Brock IT

CyberSecurity Risk: Understanding and Responding

Understanding cybersecurity in terms of risks helps to demystify your business’s options. Risks are unavoidable. If you lease an office space, you inherently run the risk of a break-in. If you offer a service, you run the risk of nonpayment. Your cybersecurity works on the same principles.

Regardless of your industry, you will need to have a digital infrastructure in some capacity. Emailing, research, and digital collaboration all expose your business to the risk of a cyber attack. Even your employees are potential access points to your business’s sensitive data.

To help process these vulnerabilities, IT professionals do risk assessments. Put simply, a risk assessment will evaluate your workplace and identify potential threats within your business processes. By the end, you should understand potential risks and remedies.

Once you have a clear picture of your business’s cybersecurity risks, you are ready to consider responses. There are several ways to respond to risk. Your response will depend on the amount of risk, the potential for harm, the cost, and your options. The following are some examples of risk response types:

 

Avoidance

The simplest response to risk is to avoid it altogether. While risk avoidance is not always practical, evaluating your workplace practices can expose what risks are unnecessary. You may want to cut out a practice that exposes your business to attackers while adding little or no value to your business.

Your IT administrator or Managed IT Service provider can help you steer your business away from unnecessary risks.

Transference

In some situations, you can take steps to transfer some or all the risks associated with your business processes.

You are likely already practicing risk transference in your everyday life. Home and auto insurance are prime examples.

You can help protect your business by determining what aspects of your business can be insured or safely outsourced to reduce the risk you bear. Just make sure you have given thought to the costs and benefits of your transference before taking any action.

Mitigation

If you have browsed our website, you will notice that we discuss Disaster Recovery Planning. This is because having a clear response plan is critical to mitigating damage. Having up-to-date and well-informed cybersecurity procedures is a must for keeping your data safe.

Additionally, safeguards like firewalls, spam filters, and employee awareness can help reduce risk exposure.

Acceptance

From time to time, you must accept unavoidable risks. You take them in some form whenever you commute, invest, network, or start a business.

Deciding to accept a risk involves being informed as much as reasonably possible. You should be aware of the scope of the risk, the likelihood of a breach/disaster, and all available response options. You must then weigh the cost and benefit of accepting risk in your workplace practices.

No decision will be completely safe, but you can still be informed when you make the decision to accept risk.

Whatever your business, there are ways to manage and respond to the risks you face. The best place to start is with a Risk Assessment done by your administrator or by an experienced IT Service Partner like BrockIT.

 

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