The global annual cost of cybercrime is predicted to top $8 trillion in 2023, according to a recent Cybersecurity Ventures report. As cyber-attacks become more complex and frequent, organisations around the world need to prioritise cybersecurity, not to just protect data and information from external threats but to remain insulated from threats within as well.
Front of mind should be how to manage cyber risks and limit the damage a cyber event could potentially have on your business. This requires developing an overall risk mitigation strategy, to identify all vulnerabilities and strengths across the IT environment, as well as business processes and people. Fortunately, these 6 cybersecurity risk mitigation strategies are simple and easily implemented, to protect your business from potential threats.
What is cybersecurity risk mitigation?
Any risk mitigation plan should be a system of guidelines and protocols for cybersecurity put in place to reduce the effects of a cyber-attack. This includes the three elements of risk management: prevention, detection, and restoration.
As cyber criminals constantly come up with new approaches to bypass risk control protocols, your organisation must continually monitor and adjust safety strategies to remain secure.
6 risk mitigation strategies for your business
1. Risk assessment and evaluation
Before commencing with the risk mitigation plan, a cybersecurity risk evaluation should be undertaken, which will recognise any potential openings in the security controls of your organisation. Through a risk assessment, the assets of your company can be identified alongside the present security measures. It may also help the IT security team recognize any weak points that could be taken advantage of and should be addressed first. Security ratings are a prompt way to look at the cybersecurity position of your business and your third-party vendors. You can even perceive real-time security ratings.
2. Network access control
Once you have located the most crucial problems and evaluated your resources, the subsequent move should be to set up network access regulations to help reduce the danger of internal threats. Numerous businesses are utilising safety measures like zero trust, which assesses trustworthiness and user access allowances based on each person’s occupation to reduce the prospect and effect of security breaches that can happen due to staff negligence or lack of cyber safety best practices. This lessens both the risk and damage of a security violation or attack that takes place due to employee inattentiveness or absence of cybersecurity awareness. As the number of connected devices on a network grows, endpoint security has also become a mounting issue.
3. Continuous network traffic monitoring
To effectively reduce the chance of a cybersecurity breach, proactive steps should be taken. It is estimated 2,200 incidents of cybercrime occur daily, meaning your business should be continuously monitoring the flow of online traffic and the security measures in place. Instead of attempting to manually spot and address any possible issues, tools can be employed to give a thorough understanding of the IT infrastructure at any given time. This way, security teams can recognise and handle any new potential dangers swiftly.
4. Prepare an incident response plan
An incident response plan is an essential part of an organisation’s cybersecurity system. It should be thorough enough so that all IT security personnel and other non-technical staff can comprehend what measures to take if a data breach or attack happens. As data breaches have become more difficult to prevent, companies need to have an incident response plan in place before a security breach occurs. By being prepared ahead of time with a plan, organisations can act rapidly and efficiently when a breach takes place and limit the damage done
5. Downsize the attack surface
Companies can assess their security standing and the dangers they face by evaluating all of the gateways, weak spots, or confidential data they possess. The attack surface of an organisation can include firewalls, software patches, web apps, and personnel. By accurately interpreting information related to access points, businesses can recognize and decrease any risks across their business.
6. Patch update management
Cybercriminals are aware that many software vendors are constantly issuing patches, allowing them to take advantage of vulnerabilities that have not been fixed. An effective patch management plan can enable your IT security team to stay one step ahead of hackers, by giving them a sense of the patch release timetables of your software and services.
Cybersecurity strategy with the experts
With the increasing number of malicious entities emerging, businesses should be implementing a proactive cybersecurity risk management strategy to identify and address any potential cyber threats promptly. Consult with the managed security specialists at INTELLIWORX to determine the right security measures and services for your organisation to ensure your digital space remains protected and manage cybersecurity risk.