Each year holds new cybersecurity threats, as both tech developers and hackers get better at their jobs. Numerous companies have fallen under attack, with data breaches being the most commonly reported issue. However, there are dozens of potential liabilities that could affect a business that relies on the internet and technology for business operations, and hiring a company to provide cyber risk services is the best way to develop a risk management strategy.
Mitigating the Risk
In order to mitigate risk, an organization should be able to determine what security protocols to apply and in what areas. These controls include preventing, deterring, detecting, correcting, and repairing areas of exposure. Though all risks can’t be eliminated, the team at Highland Risk Insurance advises that risk management is about the most effective control over issues of uncertainty with the most efficient use of available resources.
Every risk management approach to cybersecurity threats should have the following elements:
- A culture that recognizes the danger in cyber threats and commits to the risk management plan
- A culture where security information is shared amongst departments, stakeholders, and employees
- A prioritized response to areas of the greatest threat with short and long-term strategies
- A full analysis of the risk environment and an instant response protocol
Cyber risks shouldn’t have you on the defensive. Offensively establishing a risk management approach can protect your company and clients.