Why Routine Cybersecurity Risk Management Services Reduce Risk
In 2023, already more than 600 million data records have been exposed. While the largest breaches occurred in healthcare and education, no business is immune to cybersecurity risk. No sector is without data or resources that can be exploited, and no company is too small to become a target. For many organizations, finding ways to reduce that risk is becoming a priority.
The key to reducing risk is consistency: Constant checks to find out where vulnerabilities might exist, constant training of staff, constant surveillance of systems. One thought leader likens cyber risk management to regular dental checkups and how avoiding them can lead to a painful root canal. Our team at Fusion found this an accurate analogy.
“Vulnerability management, like flossing, is not fun, exciting, or sexy, but we know that it’s a necessary component of good hygiene. There’s a ton of evidence and research to strongly substantiate its benefits, and yet we frequently struggle to do it despite clearly understanding the consequences — we certainly don’t want a root canal!”
– David Levine, VP, Executive Partner at Forrester
Security breaches are painful and worse – for the majority of small businesses they can be fatal. Even if the data breach is resolved, the reputation damage can be far reaching as customers and suppliers become wary of doing business with them. Alarmingly, 60% of small businesses end up shutting down in the aftermath of an attack.
In this article we discuss how small businesses can use routine cybersecurity risk management services to reduce risk. We take into account their current challenges as well as the evolving forms of cybersecurity attacks.
Why Reducing Cybersecurity Risk Requires More…
In most organizations, IT is manned by a handful of individuals or even one person, who could have IT expertise or not. They’re tasked with all things IT related from networks and configuration to security.
Working in a single industry, they likely won’t have exposure to the myriad forms of attack being used by bad actors. They rarely have the technologies needed or the time available for more advanced monitoring. This is compounded by not always understanding the extent of cybersecurity risks and how they can impact their business.
A solution is to partner with managed cybersecurity specialists. They have exposure to multiple industries, specialized knowledge and cybersecurity expertise. Most importantly, they can provide advanced technologies better suited to continual monitoring of evolving threats.
Interested in learning about the top challenges & solutions in the world of IT security? Download our free cybersecurity report!
How to leverage cybersecurity risk management services
Reducing risk requires an ability to identify vulnerabilities, as well as deal with incidents as they occur. Cybersecurity risk management services can help implement a multi-pronged approach to help reduce risk for the business. This can be achieved by focusing on these three areas:
1. Transform employee risk to a point of proactive defense
Targeting employees through phishing emails remains a favorite tactic for bad actors. As organizations implement more external security, criminals know that if they can get behind those defenses, they can go largely undetected.
With more employees working remotely and using multiple devices to access company systems, it’s not enough to only secure endpoints. Employees need to be made aware of suspicious requests and what to do if they receive them. Human error remains a significant factor too, whether intentional or not.
Gartner predicts that by 2025, more than half of incidents will be a result of human error.
Providing ongoing training and education to employees goes a long way to reducing risk for a business. As threats evolve, employees need to have a growing awareness of social engineering and phishing practices, and how they might become targets.
This is a service that can be provided by routine cybersecurity risk management services. It is especially advantageous to have this training facilitated by IT experts as they have broader and more up to date exposure to what’s happening.
When employees are equipped with accurate and up to date cybersecurity knowledge, they can assist in becoming a point of defense and reducing risk to the company.
2. Advance governance and compliance to reduce risk
Many industries are regulated with the intention to reduce risk for consumers and end users. As regulations change, so do compliance requirements. It can be challenging to keep up with changes and technical jargon.
Using cybersecurity compliance services can help organizations meet requirements on an ongoing basis. This can include:
- Maintaining necessary documentation
- Acting as your IT consultant to explain technical terms
- Updating policies
- Carrying out routine risk assessments
One benefit of a more proactive approach to compliance is having advanced knowledge of changes and their impacts, which leads to a reduction of risk!
3. Be proactive about threat detection
Industry news highlights how cyberattacks are becoming increasingly sophisticated. Bad actors are constantly on the lookout for vulnerabilities to exploit, and keeping ahead requires continuous monitoring and maintenance.
However, small businesses often don’t know where vulnerabilities exist. By using cybersecurity risk management services, they can identify weaknesses early on and patch them before they can be exploited. This is a major factor in reducing risk.
Cybersecurity risk management services have a number of advanced approaches they can deploy. These include active Endpoint Detection and Response (EDR), as well as Extended Detection and Response (XDR). XDR has the ability to monitor for and swiftly respond to cyber threats. It provides real-time alerts as well as analytics to reduce the impact of a breach.
When an incident occurs, it’s vital to have these resources to respond quickly to control the situation. If you’re not sure if you really need this service, read this article that helps you determine if you need managed cybersecurity services.
How to Find Cybersecurity Risk Management Services Tailored to Your Needs
As much as organizations try to be proactive about risk management and security, finding the right team can be difficult. This is especially true for individuals without broader exposure and knowledge of how risks are evolving!
There’s almost a never-ending list of cybersecurity solutions promising protection, but knowing which ones will benefit your business and fit your budget can be challenging.
If you’re unsure where to start, our experts at Fusion will work with your business to help you understand how best to mitigate your cybersecurity and compliance risks.
Our clients never feel like a number. If you want to learn how our team provides real value and cybersecurity support, check out this case study for our South Carolina IT support helped one team grow 250%.