How Do Risk Management Failures Escalate Cyber Risks for Businesses?

How Failure Risks

A leading health services business had numerous ransomware assaults on its system, which harmed revenue. They were wasting time and money every week attempting to figure out how to deal with these attacks and repeatedly restore their data. Finally, they had an audit of their environment conducted by a third-party organisation. To solve these ongoing cyber security vulnerabilities, the company approached Skillmine. Skillmine implemented network segmentation, Multi-Factor Authentication, and a next-generation firewall. These measures could minimise the risk of exposure and block and contain any attempted attacks.  

In a poll of over 6,290 IT and business decision-makers from over 29 countries conducted by tech platform Tech Circle, over half (54%) of the global organisations believed their risk assessments aren’t mature enough, potentially exposing them to escalating cyber threats. About one-third (32%) of respondents said assessing risk is the main area of attack surface management they struggle with. As a result, they feel most exposed to ransomware (83%), phishing (85%) and IoT attacks (81%).   

Importance of risk management for businesses

A cyberattack can leave your company with financial strain. Therefore, it is crucial to have a strategy for how your business combats and responds to cybercrime. Creating a solid cybersecurity risk management strategy for your firm can assist you in achieving the following goals: 

      How does risk management help in reducing cyberattacks? 

      Let’s take a look at some of the risk management methods. Endpoint protection available in the market is designed to detect and respond to cyber-attacks. Here, the protection monitors endpoints for suspicious activity, warning an organization about the signs of compromise. This improves the response time to a cyberattack. Another method of risk management by which businesses can stop attackers from using known vulnerabilities to compromise systems is by keeping their systems adequately patched. 

      The spread of ransomware can be stopped via network segmentation, which significantly decreases the amount of malicious code that can move laterally over the network. In short, taking preventative measures will spare your business from having to spend money to eradicate a cyberattack. 

      CONCLUSION 

      By implementing a risk management program, your company can stop risks from materialising into a real worry. It is much less expensive to take precautions than to ignore the safeguards that attackers currently use to their advantage. Spend time developing risk management strategies and policies, ensuring they function correctly, and periodically reviewing and monitoring them. Skillmine’s IT Governance, Risk and Compliance (IT GRC) solution can help you in risk management by helping you calculate, report, monitor, remediate and mitigate risks.

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