How Can I Evaluate Cyber Risk in my Business?
Evaluating cyber risks in your business involves identifying the potential threats and vulnerabilities to your systems and data. More importantly, evaluating your cyber risk will help you to realize the likelihood and potential impact of a breach. Realizing and visualizing what can happen to your business such as significant disruption to your business operations, financial losses, and damage to your reputation is not a fun lesson but an eye opener for sure.
Assessing the likelihood and potential impact of a breach for your company requires a full understanding of many different factors. Depending on your company's infrastructure, industry, and security measures, there are some general considerations that can help you to evaluate your situation for your business.
Industry: Different industries face varying levels of cyber threats. For example, companies in the financial or healthcare sectors are often targeted more frequently due to the sensitive nature of the data they handle.
Company Size: Small companies are not immune to cyberthreats and the risk looks different compared to larger organizations. Attackers may perceive small businesses as potentially having weaker security measures, making them attractive targets.
Data Sensitivity: The type of data you contain for your business affects the potential impact of a breach. The consequences of a breach could be more severe if your company deals with personal information, financial records, or proprietary data.
Security Measures: Assess the effectiveness of your current security measures, such as firewalls, antivirus software, encryption protocols, access controls, and employee training. Implementing robust security measures can reduce the likelihood and impact of a breach.
Employee Awareness: Employees are the most common cause of security breaches. Ensure that your employees are trained in security best practices, such as recognizing phishing attempts, using strong passwords, and understanding data handling procedures.
External Vendors: If your company relies on third-party vendors or cloud service providers, find out what their security practices are and ensure they meet your required standards. A breach at a vendor can also impact your business.
Incident Response Plan: Having an incident response plan in place enables you to respond effectively in the event of a breach. Make sure the plan includes steps to contain the breach, notify affected parties, and recover data and systems.
It's important to conduct a thorough risk assessment specific to your company, considering these factors and any other industry-specific risks. You may also consider engaging a professional security consultant to perform a comprehensive evaluation and provide tailored recommendations.
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At Tigris Cybersecurity we believe that every person should be educated on how toprotect themselves against a cyber attack. We teach, "Don’t become the next target. Fightback."