Cybersecurity risks are potential exposures to your company if its networks and digital systems are attacked. Assessing them requires identifying threats and weaknesses, and recognizing the potential cost of a successful attack in terms financial loss, reputational damage, or operational disruption.
Ransomware and data breaches are two of the most well-known cyber-security threats, but they’re not the only threats. When a user logs on to their favorite Wi-Fi network they could be connecting to a fake Wi-Fi network created by hackers to steal personal data or conduct other types attacks. Incorrect software is a major threat, too and researchers have suggested that vulnerabilities that are not patched can be the cause of up to 1/3 of all cyber security attacks. Maintaining your applications up to date is a key risk mitigation strategy.
Other forms of cyberattacks include phishing, which involves directing users to websites that trick them into divulging their passwords or downloading malware. Financial fraud and industrial espionage are often the motivation behind state-sponsored hacking, whereas criminal groups might try to make money from their activities through ransomware-based payments pop over here or theft of credit cards or even mining cryptocurrency (which can substantially increase your electric bill).
Regular risk assessments are critical to ensure that your business is secure. It is essential to first identify your most valuable assets and then evaluate the risks to determine their vulnerability to cyberattacks. This allows you to prioritize and implement measures to mitigate those risks like installing intrusion prevention software or re-evaluating your incident response plan. A reliable GRC platform can help you centralize this process to ensure that everyone has access to the most recent information.