By performing a cyber threat assessment, you're taking the first steps to better understanding your network's security flaws and how to patch them.
Do You Need to Conduct a Cyber Threat Assessment?
Finding weak points now could protect your small business from costly intrusions later
As a small business, it may seem like a daunting task to keep bad actors away from your data and, by extension, your customers' data. Yet by performing a cybersecurity risk assessment, you're taking the first steps to better understanding your network's security flaws and what you need to do to patch them.
Cybersecurity risk assessments are used to identify your most important data and devices, how a hacker could gain access, what risks could crop up if your data fell into the wrong hands and how vulnerable you are as a target.
Social engineers, or people hackers, specialize in getting you to share information you shouldn't -- like personal details that could lead to a password being stolen. Laurie Segall reports. (Courtesy CNN)
What is enterprise risk management? How to put cybersecurity threats into a business context
Enterprise risk management (ERM) is the process of assessing risks to identify both threats to a company’s financial well-being and opportunities in the market. The goal of an ERM program is to understand an organization's tolerance for risk, categorize it, and quantify it.
When companies look at enterprise risk, the traditional approach is to look at financial risks, regulatory risks and operational risks. What happens if the exchange rate drops and the interest rate rises, if new drugs don't get FDA approval, or if your main warehouse burns down?
Risks posed by the cybersecurity threat landscape are increasingly part of the ERM equation, and that poses a challenge for CISOs and other senior security professionals. Quantifying the business impact of a cybersecurity event is a very difficult, if not impossible task, and quantifying the likelihood of such an event is even harder.
The Economic Side Of Cyber Security Risk Management
Clearly organizations are experiencing very large cyber incident damages. As you look across the board, there was TNT which is now FedEx, Maersk, Equifax, etc. The idea there is that as those cyber damages are being realized, if they have the proper cyber insurance policy, they can offset those damages with that policy.