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Cyber Security Risk Management: Best Practices

The continuous management of threats posed by insufficient safeguards against cyberattacks is an essential component of any corporation. The internet is not a safe place, even though we think it is. Hackers are lurking everywhere and just waiting for you or one of your employees to make a single mistake. They only need a single entry point to destroy your current system, install ransomware, or abuse the data you’ve collected on your consumers.  

The nature of the dangers that exist online is always shifting. New vulnerabilities get uncovered all of the time, and developers quickly respond by putting out patches as remedies. Regularly, the network will get more devices than it can handle, and some of them could be a subject of an exploit. Click here to read more.

The new addition of Internet of Things devices is enough proof for that. Baby cameras, garage doors, and locks have all been hacked easily. Online criminals have even manufactured devices that look like toys that can open almost all garage doors that work on Bluetooth.  

It’s necessary to ensure that your company’s cybersecurity defenses are strong. They need to be kept up to date throughout time. Calling an ethical hacker is one of the best ways to assess your webpage’s vulnerability or the entire system. After that, you can work on improvements, learning programs, and cyber security risk management in the process. The internet landscape is constantly changing, and as the change toward Web3 progresses, more people will need to learn how to navigate it.  

What Cyber Security Risk Management?

If you wake up one day to see that your website has been hacked, the first thought that might come to mind is that it was a random attacker. Maybe you left some personal info online, and they just found and abused it. That’s rarely the case.

It would help if you remembered that cyberattacks are never random. They’re always started with a purpose. They’re typically the signal of a deliberate attack on your organization. Of course, if they’re to be successful, the hacker needs to know where to look for a vulnerability.  

Your company might have been mentioned on the dark web. That place is filled with people who think of harming others whenever they wake up. Some attackers might even create websites with the same domain name as you to cause phishing attacks on your employees and find a way to attack your company from the inside. Finally, they can sell all of the personal information you’ve gathered, such as emails, passwords, and credit card details to ruin your reputation.

Check out: How does the cloud help you in staying secure?

What should you do about it?

The first thing that you need to do is a security risk assessment. The majority of firms don’t continue to conduct ongoing assessments. They do it once in five years and believe it’s enough. This usually leads to a false acuity that your systems are secure.

Basing your judgment on an assessment a year ago makes you ripe for an attack. Many things happen in a year. That’s why massive companies like Meta, Google, and Twitter roll out updates every few weeks. They want to remain one step ahead of hackers, and sometimes they can fail too.

The cybersecurity landscape is changing daily, but you can’t afford to pay for an assessment every week. That’s why you need to make cyber security risk management an ongoing process. You plan for the future by starting today. The risk exposure is influenced by various other elements apart from the technology you use.

Hardware is often limited, so you need to pay more attention to the software. What’s even more, the weakest link in any tech chain is the human one. A computer doesn’t make mistakes. It always does what it was programmed to do. However, people can make simple mistakes that put the entire system at risk.  

How to increase cybersecurity? 

The first step to approaching risk management in cyber security is helping everyone on your team learn what it is. You can do this by hosting a few workshops and showing how their actions can influence the safety of the entire company. For example, public Wi-Fi networks are the most common grounds that hackers use to launch attacks.

With simple algorithms and a bit of cybersecurity awareness, even someone with no IT experience can perform a man-in-the-middle attack and compromise the contents of a smartphone. If employees use the same passwords and emails on their devices, that could ultimately harm the company. When they see with their own eyes what’s possible, they’ll pay more attention to their overall cyber security. 

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