InTegriLogic Blog

Rapid technological advancement and rising global connectivity is reshaping the way the world is functioning. From higher productivity to improved customer satisfaction, technology has played a critical role in the growth of businesses across the world. However, the consequential bad news is that technological advancements have also made organizations increasingly vulnerable to digital risks. However, this does not mean that businesses must compromise on growth and advancement for the sake of security.

The security challenges within these digital environments can be better addressed if organizations knew how to identify these risks and incorporate preventative security measures and controls, along with proactive solutions and detailed plans, to overcome their digital vulnerabilities. Let us discuss the different types of digital risks you should be looking out for and how you can use this information to get a positive ROI.

Types of Digital Risks

Digital risks are increasing in the business world due to the rapid adoption of new disruptive technologies. These risks are seen in various industries and are more pervasive than cybersecurity risks. On a broader scale, digital risks can be classified into physical, technical and administrative risks.

The following risks are the most prevalent in today’s digital world and should be treated as top priorities for your business:

• Cybersecurity risk: Cyberattacks continue to evolve as businesses become more technology driven. Attacks like ransomware, DDoS, etc., can bring a halt to the normalcy of any business.
• Data privacy risk: As we move forward to a knowledge-based economy, data has become the most valuable commodity in the world. This has resulted in hackers targeting critical business data and misusing them for personal gains.
• Compliance risk: Businesses need to adhere to various regulations regarding data privacy, cybersecurity, organizational standards of practice, etc. Any violation can attract heavy fines and penalties for a business.
• Third-party risk: When you outsource certain services to third parties, it might compromise the security of your IT infrastructure. For instance, a software tool you develop with an external vendor may introduce some vulnerabilities to your otherwise intact digital environment.
• Resiliency risk: This concerns the ability of a business to bounce back and continue operations after an unexpected disaster.
• Risks due to human errors: In the UK, 90 percent of cyber data breaches were caused by human errors in 2019. Whether it’s falling for phishing scams or misusing work devices, human errors can be quite costly for organizations if they go unchecked.
• Automation risks: While automation is reshaping the tech industry for the better, it could also give rise to a range of risks such as compatibility risks, governance risks, etc.
• Cloud storage risks: The flexibility, ease-of-use and affordability offered by the cloud makes it one of the most popular options for backup and storage. However, the cloud is also prone to various risks such as lack of control over data, data leakage, data privacy, shared servers, etc.

Importance of Risk Assessment in Managing Digital Risks

The best way to start managing your digital risks is by performing comprehensive security risk assessments regularly. After all, how would you know what your current vulnerabilities or gaps are and where you biggest security challenges lie without an ‘under the skin’ examination? With a risk assessment, you can measure your security posture against various internal and digital threats and determine how equipped you are to deal with these risks. When you perform a security risk assessment you can proactively:

• Identify vulnerabilities: A risk assessment helps you identify which part of your digital environment is relatively weak against various security threats. You can identify which systems are likely to be targeted by attackers and incorporate measures to strengthen these systems. Without the information presented by your risk assessment report, you don’t stand much chance of improving your digital security posture against various vulnerabilities.
• Review and bolster security controls: In most cases, security incidents occur due to a lack of controls in the process. For instance, without proper cybersecurity awareness training and best practices training, employees are unlikely to follow security protocols on their own, which could result in losses due to human errors. Based on the risk assessment, you can upgrade your securities and incorporate preventive measures against various risks.
• Track and quantify risks: To effectively manage various risks, you need to know the effect of these risks on your business. With a risk assessment, you can quantify these risks by identifying the potential losses posed by various threats. This helps you incorporate necessary risk mitigation strategies to prevent your exposure to various risks.

 

The Value of Risk Assessment

IT and security budgets are often difficult to explain to management. Everyone understands the consequences of not investing in correct security measures. However, it isn’t that easy or simple to put an exact ROI figure on security investments. The value of risk assessment is based on how you choose to act with the information you get from these reports.

In this scenario, the real question is – what is the cost of not making this investment? Let us consider a major data breach for example. It is always about what you stand to lose in the aftermath of a breach. If your business is dealing with valuable customer data, a data breach can result in unrecoverable financial losses as well as reputational damage. Moreover, this might also result in regulatory non-compliance and attract heavy penalties from various regulators. In such cases, reviving a business after a major disaster can be almost impossible.

Here, the cost of investment in security solutions and cyber insurance is negligible since it concerns the survival of the business. You may not be able to measure the exact ROI of the airbags in your car but that does not mean that your survival is not dependent on them. Similarly, the information and insights gained from routine risk analyses are critical to the operation, resilience posture and long-term success of your business.

Assess Your Risks the Right Way

Monitoring and managing your digital security risks is a continuous process that must be done regularly and should be a part of your ongoing operational strategy. To implement it the right way, you need to create a risk monitoring strategy that focuses on what risks need to be identified and how to identify them.

Reach out to us today to perform a complete risk assessment of your digital infrastructure and help you build a resilient security posture against various threats.

 
 
 
Article curated and used by permission.
 
 

Data Sources:

• https://www.cybersecurityintelligence.com/blog/90-of-breaches-are-caused-by-human-error-4820.html: 90% of breaches are caused by human error

Rapid technological advancement and rising global connectivity is reshaping the way the world is functioning. From higher productivity to improved customer satisfaction, technology has played a critical role in the growth of businesses across the world. However, the consequential bad news is that technological advancements have also made organizations increasingly vulnerable to digital risks. However, this does not mean that businesses must compromise on growth and advancement for the sake of security.

The security challenges within these digital environments can be better addressed if organizations knew how to identify these risks and incorporate preventative security measures and controls, along with proactive solutions and detailed plans, to overcome their digital vulnerabilities. Let us discuss the different types of digital risks you should be looking out for and how you can use this information to get a positive ROI.

Types of Digital Risks

Digital risks are increasing in the business world due to the rapid adoption of new disruptive technologies. These risks are seen in various industries and are more pervasive than cybersecurity risks. On a broader scale, digital risks can be classified into physical, technical and administrative risks.

The following risks are the most prevalent in today’s digital world and should be treated as top priorities for your business:

• Cybersecurity risk: Cyberattacks continue to evolve as businesses become more technology driven. Attacks like ransomware, DDoS, etc., can bring a halt to the normalcy of any business.
• Data privacy risk: As we move forward to a knowledge-based economy, data has become the most valuable commodity in the world. This has resulted in hackers targeting critical business data and misusing them for personal gains.
• Compliance risk: Businesses need to adhere to various regulations regarding data privacy, cybersecurity, organizational standards of practice, etc. Any violation can attract heavy fines and penalties for a business.
• Third-party risk: When you outsource certain services to third parties, it might compromise the security of your IT infrastructure. For instance, a software tool you develop with an external vendor may introduce some vulnerabilities to your otherwise intact digital environment.
• Resiliency risk: This concerns the ability of a business to bounce back and continue operations after an unexpected disaster.
• Risks due to human errors: In the UK, 90 percent of cyber data breaches were caused by human errors in 2019. Whether it’s falling for phishing scams or misusing work devices, human errors can be quite costly for organizations if they go unchecked.
• Automation risks: While automation is reshaping the tech industry for the better, it could also give rise to a range of risks such as compatibility risks, governance risks, etc.
• Cloud storage risks: The flexibility, ease-of-use and affordability offered by the cloud makes it one of the most popular options for backup and storage. However, the cloud is also prone to various risks such as lack of control over data, data leakage, data privacy, shared servers, etc.

Importance of Risk Assessment in Managing Digital Risks

The best way to start managing your digital risks is by performing comprehensive security risk assessments regularly. After all, how would you know what your current vulnerabilities or gaps are and where you biggest security challenges lie without an ‘under the skin’ examination? With a risk assessment, you can measure your security posture against various internal and digital threats and determine how equipped you are to deal with these risks. When you perform a security risk assessment you can proactively:

• Identify vulnerabilities: A risk assessment helps you identify which part of your digital environment is relatively weak against various security threats. You can identify which systems are likely to be targeted by attackers and incorporate measures to strengthen these systems. Without the information presented by your risk assessment report, you don’t stand much chance of improving your digital security posture against various vulnerabilities.
• Review and bolster security controls: In most cases, security incidents occur due to a lack of controls in the process. For instance, without proper cybersecurity awareness training and best practices training, employees are unlikely to follow security protocols on their own, which could result in losses due to human errors. Based on the risk assessment, you can upgrade your securities and incorporate preventive measures against various risks.
• Track and quantify risks: To effectively manage various risks, you need to know the effect of these risks on your business. With a risk assessment, you can quantify these risks by identifying the potential losses posed by various threats. This helps you incorporate necessary risk mitigation strategies to prevent your exposure to various risks.

 

The Value of Risk Assessment

IT and security budgets are often difficult to explain to management. Everyone understands the consequences of not investing in correct security measures. However, it isn’t that easy or simple to put an exact ROI figure on security investments. The value of risk assessment is based on how you choose to act with the information you get from these reports.

In this scenario, the real question is – what is the cost of not making this investment? Let us consider a major data breach for example. It is always about what you stand to lose in the aftermath of a breach. If your business is dealing with valuable customer data, a data breach can result in unrecoverable financial losses as well as reputational damage. Moreover, this might also result in regulatory non-compliance and attract heavy penalties from various regulators. In such cases, reviving a business after a major disaster can be almost impossible.

Here, the cost of investment in security solutions and cyber insurance is negligible since it concerns the survival of the business. You may not be able to measure the exact ROI of the airbags in your car but that does not mean that your survival is not dependent on them. Similarly, the information and insights gained from routine risk analyses are critical to the operation, resilience posture and long-term success of your business.

Assess Your Risks the Right Way

Monitoring and managing your digital security risks is a continuous process that must be done regularly and should be a part of your ongoing operational strategy. To implement it the right way, you need to create a risk monitoring strategy that focuses on what risks need to be identified and how to identify them.

Reach out to us today to perform a complete risk assessment of your digital infrastructure and help you build a resilient security posture against various threats.

      Article curated and used by permission.    

Data Sources:

• https://www.cybersecurityintelligence.com/blog/90-of-breaches-are-caused-by-human-error-4820.html: 90% of breaches are caused by human error

No business today is 100 percent secure from cyberthreats and more businesses are waking up to this reality now than ever before. It’s no wonder cybersecurity investment in 2020 is pegged to grow by 5.6 percent to reach nearly $43.1 billion in value.¹ With cyberattacks surging due to widespread remote work and increased online interactions during the pandemic, it seems likely that this trend will only continue to grow further.

While 58 percent of IT leaders and practitioners consider improving IT security their topmost priority, nearly 53 percent of them find cybersecurity and data protection to be among their biggest challenges as well.² That’s primarily because cybersecurity is not a one-and-done exercise. Your business might be safe now but could be unsafe the very next minute. Securing your business’ mission critical data requires undeterred effort sustained over a long period of time. While there are several pieces to this puzzle, the most important one, considering today’s threat landscape, is ongoing risk management.

Through the course of this blog, you will understand the definition of a cybersecurity risk assessment and why you must undertake and monitor them regularly to keep your business’ cybersecurity posture abreast with ever-evolving cyberthreats. By the end of it, we hope you realize how installing cybersecurity solutions alone isn’t enough to counter cyberattacks unless you make ongoing risk management an operational standard for your business.

Understanding Cybersecurity Risk Assessment

In rudimentary terms, a cybersecurity risk assessment refers to the act of understanding, managing, controlling and mitigating cybersecurity risks across your business’ infrastructure.

In its Cybersecurity Framework (CSF), the National Institute of Standards and Technology (NIST) states that the purpose of cybersecurity risk assessments is to “identify, estimate and prioritize risk to organizational operations, assets, individuals, other organizations and the Nation, resulting from the operation and use of information systems.”

The primary purpose of a cybersecurity risk assessment is to help key decision-makers take informed decisions to tackle prevalent and imminent risks. Ideally, an assessment must answer the following questions:

• What are your business’ key IT assets?
• What type of data breach would have a major impact on your business?
• What are the relevant threats to your business and their sources?
• What are the internal and external security vulnerabilities?
• What would be the impact if any of the vulnerabilities were exploited?
• What is the probability of a vulnerability being exploited?
• What cyberattacks or security threats could impact your business’ ability to function?

 
The answers to these questions will help you keep track of security risks and mitigate them before disaster strikes. Now, imagine periodically having the answers to these questions whenever you sit down to make key business decisions. If you’re wondering how it would benefit you, keep reading.

Why Make Ongoing Risk Management an Operational Standard?

Making ongoing risk management an operational standard is vital, especially in today’s cyberthreat landscape where even a single threat cannot be underestimated. In one assessment, your business might seem on the right track but in the next one, certain factors would have changed exactly how business would have changed. That’s precisely why having an ongoing risk management strategy is now an integral part of standard operations for many of your peers.

Here are seven reasons why you just can’t keep this key business decision on the backburner anymore:

Reason 1: Keeping Threats at Bay

Most importantly, an ongoing risk management strategy will help you keep threats at a safe distance from your business; especially ones you usually do not monitor regularly.

Reason 2: Prevent Data Loss

Theft or loss of business-critical data can set your business back a long way, leading to loss of business to competitors. Ongoing risk management can help you remain vigilant of any possible attempts at compromising your business data.

Reason 3: Enhanced Operational Efficiency and Reduced Workforce Frustration

As a business owner or key decision-maker of your organization, you would be amazed how consistently staying on top of potential cybersecurity threats can reduce the risk of unplanned downtime. The assurance that hard work will not vanish into thin air will surely keep the morale of your employees high, thereby reflecting positively on their productivity.

Reason 4: Reduction of Long-Term Costs

Identifying potential vulnerabilities and mitigating them in time can help you prevent or reduce security incidents, which in turn would save your business a significant amount of money and/or potential reputational damage.

Reason 5: One Assessment Will Set the Right Tone

You must not assume that there should only be one fixed template for all your future cybersecurity risk assessments. However, in order to update them continuously, you need to conduct one in the first place. Hence, the first few assessments will set the right tone for future assessments as part of your ongoing risk management strategy.

Reason 6: Improved Organizational Knowledge

Knowing security vulnerabilities across the business will help you keep a keen eye on important aspects that your business must improve on.

Reason 7: Avoid Regulatory Compliance Issues

By ensuring that you put up a formidable defense against cyberthreats, you will automatically avoid hassles with respect to complying with regulatory standards such as HIPAA, GDPR, PCI DSS, etc.

Join Hands With the Right Partner

While we certainly wish we could say that you have plenty of time to mull over this, the unfortunate reality is you do not. If you snooze, it's very likely that you will lose to a nefarious cybercriminal.

It’s time for you to join hands with the right partner to help you gauge every single cybersecurity risk your business is exposed to. Contact us today to find out how you can prevent cybersecurity concerns from being the biggest reason you stay up late at night.

 
 
 
Article curated and used by permission.
 
Data Sources:

1. Global Cybersecurity 2020 Forecast Canalys
2. 2020 State of IT Operations Survey, Kaseya

No business today is 100 percent secure from cyberthreats and more businesses are waking up to this reality now than ever before. It’s no wonder cybersecurity investment in 2020 is pegged to grow by 5.6 percent to reach nearly $43.1 billion in value.¹ With cyberattacks surging due to widespread remote work and increased online interactions during the pandemic, it seems likely that this trend will only continue to grow further.

While 58 percent of IT leaders and practitioners consider improving IT security their topmost priority, nearly 53 percent of them find cybersecurity and data protection to be among their biggest challenges as well.² That’s primarily because cybersecurity is not a one-and-done exercise. Your business might be safe now but could be unsafe the very next minute. Securing your business’ mission critical data requires undeterred effort sustained over a long period of time. While there are several pieces to this puzzle, the most important one, considering today’s threat landscape, is ongoing risk management.

Through the course of this blog, you will understand the definition of a cybersecurity risk assessment and why you must undertake and monitor them regularly to keep your business’ cybersecurity posture abreast with ever-evolving cyberthreats. By the end of it, we hope you realize how installing cybersecurity solutions alone isn’t enough to counter cyberattacks unless you make ongoing risk management an operational standard for your business.

Understanding Cybersecurity Risk Assessment

In rudimentary terms, a cybersecurity risk assessment refers to the act of understanding, managing, controlling and mitigating cybersecurity risks across your business’ infrastructure.

In its Cybersecurity Framework (CSF), the National Institute of Standards and Technology (NIST) states that the purpose of cybersecurity risk assessments is to “identify, estimate and prioritize risk to organizational operations, assets, individuals, other organizations and the Nation, resulting from the operation and use of information systems.”

The primary purpose of a cybersecurity risk assessment is to help key decision-makers take informed decisions to tackle prevalent and imminent risks. Ideally, an assessment must answer the following questions:

• What are your business’ key IT assets?
• What type of data breach would have a major impact on your business?
• What are the relevant threats to your business and their sources?
• What are the internal and external security vulnerabilities?
• What would be the impact if any of the vulnerabilities were exploited?
• What is the probability of a vulnerability being exploited?
• What cyberattacks or security threats could impact your business’ ability to function?

 
The answers to these questions will help you keep track of security risks and mitigate them before disaster strikes. Now, imagine periodically having the answers to these questions whenever you sit down to make key business decisions. If you’re wondering how it would benefit you, keep reading.

Why Make Ongoing Risk Management an Operational Standard?

Making ongoing risk management an operational standard is vital, especially in today’s cyberthreat landscape where even a single threat cannot be underestimated. In one assessment, your business might seem on the right track but in the next one, certain factors would have changed exactly how business would have changed. That’s precisely why having an ongoing risk management strategy is now an integral part of standard operations for many of your peers.

Here are seven reasons why you just can’t keep this key business decision on the backburner anymore:

Reason 1: Keeping Threats at Bay

Most importantly, an ongoing risk management strategy will help you keep threats at a safe distance from your business; especially ones you usually do not monitor regularly.

Reason 2: Prevent Data Loss

Theft or loss of business-critical data can set your business back a long way, leading to loss of business to competitors. Ongoing risk management can help you remain vigilant of any possible attempts at compromising your business data.

Reason 3: Enhanced Operational Efficiency and Reduced Workforce Frustration

As a business owner or key decision-maker of your organization, you would be amazed how consistently staying on top of potential cybersecurity threats can reduce the risk of unplanned downtime. The assurance that hard work will not vanish into thin air will surely keep the morale of your employees high, thereby reflecting positively on their productivity.

Reason 4: Reduction of Long-Term Costs

Identifying potential vulnerabilities and mitigating them in time can help you prevent or reduce security incidents, which in turn would save your business a significant amount of money and/or potential reputational damage.

Reason 5: One Assessment Will Set the Right Tone

You must not assume that there should only be one fixed template for all your future cybersecurity risk assessments. However, in order to update them continuously, you need to conduct one in the first place. Hence, the first few assessments will set the right tone for future assessments as part of your ongoing risk management strategy.

Reason 6: Improved Organizational Knowledge

Knowing security vulnerabilities across the business will help you keep a keen eye on important aspects that your business must improve on.

Reason 7: Avoid Regulatory Compliance Issues

By ensuring that you put up a formidable defense against cyberthreats, you will automatically avoid hassles with respect to complying with regulatory standards such as HIPAA, GDPR, PCI DSS, etc.

Join Hands With the Right Partner

While we certainly wish we could say that you have plenty of time to mull over this, the unfortunate reality is you do not. If you snooze, it's very likely that you will lose to a nefarious cybercriminal.

It’s time for you to join hands with the right partner to help you gauge every single cybersecurity risk your business is exposed to. Contact us today to find out how you can prevent cybersecurity concerns from being the biggest reason you stay up late at night.

 
 
 
Article curated and used by permission.
 
Data Sources:

1. Global Cybersecurity 2020 Forecast Canalys
2. 2020 State of IT Operations Survey, Kaseya

There is no question that a small business can benefit from technology, as has been proven time and time again. However, an issue can arise if a business bites off more than it can chew, so to speak, and ultimately creates a spike in costs. A responsible business owner will resist this temptation and prioritize the solutions they need over the ones they want - building profitability and generating capital needed to make other improvements.

In this blog, we’ll examine some of the implementations that can deliver a good return on investment to a small business.