Keeping sensitive data and critical tech safe from cyberattacks is crucial for any business. The
survival and growth of your business depends on how well you can withstand cyberthreats. That's where cyber risk management comes in.
Even small businesses need a solid cyber risk management strategy so they can build effective cyber defenses and reduce risks without compromising business growth. Besides enhancing security, it also ensures your business stays compliant with regulations like HIPAA or PCI.
In this blog, we'll share the core principles of cyber risk management and show you how integrating it with a simple but effective security framework can help you achieve strategic success.
Key characteristics of risk-based cybersecurity
Instituting a Risk-based cybersecurity posture helps organizations focus their efforts and resources on the most critical risks. Doing so will reduce vulnerabilities and safeguard what matters most to you while balancing security and productivity.
Here are the key characteristics of risk-based cybersecurity:
Risk reduction: Identifying and neutralizing threats, means that you can reduce and minimize the potential impact of a cyber incident.
Prioritized investment: Identifying and assessing and prioritizing risks, helps you to put your resources to work on areas that need your attention most.
Addressing critical risks: Dealing with the most likely and most disruptive vulnerabilities first can help you strengthen your business security.
Cyber risk management frameworks
Like any best practices, a cybersecurity risk framework can provide a guide that helps business owners to fine-tune their a risk-based approach. Here are several ways frameworks can help you enhance your current cyber-security posture:
·No more guesswork! The framework will give your businesses a structured way to assess the current cybersecurity posture.
·Systematically focus your investments when addressing the most critical and relevant risks.
·The right guidance to become secure, which is crucial in protecting your brand and customer trust.
·Add tried and tested controls that help businesses implement effective security controls.
· Achieve compliance with government and industry regulations like HIPAA, HITEK, PCI, SOC2, & GDPR.
The National Institute of Standards and Technology Cybersecurity Framework (NIST CSF) is a one of the main frameworks business leaders like you use to boost organizational cybersecurity. It's a valuable tool created by top security experts to help you protect and secure your digital assets.
Here’s how the NIST CSF supports a risk-based approach:
It helps you understand your risk by identifying which assets are the most critical and valuable.
It guides you on how to assess the people, processes, technology, information you have today.
It identifies the business-critical assets that need to be secured from threats so your business can operate successfully.
It helps you prioritize your risks based on their impact on your business.
It helps you allocate your resources where they matter most and ensures you maximize your investment.
It promotes continuous monitoring and helps you adapt to evolving threats.
Secure your future today!
Safeguarding your business from cyberthreats is critical for the survival and growth of your business. Don’t leave your business security to chance. Consider partnering with an experienced IT service provider like us. Schedule a baseline audit now.
Not ready? Learn more about what we can do for you.