Managing cyber risk

Businesses need to be vigilant and take steps to manage cyber risks effectively!

Cyber-attacks are on the increase and it’s not just large, international corporations that are being targeted. As businesses increasingly rely on technology for their day-to-day operations, they are also exposed to new and evolving cyber risks. Cyber-attacks can not only damage a company’s reputation, but they can also result in financial loss, legal action and even the loss of confidential data.

One of the best ways to manage cyber risks is to create a cybersecurity plan that covers all aspects of your firm’s operations. This plan should include an assessment of the company’s risks, the development of security policies and procedures, and the implementation of technical controls such as firewalls, intrusion detection systems and access controls. The plan should also incorporate regular employee training to increase awareness of cyber risks and educate staff on how to avoid them.

In addition to this, businesses can also adopt a proactive approach by regularly testing and auditing their systems to identify vulnerabilities and ensure that they are secure. This can be done through penetration testing, which involves attempting to exploit vulnerabilities in a system to identify weaknesses that can be addressed, and vulnerability scanning, which involves running automated tools to identify potential security issues.

It is important for businesses to not only address cyber risks within their own organisations, but also to manage risks associated with their third-party suppliers and partners. This can be achieved by conducting due diligence on suppliers and ensuring that they have adequate cybersecurity measures in place.

Managing cyber risks should be an ongoing process that evolves and adapts to the changing threat landscape. By taking a proactive approach, businesses can protect themselves and minimise the impact of any cyber breaches that may occur.