From large organizations to small startups, every one depends on digital technology these days for operations and this exposes them to multiple cyber threats. It can disrupt their operations, compromise their data, and spoil their reputation. Over 35% of malware was sent through email, and over 90% of organizations received scam mails. This makes cyber risk management really vital.

When businesses scale, their attack surface increases and cyber criminals take advantage of this. Moreover, organizations these days have to partner with 3rd-party vendors and suppliers which poses even more risks. Managing third party risk along with cyber threats enables businesses to stay safe in digital environments. 

Importance of Managing Cyber Security Risks

Data breaches, phishing attacks, attack vectors, etc. are regularly faced by businesses these days, and it increases the need for proper cyber risk management. This process identifies all threats to confidential data and system networks, and tries to mitigate them as quickly as possible. 

You may not be able to completely eliminate security threats, but you can always minimize their impact. A cyber risk management process should include these steps – 

• Identify the source of potential risks and where they are located within your system or network. The reason can be structural failures, hostile attacks, human error, or even fourth party risk from your third-party vendors’ partners.
• Assess the threats depending on your business level, importance, financial and operational impact, and potential consequences.
• Take quick action to minimize the risks and protect confidential data of your organization. Update your systems regularly, use the latest security protocols, educate employees, limit access, and more.
• After you identify, assess, and mitigate the risks, monitor them regularly for the future. Stay aware when onboarding new partner vendors, keep a check on internal technology, and stay updated regarding rules and regulations. 

Best Practices to Manage Cyber Risks & Protect Data in Digital Environments

It’s not necessary to spend big on cybersecurity as a small yet powerful system will help fight threats. Managing third party risk and improving internal security policies are a must for this. Here are the best practices you can utilize to keep your business secure in digital environments.

Identify Attack Surfaces & Network Entry Points

First of all, you have to identify all possible attack surfaces and network entry points of your organization. When you know about the things you have to protect, it will help a lot in coming up with the perfect response plan. Ensure all networks are secure, data is encrypted and no one can gain unauthorized access any time. Scan all devices, endpoints, and applications for potential risks. 

Locate & Protect Confidential Data

Ensure complete visibility of the data in your organization so that you know where everything is stored. Know who can access, use, and share different types of data. All sensitive and confidential data must be encrypted properly along with other data loss prevention techniques. Make sure to check data access, make regular backups, and delete unnecessary data.

Patch & Vulnerability Management Program

Through such a program, you can identify and take actions against all types of vulnerabilities on your network and systems. Based on the risks posed, prioritize the patching of them. Such tools will scan your network, all systems and devices, and applications for internal and external risks. With the same software, you can also fix and patch these shortcomings.

Use Multi-Factor Authentication

Implement multi-factor authentication for all applications and data on your system so that no one can get unauthorized access, even if they get to know your passcodes and keys. Every single device, OS, or application should have strong configuration settings that are not easily breachable by cyber attackers.

Perform Due Diligence Before Onboarding New Partner Vendors

Before striking  partnership with any vendor, go through their organization’s history and past reviews. Make sure they operate ethically and don’t have a history of fraud or scams. Your organization’s data and security can be compromised if you partner with fraud vendors. Proper due diligence decreases the danger of third party as well as fourth party risk. 

Awareness & Training for Employees

Conduct awareness programs and train your organization’s employees about cyber security. They should know how to identify risks, act quickly to mitigate them, and protect sensitive data from getting stolen or destroyed. 

Tell them about the importance of strong passwords, regular security updates, and best practices for maintaining privacy. The training should also tell them about social engineering threats, phishing attacks, and other common forms of cyber crime. 

Conclusion

We don’t think there is any business in the world that does not use the internet and has some kind of digital presence. Also, almost all organizations partner with third-party vendors for business success. Due to this, there are a lot of cybersecurity and other risks that an organization may face.

To ensure the safety and protection of data, and be safe from cyber criminals, managing third party risk and implementing a strong security policy are a must. You should take all possible measures to identify threats and actively work on mitigating them before heavy loss. Thus, cyber risk management is essential for any organization that operates in digital environments.