Today, virtually all organisations and companies rely on Information System and IT to conduct business. While these technological advancements may boost productivity and make the process of running an entity much easier, it opens doors to newer and more complex risks, some of which organisations never had to contend with. This makes Cyber risk assessment an integral part of any organisation’s risk management strategy. It simply means assessing how well-developed and comprehensive an organisation’s cyber security program is. Here are other reasons why regular cyber security assessment and management in important:
1. It’s a Requirement
Most organisations that hold sensitive data must perform regular cyber security assessments. Furthermore, there are regulations that determine the kind of cyber defence mechanisms you should have, as well as the standards for assessing a company’s cyber security protections. Even those that are not required to have this kind of assessment should still do so, at least for their own benefit. Plus, you could be held responsible for data breaches even if the leak wasn’t actually your fault.
2. To Get Cyber Insurance
With the ever-increasing rates of cyber insecurity, cyber insurance has never been more crucial. It protects you against financial loss in the event of a breach. Your insurance provider will need a cyber security assessment to determine your premium rates.
3. Identify Vulnerabilities
Periodic cyber security assessment helps to determine the potential weaknesses in your cyber security measures. By examining your IT assets such as software programs, as well as your security policies, you can determine where new attacks can generate from. For instance, your early cyber-security assessment might reveal unprotected devices on your network, applications that aren’t up-to-date, or even find gaps in your cyber security practices. Knowing your weaknesses is the first step to reducing the chances of being breached.
4. Threats Are Constantly Evolving
Just because your company was secure a year ago doesn’t mean it is secure now. Cyber criminals are constantly finding new and more creative ways to attack online. For instance, recent cyber attacks have been attributed to newer ransomware attack strategies, which are different from the old software bugs and exploits. Failing to maintain cyber security means being unaware of the new threats and potentially exposing your organisation to significant risks.
5. Protect Reputation
Who wants to risk working with a company that’s undergone a huge cyber attack when they can do so with one that takes cyber security more seriously? Periodic cyber security assessment will help you take the necessary precautions to prevent breaches. This demonstrates to your stakeholders that their security is important to you, giving them a piece of mind. It’s much harder to regain your customers after a security breach. When it comes to cyber security, prevention is truly the best cure.
6. To Make Effective Security Decisions
The findings of a cybersecurity assessment will shed light on a number of things. First, it will determine how vigilant your employees are about cybersecurity. This will help you identify the grey areas so you can begin the proper awareness campaign about cybersecurity among your employees. In addition, an assessment report will clearly state the areas that need improvement. Use the findings to come up with new and better security policies and standards. In the long-run, this will prevent potential, costly cyber attacks.