The average cost of a cyber attack on a business is $200,000. That amount is so staggering, many businesses don’t survive a cyber attack.
Do you feel resigned that there’s going to be a cyber attack on your business? You might not think that it will happen to you.
No matter what your feelings are, you have to prepare your business for a cyber event. Cyber security risk assessments are the first step. This is something that every business that relies on information technology to operate should do.
You’ll discover how vulnerable your business truly is. The right assessment makes securing data much easier.
Not only that, but you’ll avoid data breaches, fines from compliance issues, and the cost of an unproductive workforce.
What does a cyber security assessment entail? Keep reading to find out how you can conduct a vulnerability assessment at your business.
- Get a Cyber Security Team Together
A cyber security committee is a team comprised of employees from different departments. They know what their compliance responsibilities are, how technologies get used, and if there might be issues with data.
The committee should be led by an IT manager since they have the most expertise. The main functions of the committee are to review current cyber security policies and strengthen them.
They also develop a cyber security plan that includes cyber security risk assessments, plus plans to detect and respond to cyber attacks.
Having team members from different departments ensures that the goals of the business are aligned with IT and cyber security issues.
- Decide Who Conducts Cyber Security Risk Assessments
It may make sense on the surface to have your internal team conduct cyber security risk assessments. They are intimately aware of the business processes.
However, they can overlook the most obvious things because they know the systems too well. This happens at even the largest organizations.
That’s why you see stories of large data breaches at companies like T-Mobile and Equifax. They ignored warning signs and simple things like simplified passwords.
It’s best to hire an outside firm to conduct vulnerability assessments. That’s because they’ll take an outsider’s perspective to see the things that your team can’t.
Companies such as https://www.generationix.com/los-angeles-managed-it-services/ help you take a proactive approach to cyber security.
- Catalogue and Categorize Information
Take a look at all of the data that your business has. Check with different departments as to what kind of data they have.
For instance, the human resources department has social security numbers and other sensitive employee data. Accounting has customer payment data.
Each department probably uses third-party vendors such as HR management software and accounting software.
You’re still responsible for customer data, even though a third-party stores them.
Prioritize the data into different categories. That will help you establish the necessary security controls later on.
- Assess the Risk to Data and Systems
The core of a risk assessment is to assess the likelihood of an attack. There might be sensitive data like payment information that hackers target.
Check to see how many different devices connect to your network and store company information. This can get complicated if you have remote workers.
Report on the financial risk to the business if an attack occurs. Find out how quickly your business can recover from an attack.
- Perform a Risk Analysis
At this point, you have a lot of data in front of you. Analyze it and prioritize the vulnerabilities to the business.
For instance, the most costly and most likely data sources to get attacked become a high priority.
- For each risk to the business, you’ll decide if you want to mitigate the risk, accept it as is, or transfer the risk to a third party.
- Reset Controls
For risks that you want to mitigate or avoid, you’ll want to reset security controls. You’ll establish controls for people who need and don’t need access to information.
You’ll also establish password policies and procedures. Install software to detect malware, ransomware, and phishing emails.
Use multi-factor authentication to meet cyber security standards.
- Train Employees
If you really want to thwart cyber attacks, you’ll train your employees. They’re responsible for the majority of cyber attacks.
Employees have to be aware of the types of cyber attacks and how to identify them. Clicking on an email could trigger a massive security breach.
Get them to understand how costly a cyber attack is to the business. This could get them to take it seriously.
Review password policies and device management best practices.
Be sure to hold similar training for vendors and contractors. Everyone within the organization will have to comply with your standards.
Use an online VPN to connect to the company network to ensure that no information leaks out. It creates a safe environment for business.
- Review and Restructure
Cyber security is an ongoing process that requires constant attention. You simply can’t run a penetration test and assume that your systems are locked in.
Attackers evolve over time. Their methods get more sophisticated. It’s critical that you keep up with the times.
Be sure to review your policies, procedures, and make the appropriate adjustments. Perform cyber security risk assessments regularly to stay ahead of the hackers.
Cyber Security Risk Assessments for All Businesses
It doesn’t matter if you have a small business or oversee IT for an enterprise. You have to have a plan to combat cyber attacks.
Cyber security risk assessments ensure that your business reviews its vulnerabilities. You’ll have a plan to implement more control over data and comply with cyber security standards.
For more tech tips, be sure to check out the other helpful articles on the blog.
