Have you ever wondered what is the importance of cybersecurity? 

Cyber threats are a multi-trillion-dollar annual concern. If you think your organization isn’t big enough to care about it, think again. Today’s sophisticated attackers are targeting businesses all the way up and down the supply chain, hoping to turn a single vulnerability into a goldmine of valuable data. 

So, how can one avert such an outcome? Regular cybersecurity risk assessment efforts, supported by strong software tools, can assist in guaranteeing that your security posture is as resilient as it should be.

What is cybersecurity?

Cybersecurity is a field that lowers the likelihood of a cyber assault on IT systems, devices, and networks. Cybersecurity encompasses a wide range of ideas, processes and techniques, that assist in safeguarding devices, IT systems and services during both online and offline operations.

The massive volumes of data used across numerous devices, IT systems and services may be safeguarded from theft, unintentional exposure, and corruption by implementing efficient cybersecurity. IT systems and services can also be safeguarded from malicious attacks by implementing cybersecurity measures.

What is the importance of cybersecurity?

The persistent difficulties resulting from geopolitical tensions highlight the crucial importance of cybersecurity. It protects physical infrastructure, supply chains, and external networks, including critical investment partnerships. Organizations that prioritize cyber resilience are better positioned to meet the challenges of the new era, ensuring the continuity and integrity of their operations in an increasingly interconnected world.

During the geopolitical upheaval, 96.9% of organizations reported increased cyber attacks. More than half of organizations prioritize strengthening external and third-party network security, recognizing them as the most vulnerable locations for attack. These findings highlight the importance of cybersecurity in maintaining organizational integrity and resilience in the face of modern-day challenges.

What is cybersecurity risk assessment?

The term “risk” is frequently used in conjunction with cybersecurity. Risk assessment and management are the techniques of recognizing, regulating, mitigating, and balancing hazards to determine how much “risk” a business accepts during its operations. When articulated across disciplines, risk is a tangible element with real-world measurements for measurement and decision-making. In the financial industry, risk assessment, for example, measures threats to revenue, capital, and earnings.

Before you begin your cybersecurity risk assessment, ensure that it can deliver the following: 

• Identify probable dangers 
• Identify weaknesses 
• Predict the impact of threats 
• Provide threat recovery alternatives

The scope and depth of a cybersecurity risk assessment might vary depending on your company’s size, risk tolerance, industry, timetable, and budget. Still, there are various signs that your company should arrange a cybersecurity evaluation soon which are as follows:  

1. You can sense that something’s not right

Have you noticed anything odd that makes you reconsider your cybersecurity? This may be: 

• Finding unusual files on your network 
• Your computers are behaving oddly 
• Competitors know information about your company that isn’t yet public 

2. Regulatory compliance requirements

Your company may need to comply with regulatory obligations. For example, numerous guidelines exist for evaluating cyber exposure in healthcare, financial, educational and energy environments. Compliance begins with a comprehensive cyber risk assessment, and you should consider definite recommendations based on the assessment results to assist your firm in maintaining compliance.

3. Your workforce is not tech-savvy

Insider threats constitute one of the most serious cybersecurity dangers. Your investment in security to close your “virtual house” is futile if your employees open the door to anyone who knocks.

Most employees are not malicious. They simply have lousy habits. Some people see no problem with safeguarding all of their accounts using a passcode like “1234” or “password”. Others are gullible enough to believe a Saudi prince intends to send them millions! 

4. Angry former employees

Depending on company size and workload, you may not currently have a clear process in place for managing terminated employees’ digital access. Are disgruntled people quitting? Have you fired anyone? Not everyone departs on good terms, therefore its advisable to revoke all former employees’ access and change their passwords.

Giving former employees continuing access to the company’s cloud-based platform is like exposing yourself to germs by sitting on the sick-patient side of the doctor’s office. 

5. Old Technology

We have all been there. Instead of investing in and learning new technologies, we aim to get more done with the ones we already have. However, the “if it ain’t broke, don’t fix it” approach does not apply to technology. Older applications and operating systems are more likely to expose you to cyber threats. Once software reaches a particular age, the provider discontinues support for that product. For instance, Microsoft is discontinuing security fixes and upgrades for Windows 7.

So, don’t rely on decades-old technology, assuming you are safe because no failures or crashes have occurred. The greater threat is the subtle, unnoticed gaps that you are unaware of, but cybercriminals are.

6. The data control policies are not in place

The entry points of technology for data control are always increasing. There may be USB drives roaming around your workplace with critical data. Laptop computers in the workplace are susceptible to loss or theft. Remote personnel may connect to insecure WiFi networks, and portable devices are not properly encrypted.

It is difficult to identify your risks if you do not have data control policies in place throughout your corporate environment.

7. Your employees utilize their own devices 

Employees enjoy working in a Bring Your Own Device (BYOD) environment. This further makes cybercriminals happy as there are numerous drawbacks: 

• Employee gadgets may not be up to date, making them more vulnerable to cyberattacks 
• Employees may download dangerous software or apps onto their personal devices, allowing attackers access to their systems 
• Users may be unaware that their gadgets contain malware, which may damage your systems when linked 
• The employee may not be the sole phone user with access to business information 
• Staff who are dissatisfied with their jobs may damage your network using their own devices

What are the benefits of a Cybersecurity Risk Assessment?

Here are three of the most important ways a cybersecurity risk assessment may help your business!

1. Depict cybersecurity vulnerabilities
   Even the most robust cybersecurity system can be compromised, resulting in serious consequences for your company. Attackers who discover gaps or weaknesses in your company’s computers, network, and other aspects of the IT framework can use them as launching points for attacks against your company and its programs, and taking the time to test your infrastructure for potential problems regularly allows you to take steps to resolve them before someone who wants to harm your company or your customers discovers them.

2. Improve your ability to mitigate cybersecurity threats
   No matter how hard your company works to prevent cyberattacks, you are likely to face at least one in the coming years. For example, about 47.9% of global businesses have encountered at least one phishing attack in the last year, and 63.9% have experienced certain types of web-based attacks at some point, implying that knowing how to respond to attacks is a critical step in reducing the amount of damage they cause as well as recovering information or making repairs. Cyberattacks can be traced back to poorly followed security protocols, clicking on phishing emails, an outdated firewall framework, or other flaws, and knowing what your company is up against ahead of time can help you take the necessary precautions to limit the damage. Approximately 59.9% of firms lack a cyber response plan, putting them at undue risk as their response time to a hypothetical attack will be far longer than necessary.

3. Check if your business meets compliance regulations
   Adhering to both general and industry-specific compliance standards is an essential step toward keeping your data and devices safe, especially if your company is entrusted with sensitive client information. Not all organizations strictly adhere to these standards, and certain employees may be more slack than others in terms of compliance. A cybersecurity assessment can uncover particular areas where compliance rules are not being met on a regular basis, allowing your company’s management to develop tighter procedures that more completely manage compliance and respond to departments or individuals that consistently fall short.

4. Enhanced awareness for your employees  
   A cybersecurity risk assessment can also teach all of your employees on the vulnerabilities that your company may face, where those threats may occur, and how those threats may affect their role.
   
   Implementing this form of evaluation will teach students the value of cybersecurity and enable them to incorporate cybersecurity efforts into their everyday tasks. Being aware of potential risks is an important first step in protecting your firm.

5. Mitigate future risks with this step
   No company may claim to be immune to the ramifications of the industry’s current cyberattacks. However, being ready for potential hacks can save your time, resources and money. Implementing an efficient cybersecurity risk assessment will assist your company in mitigating any hackers or breaches.
   
   Additionally, this test will help your organization prepare for the worst, even if it never happens. When your firm is prepared, you can lessen the consequences of a successful attack.

6. Enjoy improved communication with everyone 
   A cybersecurity risk assessment can also help enhance how your organization communicates. Once you’ve created and implemented your assessment, you will most likely see improved internal communications.
   
   This happens because multiple departments, stakeholders, and employees will need to collaborate and provide feedback to help enhance the evaluation. Your personnel will then understand how and to whom they should report any potential breaches or suspicious conduct.

Wrapping Up 

A cybersecurity risk assessment is critical because it can uncover threats to your organization’s information, networks, and systems. Identifying these risks allows you to take steps to reduce or mitigate them.
Organizations should perform cybersecurity risk assessments frequently to maintain their risk profiles current. Thus, the simple way to get an overall view of your organization’s cybersecurity position is by collaborating with an IT security services provider.