Managing Risk As A Business Owner

In today's Biz Pulse, gain insight into how:

• Third-party risk management is crucial in a global business ecosystem, with strategies encompassing employee roles, regulatory compliance, and modern technologies to strengthen defenses.
• Advanced AI-powered phishing attacks complicate cybersecurity, requiring sophisticated technology and a security-aware culture within organizations to mitigate risks.
• Leaders can enhance cybersecurity by adopting comprehensive security frameworks, performing regular risk assessments, and fostering an informed, security-aware workforce.

Each of these articles is penned by members of Forbes Business Council , successful business owners shaping the future of business.

Let’s dive in!

Managing Third-Party Risks in Today's Dynamic Business Landscape

In a world rife with geopolitical tensions and regulatory demands, effective third-party risk management has transitioned from optional to imperative.

Organizations, functioning as interconnected ecosystems, face heightened exposure to various risks via their affiliates, ranging from tech providers to contractors.

Here’s how a risk management program is key:

???Universal Responsibility: Third-party risk management extends beyond the CISO; it involves every employee across all levels. Enhancing awareness and defining clear roles are crucial for mitigating risks effectively.

?? Enhanced Oversight: Integrating risk and compliance management with governance programs is essential. Adopting continuous monitoring and robust policies like SLAs ensures comprehensive risk oversight.

???Strategic Alignment: Align your third-party risk strategy with organizational goals for a synchronized risk management approach. Common risk language across departments helps in accumulating and analyzing risk data effectively.

???Connected Approach: In our interconnected business environment, a siloed approach to risk management is obsolete. Understanding the interplay between various risks is crucial for a coherent strategy.

???Continuous Risk Monitoring: Employ proactive measures and modern technology like AI and predictive analytics to monitor and manage risks efficiently. Creating intuitive tools for frontline employees to report risks enhances the risk management framework.

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Navigating the Perils of AI-Driven Phishing in Cybersecurity

Integrating AI into phishing attacks has escalated the complexity of cybersecurity, making it harder for users to distinguish malicious communications from legitimate ones.

Awareness and advanced security measures are crucial as businesses face an overwhelming volume of sophisticated phishing attempts.

This is how AI will impact cybersecurity:

???AI-Driven Phishing Threat: AI has elevated phishing attacks to a new level of personalization and sophistication, using data about users’ behaviors and interests to craft highly convincing messages.

?? Challenge for Organizations: The vast scale of AI-automated attacks presents a significant challenge. Traditional security measures are often inadequate against these advanced threats, highlighting the need for more innovative solutions.

??? Technological Defenses: Investing in AI and machine-learning-based cybersecurity systems can enhance the detection of anomalous communications and potential phishing sites. These systems analyze communication patterns and web content to identify and block suspicious activities.

???Building a Security-Aware Culture: Cultivating a cybersecurity-conscious environment within organizations is essential. Regular training and simulated phishing exercises can sharpen employees' skills in spotting phishing attempts.

???Continuous Advancement: The ongoing development of AI technologies means that phishing attacks will only get more sophisticated. Organizations must continuously evolve their security measures to keep pace with these threats.

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Six Proactive Steps for Leaders to Boost Cybersecurity Standards

In an era where businesses are highly digital, the threat of cyberattacks is a significant concern, with 85% of businesses lacking adequate cyber readiness.

Here are some best practices for enhancing cybersecurity defenses:

?? Adopt a Comprehensive Security Framework: Utilize recognized frameworks like NIST SP 800-53B or ISO/IEC 27002:2022 to map out risk controls and ensure stakeholder reassurance.

???Perform Regular Risk Assessments: Conduct detailed assessments to understand and mitigate potential risks, especially when introducing new technologies or undergoing significant business changes.

???Manage Supply Chain Risks: With supply chain attacks rising, it’s crucial to effectively manage and assess information risks throughout all stages of supplier relationships.

???Ensure Regulatory Compliance: Stay ahead of laws and regulations to avoid penalties and protect your reputation by diligently implementing and monitoring compliance-related security controls.

???Document and Communicate Security Policies: Develop comprehensive information security policies and ensure they are well-communicated to employees and third parties involved with your information systems.

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Wrapping Up

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