How to Assess Your Cybersecurity Risks

June 6th, 2024 by alexadmin

Cybersecurity risks are the possible exposures that can occur when your company’s digital systems and networks are attacked. The process of assessing them involves identifying risks and vulnerabilities, and understanding how much a successful attack could cost in terms of financial loss reputational damage or disruption to operations.

Ransomware and data breaches are two of the most well-known cyber-security threats, but they’re not the only risks. Each time a user connects to the Wi-Fi at their favorite coffee shop, for example, they may be logging on to a fake account set up by hackers to steal personal information or conduct other types of attacks. Researchers suggest that outdated software can also pose an issue. They say that security vulnerabilities that are not patched can be the cause of up to 1/3 of all cyber security incidents. It is a key risk-reducing strategy.

Cyberattacks can also be characterized by phishing. This is a method of convincing users to download malware or divulging their credentials. State-sponsored hacking is usually motivated by industrial espionage or fraud, while criminal organizations are able to profit from their activities through ransomware payments (which could increase your electricity bill) or theft of credit cards or even cryptocurrency mining.

Regular risk assessments are crucial in ensuring that your business is safe. In the beginning, you’ll need to identify your critical assets, then determine how vulnerable they are to cyberattacks by evaluating the risk and its consequences. This allows you to prioritize and implement measures to limit the risk by installing intrusion-prevention software or reworking your incident response plan. A reliable GRC platform can help you centralize this process, ensuring everyone has access to the most up-to-date information.

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