In this digital age, your business places a lot of trust in the security of your digital files and systems. But even the most safeguarded intellectual property may be vulnerable to attack. To adequately protect your digital property, you need to understand the risks it faces and implement rock-solid risk mitigation strategies.
Understanding what cybersecurity risk management is, is the first step in implementing these practices, and Gilsbar is here for you.
Cybersecurity Risk Management: The Basics
Cybersecurity risk management involves taking a strategic approach to assessing and addressing the cybersecurity risks your company faces. These risks may include:
- Data breaches, where an unauthorized party gains access to your company's digital data
- Ransomware attacks, where a criminal holds your data for ransom and requests money in exchange for it
- Malware attacks, where software viruses compromise your intellectual property
- Password breaches, where an unauthorized party steals employee passwords and gains access to your internal systems
- Spam & phishing, which include unsolicited emails or social media messages that a criminal disguises to appear legitimate
- Social engineering attacks, where hackers use manipulation tactics to trick you into giving away sensitive data
- Thorough cyber defense planning involves each of these steps:
- Identifying the risks your company faces
- Assessing those risks, including the likelihood that they would happen and the potential impact if they did
- Mitigating risks as much as possible to either reduce the probability that they would happen or minimize their impact
- Monitoring your digital environment closely to stay aware of threats and catch issues before they worsen
Strategies for Managing Cybersecurity Risk
Your company must take the time to plan and implement a comprehensive cybersecurity risk management procedure that completely addresses every risk you face. In doing so, keep these cyber threat management strategies and tips in mind:
Reevaluate Cybersecurity Risk Assessments Frequently
The history of cybersecurity has come a long way, and new threats arise frequently. Cybersecurity risk management is not a one-time process; it involves ongoing evaluations and assessments to ensure that you maintain protection against emerging hazards.
Create an Incident Response Plan
If and when a cybersecurity breach happens, acting quickly could help you mitigate the damage. Create an incident response plan now so that you and your team aren't scrambling to figure out the best moves after a breach.
Your incident response plan should outline key information security protocols to take after even small cybersecurity incidents occur. These steps should address ways to minimize the impact of the breach, prevent the breach from becoming public, and fully assess the safety of every file the hacker may have accessed.
Train Employees Regularly
Your employees are your first line of defense against data threats, but without the proper training, they can also be the key that unlocks your intellectual property for hackers and cybercriminals.
Incorporate IT risk governance training into your employee education programs. Then, test your employees' abilities to recognize phishing attempts by sending them mock phishing emails or messages. Employees who fail to recognize these attempts may need to undergo additional training.
Purchase a Cyber Liability Policy
Even with the best-laid plans, you can't completely eliminate the risks of a cyber threat. Purchasing a cyber liability policy can help you account for data breaches and other cyberattacks that you can't prevent.
Cyber liability insurance protects your business from cyber-related financial losses and third-party liability arising from a cyberattack. Recovering from a breach can be expensive, but with the right coverage in place, these incidents don't need to steal from your revenue.
Protect Yourself Against Cybersecurity Losses With Gilsbar
What is cybersecurity risk management? It's a way to improve your cybersecurity preparedness and mitigate the risk of modern cyber threats. Purchasing cyber liability insurance proves an essential step in preventing losses from cyberattacks, and Gilsbar can help.
Speak with our Specialists today about how cyber liability insurance can protect your business. Click here to schedule a free consultation.