Why you should conduct a Cyber Risk Assessment in 2021

Most businesses acknowledge the importance that cyber security risks pose to their business. However, we haven’t seen many businesses prioritise their cyber security and many have failed to develop any strategies to effectively respond to these cyber threats. A study by Microsoft in 2019 has found that 62% of executives ranked cyber security as a top-five risk management priority and only 30% had developed a risk management plan to manage the cyber security risks (1).

What makes a cyber security risk assessment effective?

Any effective cyber security risk assessment will constantly develop as your business grows, uncovers, protects and fixes vulnerabilities and cyber risks along the way (2). Therefore, it is important to regularly review and re-evaluate your risk assessments. A few pointers what you should be covering in your risk assessment:

  • Identify possible threats and their impact.
  • Predict the impact of threats and vulnerabilities on your business.
  • Identify a contingency plan.

When organisations assess their cyber security, many will look into tactical tools like vulnerability assessments or penetration tests to see how well their current cyber security infrastructure performs. These assessments’ core focus is to look into the technical side of preventing cyber threats rather than how it may impact the business. 

Cyber security risk assessments undergo a process that looks into identifying any critical IT assets and any other operational processes that look after them. These assets relate to factors such as revenue, brand perception and legality risks. If, for example, someone breached your cyber security infrastructure and released sensitive information online, not only would it affect your brand image but also it could cause your business to face legal problems due to the nature of the information that was illegally released. 

Therefore, it is crucial to ensure that your cyber security is up-to-date with a strategic risk assessment put in place to be aware of the steps that need to be taken in order to avoid any breaches that could cause your business to suffer. Many businesses underestimate the level of damage that cyber threats can cause and the amount of cost, resource and time it will take to fix or defend against a threat which could have been minimised through a planned cyber security risk assessment and an adequate cybersecurity infrastructure.

 


 

Are you looking for a team of IT specialists to look after your cyber security?

As businesses continue to grow and innovate, so do cyber security threats and they are continuing to increase year by year. Solutions4IT aims to deliver comprehensive network assessments to uncover and eliminate potential vulnerabilities including Cyber Essentials and Cyber Essentials Plus to keep your business safe, learn more here. To speak with our experienced IT professionals, contact us now on info@solutions4it.co.uk or call 0121 289 4477.

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