What is a Cybersecurity Risk Assessment?
A cybersecurity risk assessment is a process that helps organizations identify and prioritize security risks. This covers security controls, policies, procedures, infrastructure, employee training, and technologies used to protect company users and data. This is usually performed by leveraging third-party cybersecurity frameworks, compliance, or regulatory standards to compare an organization’s security stance with time-tested industry standards and best practices. This comprehensive assessment will take him to account all current security mechanisms, compliance with industry regulations, the cumulative account of the company’s digital assets, and descriptions of potential threats. A practical risk assessment performed by an expert managed services provider such as IT Support Vancouver can help organizations better understand their current state of cybersecurity while identifying areas for improvement. MSPs can also help companies prioritize these requirements based on how they align with the organization’s business objectives.
Why Small Business Needs Cybersecurity Risk Assessment
Meet and exceed evolving cyber security demands
A risk assessment is the first step in assessing your cybersecurity efforts, vulnerabilities, and budgets. You can examine employee permissions, devices, software, and backup solutions as part of this process. Such extensive analysis can help companies stay ahead of evolving cyber security demands and future-proof their security processes.
Improve employee cyber-awareness
Cybersecurity risk assessments are usually performed by a third party to identify weaknesses and vulnerabilities within your network. But they can also be harnessed as an ideal opportunity to teach employees how to avoid cyber threats in the workplace. As part of the assessment process, you’ll find out which areas of your network are most vulnerable to attack. A well-managed service provider (MSP) can also connect you with training resources to help plug up these holes in your system.
Improve your security stance through a comprehensive cybersecurity plan
A cybersecurity assessment can identify security gaps and opportunities for improvement, including the need for more training or security programs. You may need to upgrade or update devices, change your business continuity plan, or adjust permissions for employees. Most companies overlook one or more areas of the broader security framework that reliable MSPs can help identify and patch quickly.
Stay compliant even with stringent regulatory frameworks
The importance of data security is an ongoing concern for businesses. Your organization must comply with laws such as HIPAA and FISMA or risk facing fines or lawsuits. Managed IT Services Vancouver can help you develop written policies and secure your company’s computer networks.
Secure your bottom line
The loss of customer information, the theft of a product design, or any other data breach can have severe financial consequences for a business. Not only will you lose customers, but you could also be subjected to lawsuits, fines and penalties, and damage to your reputation. Some executives have been forced to step down after a serious breach. For example, Target’s CEO Gregg Steinhafel “stepped down” following a 2013 data breach; Equifax’s CEO Richard Smith “retired” shortly after the breach affected his company. The fallout doesn’t stop there. Data breaches have become so sensitive that companies can become blacklisted by various stakeholders and, most importantly, their customers if they are deemed negligent with their data security practices. Some insurance companies now offer cyber liability insurance for businesses to help them settle their finances after a breach.
Improve employee confidence in your cyber security stance
A cybersecurity assessment can help identify software and hardware vulnerabilities and many other risks. These vulnerabilities can affect employee productivity. Older hardware, incompatible software, and many other outdated systems can drastically slow down your network and result in unplanned downtime and clunky business processes, hurting employee morale.
With rising awareness about the importance of data security, employees are also worried about the company being able to protect their sensitive personal and professional information. Confidence in the company’s ability to secure its data assures employees that they won’t become victims of identity theft or financial fraud when company servers are breached.
Establish clear standards of security to build upon
Information gathered during the first cybersecurity risk assessment will help you understand where your endpoints are, employee access permissions, and other essential details. Once you have this information, you can tighten security, address potential issues quickly and efficiently, and ensure that your IT team is prepared to address network issues in the future. IT security Vancouver can help local businesses tighten their security stance and stay vigilant and compliant even with evolving and sophisticated cyber demands
Andrew Dalman is the President of ActiveCo Technology Management – an IT Consulting Vancouver company. Andrew comes from an operational perspective; his tenure at ActiveCo emphasizes working with customers to closely understand their business plans and successfully incorporate the technology component into those plans. Under his leadership, ActiveCo has developed expertise that enriches the extensive customer relationships by integrating strategic and operational focus areas through consulting. When Andrew is not in the office, you can find him spending time with his wife and daughter getting outside, traveling, and pursuing adventures together. LinkedIn.