The need to defend internet-connected devices is on the rise. We must take measures to protect devices from the malicious intent of cyber criminals. As companies are always on target, it is essential to take cyber security seriously. The importance lies in protection against identity theft, data breaches, ransomware attacks, and phishing schemes.
In this digital world, one thing that all organisations need is cyber security management services. A company’s dependency on technology is inevitable and it is in our hands to safeguard it. The task is challenging but there are ways to stop the threat actors.
This is a real danger and requires instant solutions. Cyber security is the answer to the hassle of business owners who wish to elevate growth.
This blog is a guide to cyber security management. By the end of this blog, you will gather knowledge about cyber security risk management and cyber security asset management.
Need for Cyber Security Management
When a security breach happens, it leaves a huge impact on any organisation. What usually suffers is business as it puts reputation on a pedestal. On top of that, there is a strong financial impact. This happens because a cyber-attack exposes the personal information of numerous individuals.
That is why it is absolutely necessary to focus on cyber security management and protect businesses from spammers, hackers and malicious actors.
Cyber-attacks are always done with a purpose, and they can have a range of reasons. Even though the reasons are different the intent is the same, that is to harm the organisation.
Let’s explore the different factors of cyber-attacks:
Illegal Access to Data
The purpose of gaining unauthorised access is either to delete the data or modify it with the idea of corrupting the database.
Extortion
The intention of hackers is to extort lump sum amounts. They threaten the victim company to leak the sensitive data and ask for ransom in exchange.
To Eliminate Business Competition
It can be a tactic of competitors and they do it by defaming the other businesses. This is done by stealing vital information such as trade secrets or intellectual property. Once such important details are leaked, organisations can lose their proprietary advantage and suffer losses.
Disruption in Business Activity
The time of data breach can be a task for businesses. Generally, the workflow is disrupted, and business activity completely shuts down. This results in financial loss which could be huge in some cases.
This proves that cyber security management services have great significance, and every business must take measures to implement guidelines and standards to protect the business from such inconvenience.
Exploring the Best Practice to Secure Businesses from Cyber Attacks
Cyber Security Risk Management
This is a process of dealing with cyber-attacks and it involves various steps such as identification, analysis, evaluation and addressing cybersecurity issues. Usually, this is the task of a security team.
This is a method that requires consistency and a proactive approach.
This is a four-step management program, and they are:
Risk Identification
This is the first step in the management. It involves understanding the potential threats and vulnerabilities. However, the process doesn’t end there, it also tries to find out about the grave consequences. Anything can evolve into a cyber threat. For instance, it can be a hostile attack, human errors, structural or configuration failure, and natural disasters.
There is a need to find out the vulnerabilities of the internal and external function to define the drawback areas or the source of threat.
Risk Assessment
The second step of risk assessment is an opportunity to know the level of security in an organization. This is a way to initiate communication and cooperation between the team members. This is essential and plays a crucial role in future risk assessment.
As we already know the vulnerabilities, it is the time to address them so that proceeding with further becomes easy. This step also paves the way for risk management decisions and risk response measures.
Risk Mitigation
Mitigation response holds even more value than identification and assessment. It is all about managing the residual risk. Successful risk mitigation requires a structured plan and a proper risk response strategy.
Some of the technical risk mitigation methods are encryption, firewalls, and threat hunting software. Other than that, the best practices are:
- Training Programs for Cybersecurity
- Frequently Updated software
- Privileged Access Management (PAM) Solutions
- Multi-Factor Access authentication
- Effective Data Backup
Risk Monitoring
After identification, assessment and mitigation, it is time to prioritize monitoring. This is because the technological landscape keeps changing and the cyber environment comes with new ways. This step is vital to ensure risk-free internal controls while keeping a check on IT infrastructure.
Cyber Security Asset Management
As the name suggests, this management is about protecting the IT assets of the organisation such as traditional devices, like PCs and servers, or specialised IoT, IoMT, IIoT, or OT devices.
Every device, resource or service within your IT infrastructure is exposed to security risks and vulnerabilities. That is why it is important to miss this factor and pay attention to IT assets as well.
Conclusion
Cyber security is an unforgettable part of a business organisation and a failure to protect the business from them can lead to irreversible damage. We know that with few techniques, organisations can prevent such attacks and save the business from financial and reputational loss. However, all this is not easy and requires professional assistance.
Cyber Cops is your perfect partner in the fight against cyber attackers. It is a leading cyber security company with best-in-class cyber security management services. Partner with Cyber Cops and avail cyber security and auditing services, HIPAA Compliance, SOC 2 Compliance, GDPR, ISO 27001, ISO 9001 Audits and certification needs, custom made to meet your specific needs.
