch
Fraudsters don’t cover their tracks when they don’t anticipate getting detected. A Kill Switch prevents large-scale attacks. Kill Switch allows your IT department shuts down all systems when they discover anything suspect until they fix it. So, have your IT security staff regularly study server logs and execute cybersecurity framework audits. Invest in network forensic investigation technologies to analyze data flow.
Develop a process for risk assessment
A critical component of any cybersecurity risk management approach is risk assessment. You should:
- Identify all of your organization’s digital assets, including any data held and intellectual property.
- Identify all potential external (hacking, assaults, ransomware, etc.) and internal cyber threats (accidental file deletion, data theft, malicious current or former employees, etc.).
- Determine the financial and non-financial consequences if any of your assets were to be stolen or damaged.
- Rank the probability that each potential risk will occur.
A prompt response is essential in the event of a security breach or cyberattack. The more time it takes to address the problem, the greater the potential for damage. Studies indicate that 56% of IT managers require more than sixty minutes to obtain information regarding an ongoing threat. However, a great deal of harm can be done in an hour.
The rapid response must be ingrained in your security-focused culture. This necessitates an early assessment of possible threats, prompt identification of assaults and security breaches, and swift response to security incidents. Regarding risk containment, time is of the essence.
Atlas Systems offers one of the best IT support services and can assist you with risk management. Get in touch with Atlas Systems today!