According to the U.S. National Cyber Security Alliance, approximately 60 percent of small businesses that experience a cyber attack go out of business within six months. Cyber risk management involves identifying, evaluating and addressing an organization’s cybersecurity threats and prioritizing defensive measures to protect against the impact of a breach.
Why Work With A Cyber Risk Management Firm?
No business is safe from the threats that lurk online. From data privacy to cases of fraud and deception, businesses of all sizes and in all industries must face the serious risks that come from operating via the internet. However, partnering with a knowledgeable and skilled cyber risk management firm can help minimize these risks and ensure that cyber threats are managed appropriately.
Here are some of the top reasons to work with a cyber risk management firm:
Become Familiar With The Different Levels Of Cyber Risk
Not all businesses face the same level of risk. A cyber risk management firm can help companies become more familiar with the different levels of cyber risk, ranging from low to severe. Using this information, companies can develop a cyber risk management plan that aligns with their business goals and level of cyber risk.
Better Understand What Your Cybersecurity Issues Are
It can be difficult for some businesses to understand what their cybersecurity issues are, especially when it’s presented using tech jargon. A great management firm will break everything down into layman’s terms to make it easy for the average person to understand.
Receive An Outside Perspective From Industry Experts
Many organizations don’t have an executive leader focused on cybersecurity, like a Chief Information Security Officer, to develop and execute a cyber management plan. It is common for businesses to overlook important aspects of their cyber management plan. Look for a qualified firm that provides CISO leadership and assessment services in order to help your organization take action and accountability. Many organizations focus on hiring a firm with experience in their industry, and while this is helpful, and in some cases absolutely critical, organizations can benefit from best practices across industries.
How A Cyber Risk Management Firm Can Help
Just one unexpected cyber incident can force a business to shut its doors forever. A cyber risk management firm can provide a wide range of services designed to protect companies from data breaches and other cyber events. They can also identify possible weaknesses in the network infrastructure and guard against security vulnerabilities.
Here are some of the top ways a management firm can help:
Protect Your Organization’s Digital Assets
Most modern companies have digital assets in the form of customer databases, proprietary processes, and intellectual property or company material under copyright, patent or trademark. Protecting an organization’s digital assets is paramount as they are often what hackers are targeting. A management firm can help businesses protect their digital assets and their value.
Conduct More Thorough Vulnerability Assessments
Vulnerability assessments can help organizations identify possible vulnerabilities in their systems, network and hardware. IT teams can leverage the information that is collected during an assessment to assess and improve prevention processes and risk mitigation. Businesses that hire a cyber risk management firm can expect thorough vulnerability assessments that help them make the important shift from a reactive cybersecurity approach to a proactive one.
Easily Implement Your Cyber Risk Management Plan
Receiving advice regarding cyber risk management is one thing, but having a firm assist in implementing a cyber risk management plan is where the real value lies. A cyber risk management firm can help organizations calculate their level of risk, develop a strategy for managing these threats and implement a plan or program to protect against attacks that could cause the organization harm.
Educate Your Employees on the Importance of Cybersecurity
Keeping employees up-to-date on the latest attack methods and threat intelligence is critical to reduce stress, eliminate risky behavior and ensure that workers are prepared to handle cyber incidents as they arise. An experienced cyber risk management team can step in to educate employees on the importance of cybersecurity and provide tips and techniques for resolving cybersecurity events with minimal business interruption.
Address Glaring Cybersecurity Issues Faster
When cybersecurity issues arise, it is essential to handle them swiftly and efficiently to prevent downtime and similar problems. With help from a qualified cyber risk management firm, organizations can quickly address glaring cybersecurity issues much faster than they could on their own. Approaching cybersecurity concerns early on can help prevent more costly cyber events from manifesting.
Speak With Hartman Executive Advisors For More Information
Modern businesses require a strong cybersecurity presence to reduce their online risks and keep cybercriminals at bay. To learn more about why businesses should consider working with a cyber risk management firm or to speak with an experienced business management and IT consultant, reach out to one of our experts at Hartman Executive Advisors today.