Cyber risk mitigation has become a more critical capability for security teams as security breaches increase in volume and complexity. Whenever a breach occurs it is critical to minimize any potential damage – this may mean making temporary fixes to be expanded or removed in the future.
What is Cyber Risk Mitigation?
Risk mitigation reduces the potential damage an organization will suffer when a breach occurs. While some risks will always be present when operating online, mitigation procedures are intended to reduce any damage that occurs when those risks turn into exploits.
Part of a cybersecurity risk mitigation plan might also include the communications and marketing procedures to get ahead of the reputational risk caused by a data breach.
Benefits of Cyber Risk Mitigation
While all organizations fear a data breach, many don’t realize the possible extent of the damage.
While the loss of customer payment information causes the most damage to an organization’s reputation, losing intellectual property or personally identifiable information can be devastating.
With a risk mitigation plan in place, organizations can be confident in their security standing, protect user data, and keep their businesses safe from intentional or unintentional danger.
Cyber Risk Mitigation Best Practices
Some cyber risk mitigation practices are obvious, like requiring two-step authentication and not clicking links from spam emails. Adding a few best practices to the information security team’s schedule can significantly lower your risk and protect your credibility in the future.
Employees and customers do not always realize the importance of updating software on their devices: these updates always happen at inconvenient times, and soon it’s been weeks without updating.
But these updates usually include security patches to eliminate a vulnerability or access point for hackers. When Equifax’s security supervisor failed to implement a software update, they became victims of the worst data breach of the decade, compromising 40 percent of the US population and resulting in a $575 million fine.
Combat growing concerns around ransomware with backups of data and disaster recovery plans. If a hacker steals your data, but you have the backup, you shouldn’t need to pay the ransom.
Disaster recovery risk mitigation involves the steps taken to get back to work after either a cyberattack, fire, or weather-related disaster. If a flood damages an enterprise’s physical servers, having a backup in another location ensures teams can stay working.
While it might be easier to give users full access to a platform or file, hacking gets easier as more people have access. Many third-party attacks infiltrate their connections by gaining access to an account through a brute force attack or spear phishing, then using that account to access sensitive information.
Security teams can limit access to sensitive information by not giving every user access to every file.
Several regulatory agencies require routine vulnerability assessments to stay in compliance, but every organization should get in the habit of searching out vulnerabilities. With Cyberpion’s Ecosystem Assessment scan every month, you’ll have an entire inventory of your online assets and be able to see any changes as they happen.
Cyberpion also prioritizes these risks and alerts you to any changes, so your team can spot vulnerabilities before hackers do.
Cyber Risk Mitigation beyond your enterprise
Sometimes keeping an organization safe from cyber risk includes protecting the people and organizations throughout their extensive online ecosystem.
While your security team may be vigilant in protecting your managed assets, what about the platforms your vendors use to analyze your data or talk about your product? These third, fourth, or nth parties present an almost infinite risk to an organization without external attack surface assessments in place to capture a complete picture of your online ecosystem.
Users shouldn’t experience a breach or compromise of data before establishing better practices online. Employers should emphasize the importance of security by continually reminding them of phishing threats and telling them what to do if company equipment is lost or stolen. Some of the largest data breaches have occurred through spear-phishing employee credentials, and teams should recognize suspicious requests.
What do you really know about the security posture
of your digital ecosystem?
See the risks you’re exposed to with a vulnerability assessment.