Definition of Risk Management
I’m sure you’ve heard the concept of “managing risk.” From financial risks to new product launches, there’s no doubt it’s come up when talking about your business. When we talk about Cyber Security though, we define Risk Management as the actions you take to reduce the chances of a successful Cyber Attack. Maybe that’s an oversimplification but it does come down to the everyday tasks. Not clicking on links in spam emails, for example, making sure your password is secure & unique. These simple tasks are the start of a successful Cyber Security Risk Management strategy.
How do I Reduce my Risks?
So how do businesses reduce their Cyber Security Risks to acceptable levels? Well, the first step would be to identify what those risks are! The best way to figure out where your cyber vulnerabilities are is by running Risk Assessments. These include a wide variety of tests from the access employees have to the security protocols on your data storage devices. While Risk Assessments come in all shapes & sizes, you should periodically test different aspects of your business. By testing your cyber vulnerabilities, prevention becomes your greatest tool for reducing your risks to acceptable levels. From there, these 12 steps are the basis of a solid strategy for mitigating Cyber Attacks.
- Update and Upgrade Software
- Limit and Control Account Access
- Enforce Signed Software Execution Policies
- Formalize a Disaster Recovery Plan
- Actively Manage Systems and Configurations
- Hunt for Network Intrusions
- Leverage hardware Security Features
- Segregate Networks using Application Aware Defenses
- Consider using Threat Reputation Services
- Leverage Multifactor Authentication
- Monitor Third-Party Security Posture
- Assume Insider Threats Exist
For additional information on mitigating the risks of a Cyber Attack in a small business, you can download the
NSA’s Top Ten Cyber Security Mitigation Strategies here.
The National Institute of Standards and Technology has compiled a Risk Management Framework that helps Small Businesses develop their process of Risk Management. They break down this process into 7 Phases:
What are Risk Management Frameworks?
These standardized & documented methods are incredibly valuable for protecting your small business from Cyber Attacks. By utilizing these guidelines produced by U.S. Government Agencies & Cyber Security Experts, your team can implement a strong foundation for protecting your data & technology assets. The 3 main organazations that develop these frameworks include the National Insitute of Standards & Technology Cyber Security Framework (NIST CSF), Department of Defense Risk Management Framework (DoD RMF), & the International Organization for Standardization (ISO). Some examples of these Risk Management Frameworks include:
- How to conduct Risk Assessments to identify cyber security gaps
- Analyzing the Risks on these control gaps
- Developing strategy for Risk Mitigation
The Challenges of Cyber Security Risk
Arguably the biggest challenge facing a small business is a lack of visibility. There’s only so much time in the day & the to-do lists never end. We know that Cyber Security isn’t in the day-to-day discussions for most small businesses, but the truth is it doesn’t have to be. The single best thing you can do is have a solid onboarding training program & periodic refreshers to help your employees know the do’s & don’ts of online protection. If you have an internal IT department (which you should in today’s world), supporting their ongoing education & certifications can empower them to do the more technical aspects of Cyber Security in-house. The alternative would be to outsource the strategy & implementation. Staffing, time, & budget are the second biggest challenge for SMBs implementing a Cyber Security strategy. With the rise in cyber attacks as the world goes fully digital, it’s so important to view the costs of these plans as an investment. Protecting your assets from Cyber Attacks is going to continue to become more important as time goes on. You can plan for a successful future in your business if you’re better protected from risks today.
Benefits of a Cyber Risk Management Strategy
Just like insurance, you’re thankful you have it when you need it most. The biggest part of a Cyber Risk Management Strategy is prevention through trainings & setting up proper protocols. This automatically & significantly reduces your risks of a Cyber Attack right off the bat. The next major component of a risk management program would be the Disaster Recovery Plans. What you do when things go wrong will directly impact how fast you get back to day-to-day functions, how much profits you lose, & possibly whether you’re still in business or not. In short, a Cyber Risk Management Strategy’s costs isn’t even comparable to the value of your business.
Risk Mitigation Training by OQP Solutions
Managing & reducing your risks of cyber attacks starts with the day-to-day basics like having strong passwords. The fact of the matter is, it comes down to how knowledgeable you & your staff are in practicing good Cyber Hygiene. OQP Solutions understands that these online practices aren’t taught in school or even our first couple of jobs growing up. Our #1 goal is to help small business owners & their staff to learn how to keep their asse(t)s safe from those online threats. For more information on our Security Awareness Trainings, click through below!
For more information on our
Security Awareness Trainings, click through below!!