5 Tips For Cyber Security Risk Management

Cyber Security risk management shouldn’t be tedious or painful, but instead an easy-to-understand process that is similar to choosing the right insurance plan. Just as you might choose a certain plan because it offers better coverage for your family, you should choose a certain cyber risk management policy because it prevents cyberattacks from occurring in the first place.

You can’t avoid bad days or negative events, but you can plan for them. Policies that protect against bad days are analogous to cybersecurity risk management. These policies help people recover from negative events.

In today’s competitive business landscape, cybersecurity is a necessary topic for all companies. Whether you are just getting started or already have a lot of experience, there are several critical tips that will help you defend your business against cyberattacks.


1.  Deploy Cyber Security Frameworks

Did you know that ISO 27001, a well-known cybersecurity framework that defines best practices for an information security management system (ISMS), can help companies prevent cyberattacks and minimize business risk?

In addition to ISO 27001, there are several frameworks and methodologies that can support and increase cybersecurity. For example, NIST CSF (National Institute of Standards and Technology Cybersecurity Framework) offers a framework for identifying and decreasing risk.

The Center for Internet Security (CIS) also has a product called CIS Critical Security Controls (CSC). CIS CSC is made up of 20 security controls that companies can use to help protect themselves. The CIS CSC is broken into key recommendations and best practices.


2. Create A Risk Assessment Checklist

When running a business, it is essential to understand potential risks that may arise. For instance, you can develop a risk-assessment process that clearly defines how the company will prepare for, conduct and convey key findings from a risk assessment.

It is vital for organizations to stay on top of their IT systems. Networks are always changing, software applications are regularly updated, new users are added and existing ones removed. All of this activity encourages the emergence of new vulnerabilities.

When preparing for a risk assessment, organizations should follow this checklist:

  • Create a Strategically outline which would have the scope of the evaluation, including any significant up-front assumptions or expected constraints;
  • Elaborate on specific informative sources that will be used.
  • Describe the risk calculations and methodology that will be used;
  • Remember to include compliance regulations like HIPAA or FERPA. Each regulation has is own set of requirements for risk assessment and reporting.

3. Identify Potential Threats For Risk Prioritization

An effective threat-intelligence program can provide your business with the raw data you need to deflect cyberattacks. Threat intelligence helps businesses make crucial modifications to their risk assessment for cyber attacks. Threat-intelligence data can empower security teams to prevent new and developing threats from taking hold.

Security teams need to make quick decisions about threats. The process for gathering, evaluating, investigating, and sharing threat intelligence data is rooted in data. For example, security teams can learn about the latest attack tactics, techniques, and procedures (TTPs). They can also learn which attack vectors are being used by threat groups. Indicators of compromise (IoCs) are the latest known pieces of malicious code or other elements that can be used to identify a cyber-attack.

4. Penetration Testing and Vulnerability Insights

To defend from cyber attacks, you need to know what a hacker knows. Vulnerability scanners are a good way to check for holes in your security. But they can’t detect complex threats. In fact, hackers can use them against you. To stay one step ahead, you need a team of hackers who can think like a hacker and predict future vulnerabilities.

When it comes to exposing your company’s vulnerabilities, you need a human touch. This is why businesses are increasingly turning to penetration testing. Penetration testers are highly specialized security researchers who search for some of the most common vulnerabilities in a network or system. These individuals get approval from the company before they begin their search, and they work with the company to find vulnerabilities that can ultimately improve overall security.


5. Identify Security Holes

Cyber security is vital for businesses of all sizes. Cyber-risk management means companies can identify gaps in their cyber security and eliminate redundant security controls. As companies implement the cyber-risk-management process, they should realize that cyber security is more than just firewalls, antivirus software, and other software.

Businesses must set a target security posture and then evaluate how close they are to that objective. Every dollar allocated to security must provide the protection that the company needs. If your security tools don’t help you reach your goals, you should look for tools that do. Redundant security tools can be combined or removed.

I hope this article was helpful, if you have any questions please feel free to contact me. If you would like to be notified of when I create a new post you can subscribe to my blog alert.

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Patrick Domingues

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