As a business owner, major data breaches aren’t the only threat you need to worry about. Smaller events, such as employees losing passwords or clicking on phishing emails, can devastate your digital assets just the same. You need a cybersecurity risk management plan to help you safeguard those assets and guide your next steps when a threat looms.

Below, learn all you need to know about creating an effective cyber risk management plan.

Why Does Your Business Need a Cybersecurity Risk Management Strategy?

In 2017, business owners around the world received a disturbing message when they sat down at their computers. A malicious hacker had encrypted their data, and they would need to pay a ransom to get it back. This was the infamous WannaCry ransomware case, which affected over 200,000 devices in 150 countries.

Then there’s the NotPetya virus, which hackers released in the same year. Unlike WannaCry, this one didn’t provide any way for victims to recover data. Damages from the virus have been estimated in the billions of dollars.

Stories like these illustrate the need for a comprehensive cybersecurity risk management strategy. In addition to viruses, malware, and ransomware, your business is equally at risk from careless employees or bad actors within your company. And, with the widespread use of the Internet of Things (IoT) and 5G, there are more ways for criminals to steal your data than ever.

Fortunately, with a strong risk management strategy, you’ll be well-prepared against threats both external and from within.

Crafting an Ironclad Cybersecurity Risk Management Strategy

What does creating a cyber risk management plan entail? Here’s how to create a plan that will serve you well.

Choose a Compliance Framework for Your Cybersecurity Strategy

Compliance frameworks are sets of guidelines to help organizations manage risks and vulnerabilities. While implementing one isn’t strictly necessary for every business, it can greatly help with threat assessment efforts.

The NIST 2.0 Framework is currently the gold standard for finding and mitigating security gaps. Others include the Payment Card Industry Data Security Standard, the General Data Protection Regulation (GDPR), and the Health Insurance Portability and Accountability Act (HIPAA).

Map Out Your Business’s Security Landscape

To properly assess your data vulnerabilities, you’ll need to thoroughly understand your business’s security landscape. This means identifying any vector that someone could use to breach your network and damage or steal data.

Your landscape might include:

• Servers, including entrances and exits to server rooms
• Internet-connected computers
• Wireless access points
• IoT devices, such as printers and scanners
• Smartphones, especially employee-owned devices

Perform a Vulnerability Analysis

Next, it’s time to uncover any weak points in your system. The easiest way to do this is to hire an expert for penetration testing. They’ll go over your network with a fine-tooth comb to hunt down vulnerabilities such as weak passwords and poor data encryption.

If you’re unable to hire a penetration tester, you’ll have to look for those weak spots yourself. Common vulnerabilities include:

• Employees who leave their computers unlocked while away from their desks
• Workers who allow visitors into the server room and other sensitive areas without authentication
• A lack of security cameras near important areas
• No data encryption
• Unpatched software
• Administrators assigning employees more data privileges than necessary
• Poor input validation on websites

Gather a Team of Risk Mitigation Experts

As much as you may like to, you can’t guard your data against threats all by yourself. You’ll need a committed team of security pros to help you enact your cybersecurity risk management strategy.

Your team shouldn’t just include your IT department. Everyone in the company should be dedicated to security, from entry-level employees to executives. You should also inform all employees of your incident response plan so they’ll know what to do in a crisis.

Secure Your Digital Assets

Now it’s time to secure your assets. Tips for building a security-savvy workforce include:

• Inform employees about the dangers of clicking on emails from unknown senders. Consider having your IT team regularly send mock phishing emails to test employees’ knowledge. Provide further training to employees who click on links in the emails.
• Tell employees to choose strong passwords and never leave their devices unlocked when unattended. If you’re having trouble with password strength compliance, implement hard-coded password requirements, such as using a mix of special characters and numbers.
• Tell employees to watch out for shoulder surfing, a technique bad actors use to watch workers input passwords and other sensitive data over their shoulders.
• Inform your front desk or security team to never let unknown people into sensitive areas of the building without prior authorization.
• Place security cameras and alarms at every entrance to your server room.
• Thoroughly vet third-party vendors that your company does business with.

Create an Incident Response Plan

An incident response plan outlines your next steps when a cybersecurity disaster strikes. For example, you may immediately cut off all outside access to your network to prevent hackers from doing further damage.

You should also make a plan for business continuity after an attack. The goal is to get your business back up and running again as soon as possible.

Watch Out for Attack Precursors

The better your team is at identifying attack precursors, the faster your business will be able to recover. And, in many cases, you can prevent an attack from happening entirely.

One common precursor is multiple failed login attempts. This could just be an employee who forgot their password, or it could be an attacker trying to brute-force their way into your network.

Keep an eye on antivirus software alerts, too. Your software will let you know if an employee’s computer has been infected, allowing you to take quick action before the infection spreads.

Protect Your Digital Assets With Union Risk Services

As you’ve seen, a cybersecurity risk management strategy is essential for any business that cares about data safety. Need help protecting your most valuable assets? Reach out to Union Risk Services. We offer cybersecurity assessments, employee training, disaster recovery services, and cyber insurance coverage for your peace of mind.

To get help with protecting digital assets, call us at (718) 370-3131.