Here's how you can assess your cyber risk and fight back against the rising tide of cyber crime:
Identify Critical Systems
When performing any kind of risk assessment it's difficult to assess the entirety of your business. Fortunately, you don't have to. Your first step should be identifying systems that are vitally important to your business operations or systems that contain sensitive information. By encapsulating your business in this way you save time and resources without losing efficacy.
Identify Potential Threats
So, now that you know the areas of your business that are most vulnerable you need to figure out where the threats will come from. Some common threats are:
- Human Error. Human error is a broad issue. This includes everything employees who lose a device containing sensitive information to employees who unwittingly install a virus or malware program on their work PCs.
- Phishing. You've probably seen your fair share of phishing schemes. Someone emails you claiming to be from a position of authority asking for sensitive information. Phishing isn't always as dumb or obvious as a Nigerian prince scam. When targeting businesses they can actually be quite sophisticated.
- Hacking. Hacking is the unauthorized access of data in a system. Usually, this is done through exploits in software or hardware. These exploits are discovered quickly and patched up, but there are always more that come along with each new iteration of a program or device.
- Data Loss. Modern businesses store vast amounts of data that is essential for their operation. Losing access to this data, whether through a careless employee or a damaged computer, can be devastating.
Analyze Potential Impacts
You now know the key systems and the threats they face. Now you need to assign these systems an impact rating. You could think of impact ratings as follows:
- High Impact - If this system is compromised business impact would be potentially
- Medium Impact - Business disruption would be substantial, but manageable
- Low Impact - There would be a small, localized impact. Easily manageable.
Identify Problem Areas
Now that you have a more substantial understanding of your systems, their threats, and the potential impact of these threats you need to identify areas that need improvement. Start by looking at your current cyber security solutions and asking yourself how effective they are. Do they comply with regulations? Are they merely adequate? Are you doing nothing at all in certain areas?
Where To Go From Here
Now that you know where you need to improve, you can begin steeling your business against cyber crime. It isn't always easy, though. There are a variety of avenues for cyber risk in your business and capturing them all is not an easy, or even reasonable, goal. You can mitigate and contain risk, but you can never fully eliminate it. Things are not all doom and gloom though. Cyber insurance is designed to protect businesses in scenarios like these. The extreme costs of cyber attacks can sink a business in no time, but with cyber insurance the financial burden is made bearable.
At Summerlin-Roberts we perform a personalized risk assessment to find out where your weaknesses lie and determine the best course of action to minimize your cyber risk. Please, contact us today to learn more about our cyber insurance or to schedule a comprehensive cyber risk assessment.