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Cybersecurity is not only for the IT department to handle; it affects the whole organization, and so it deserves a holistic approach. With the proliferation of computers and other internet of things in an organization's information and communication structure, risk management is a discussion that can't be avoided. If information and communication are part of a firm's infrastructure, care should be taken on how to keep it safe.
Risk management is the identification and recognition of a threat or potential threat to an organization's information structure and finding ways to avert or manage it.
We all know the internet space feeds on a lot of risks. From impersonation of a person on the internet to gain an advantage to leaking of private or confidential information of the person to the highest bidder. Other ways include taking advantage of the vulnerabilities of a firm for a sport called "hacking", or carrying out a hacking assignment out of spite or political stunt. The most recent is the stealing of sensitive information by members of staff of the organization and selling them to competitors.
Either way, you look at the breach of cybersecurity of an organization, it doesn't end quite well. From a loss of firm’s intellectual property, data, information, control of critical aspects of its machines, etc. The effects include loss of the competitive edge the firm has in the market, stock market hit, loss of reputation, profits, life, bankruptcy, and adverse media coverage. These are just a few to name but are all very critical for a company’s health.
The most famous tool used by hackers to infiltrate systems of an organization is usually social engineering. If the job of the IT department is only to monitor the information and communication with the firm, who oversees the employees? They could easily be manipulated through social engineering to click on a phishing link or malicious content, and before you know it the firm's infrastructure gets compromised.
Widespread viruses like Ransomware get used often to hold an organization at a vantage point into releasing a considerable amount of cash to the hackers or sensitive information. According to a KPMG (2018) survey, 33% of respondents have experienced a specific type of cyber-attack in the previous two years.
Risk management is the only solution to curbing such a terrible loss. Cyberattack isn't about if it will happen anymore. It is now about when it happens, will your organization be prepared for it?
Today, firms are advised to take a holistic approach toward curbing the menace of information vulnerability and cyber-attack by adopting risk management strategies.
Every firm is not the same when trying to adopt risk management strategies. Still, with the help of experts with cybersecurity certifications, the chances of an attack happening get significantly reduced. Even when it happens, there are measures in place to ensure the firm doesn't suffer a significant loss. A prepared organization can easily pick up and continue its operations.
The first part of risk management is not only to understand the types of viruses or social engineering tricks we have on the internet. It is about accessing the firm's infrastructure of information and technology. It is also about pointing our weak links where the firm is vulnerable. Places where hackers will look for while sizing their prey, that is why it is important not to make a mistake on this angle.
If the IT department asks to shut out your system after work or when on a break, do it.
As much as you believe that your employees are the most trusted and loyal people you have on earth, not orientating them could become an issue someday.
Organize workshops that educate employees on the possible risk of an attack from the internet for them to be aware when they see the tail signs.
Anytime there is a cyber-attack, it always leads to a financial loss. Budgeting for a possible attack is the best way to look at it from a managerial perspective.
A certain amount can get set aside to cater to any singular or coordinated incident of cyber-attack in a firm's system.
Whether an organization likes it or not, cyber-attacks will continue to come in the way. The managers can see that the infrastructure that gets lost in case of a possible attack gets replaced. However, they can only spot this with the help of an expert.
It is only an expert with cybersecurity certification that can identify possible threats and tell you the best way to mitigate the risk even before it happens. Have A Quantified Risk Management Plan
A quantified risk management plan involves looking at the business, threat, security and previous attacks.
Looking at the business will involve getting to know the various aspects of the business, assets, processes, staff, suppliers, distributors, and more. These are to enable the company to form a line of communication in cases where hackers are hoping to capitalize on it.
Accessing threats involves looking at where the business is culpable to impersonation, stealing of information, attack, and more.
Accessing your firm's security involves a backup plan, antivirus, cloud storage, and control in case an attack happens. It also involves looking at the firm's assets and making sure they are up-to-date or have the proper licenses.
Have an understanding with your staff on how previous attacks happened and look for ways of stopping them from happening again. Look for ways they have affected your competitors, too; it could become a pattern to target a particular niche.
Risk management is never an IT thing when it comes to your cybersecurity; employees have a part to play. There should also be the infrastructure to curb the spread of cyber-attacks beyond building a firewall. Meticulous hackers have learned to operate without raising suspicions. Understand what could pose as a threat, and report to the necessary authorities.