Top Strategies for Cyber Risk Management

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( — February 6, 2021) — The world is constantly evolving. This is evident in many places but is incredibly apparent when you look at the proliferation of the Internet. Everyday occurrences now would have been considered highly futuristic just 20 years ago. But these advances also come with dangers. Here are some top strategies for cyber risk management. 

Understand the Risks

When it comes to cyber risk management, the first step is, well, understanding the risks themselves. This isn’t as straightforward as it might sound. In terms of cyber risks, the world of tomorrow is going to look a lot different than it does today. To combat this, your organization needs to be dedicated to staying on top of these evolving threats. 

One major issue that has been pointed out by cyber security experts is ongoing troubles in cloud security. While using the cloud is more convenient, and often more secure than legacy systems when used correctly, there are still inherent challenges. Cloud connectivity and networking is still a relatively new thing. Incorrect use of applications and programs can lead to massive gaps in security. 

Furthermore, not all cyber risks are silent. Social engineering schemes are still hugely prevalent and require more than just strong security platforms.  

Educate Early and Often

You can invest all the money in the world to have the best cyber security available. That, however, is going to be completely powerless against a well-executed spear phishing attack. 

Phishing and spear phishing are unique because they rely less on system vulnerabilities than they do on simply tricking people. The psychological nature of spear phishing makes it a danger for every business, regardless of cyber risk mitigation strategies. Phishing works by tricking people into doing something by pretending to be someone else. 

Someone in human resources might receive an email from an executive asking for the personal information of employees during tax season. Without taking the extra moment to think and verify the request, that employee could easily hand over personal identifying information to dangerous criminals. 

This is just one example of why it’s so important to include employee education in any cyber risk management strategies. Without taking the time to do this, you’re just spending capital to continue leaving yourself exposed to threats.  

Don’t Skimp on Tools 

They say you should always have the right tools for the job. This might be most true when it comes to cyber risk management. Without the right tools to keep your networks and devices safe, you need to have the most recent tools, update, and upgrades to stay ahead of threats. 

Part of this is being able to protect your networks and devices regardless of geographic location. Since the cloud is allowing for work to happen at more places than ever, security needs to follow in its path. Integrating SD-WAN with a suite of security features is one of the best ways to keep your enterprise networks secure.

Artificial intelligence is also providing many breakthroughs when it comes to cyber risk management. Thanks to AI, organizations can run far smarter security applications, which can identify threats that would be completely invisible to the human observer. 

Hire and Contract the Right People

Having the right people is always important. But this is especially true when it comes to cyber risk management. It’s likely your enterprise will face a serious triage scenario at some point, where individuals need to act in order to limit data loss and damage. Your personnel are going to play a huge role in the effectiveness of those measures. 

It will also make sense for many enterprises to contract some of their cyber risk management to an outside firm. This allows for an added layer of security, as a third party will be auditing and monitoring your network traffic. These experts are also the exact people you want to have in your corner when dealing with a breach scenario. 

All organizations need to take stock of what they need to do to protect their networks and endpoints. Cyber risk management is a way for enterprises to keep their valuable assets safe from attack.