Cybersecurity Risk Assessments: How They Benefit Businesses

There is risk associated with every decision we make. This is especially true in business where we have developed a heavy reliance on technology for our day-to-day existence. We send and receive emails daily, transfer data through attachments and file sharing, and we have our most important business data stored on servers locally or in the cloud. Businesses can take precautions to fight off attacks and the best place to start is a cybersecurity risk assessment.

By the Numbers

According to an online piece by Statista, “In 2019, the number of data breaches in the United States amounted to 1,473 with over 164.68 million sensitive records exposed. In the first half of 2020, there were 540 reported data breaches.”

Additionally, the costs of data breaches continue to climb. According to the IBM and Ponemon report regarding the cost of data breaches, the average total cost of a data breach is now $3.86 million. The country with the most expensive breaches is the United States with $8.64 million being lost on data breaches annually. Healthcare is the most expensive industry when it comes to breaches with $7.13 million as the cost for hacks. Sadly, the same report also found that the average time to identify and contain a breach is 280 days. A great deal of data can be lost in that amount of time.

Cybersecurity Risk Assessments

While business leaders may feel like they are fighting a losing battle when it comes to cyberattacks, there are measures they can take to protect their company and themselves. The best place to begin is by conducting a cybersecurity risk assessment. This is an assessment of your business’s information assets, systems, and networks to determine what could be affected by a cyberattack.

During a cybersecurity risk assessment, a third-party vendor such as Dox Electronics looks at your hardware, systems, laptops, and the security around your customer data, and intellectual property. Through the assessment, the third-party service provider will identify the various risks that could affect your organization’s information assets.

This evaluation of risk is completed by investigating security controls your business has in place not just technologically, but physically as well. Though a thorough cybersecurity risk assessment should be conducted on annual basis, system monitoring and reviews of the risk environment for your industry and business should be ongoing. This will aid in the early detection of changes and risks so they can be addressed before a breach occurs.

Plugging Holes & a Cybersecurity Plan

Once the cybersecurity risk assessment is complete, the service provider will explain its findings and offer solutions to plug the security holes in your systems and networks. This might entail recommendations from installing an updated firewall or monitoring software to moving your business data to the cloud. The results of your cybersecurity risk assessment and the methods for addressing them are as unique to each business as are fingerprints on people.

Furthermore, your vendor can assist your business in establishing a written cybersecurity plan for your company to distribute to employees. Not only will this aid in educating your employees about cybersecurity and how to address a suspected threat or breach, but it is also helpful since most industries require a written cybersecurity plan in order to achieve regulatory compliance. This plan should address the specific needs of your organization, how to report suspected threats or breaches and to whom, and how those threats will be addressed.

Educating Employees

One of the outcomes of a cybersecurity risk assessment is a recommendation for regular employee training. Your employees and staff, regardless of the size of your business, can be your strongest line of defense or your weakest link when it comes to cybersecurity.

Regular, ongoing cybersecurity training will allow your employees to know about the latest threats they face from malware and ransomware to phishing. Not only will they learn about these threats, but they can be trained on how to recognize, avoid, and report them. This means both your employees and your business will be better protected.

Ultimately, the goal behind a cybersecurity risk assessment is to identify holes in your business’s security and address them before an attack and data loss occurs. With regular risk assessments, your organization can adjust to the ever-changing threat environment in which it conducts business. By doing this, you can greatly reduce the threat of a breach that could cost your company thousands or millions of dollars and damage its reputation.

To learn more about cybersecurity risk assessments or to schedule one for your company, contact Dox Electronics at (585) 473-7766.