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With every decision you make comes risk. Going for a run could mean a twisted ankle, or getting on a bike could end in a painful fall. When it comes to engaging online, whether through social media, software, or otherwise, it comes with risks just the same. Although the risks may not be as obvious, the damages they can cause cannot be understated.
Cyber security risk is characterized by the possibility of exposure or loss of a critical asset or sensitive information. In simpler terms, how likely is it that sensitive data or private information is exposed in ways it shouldn’t be? This information can be as straight-forward as a credit card number being leaked online, or as complex as a supply chain attack that compromises national security. Individuals are often the targets of cyber attacks, but they aren’t the only ones suffering. Cybercrime caused nearly $1 trillion in damages in 2020 alone, according to “The Hidden Cost of Cybercrime” by Macafee. The rise in threats and damages caused has means that organizations are taking additional precautions to secure their businesses, including publishing security postures, taking out cyber risk insurance, and more.
The dramatic variations in potential impact associated with cybersecurity risks highlight the importance of cybersecurity risk management—while leaking a name and home address may not result in a life-or-death situation, there are plenty of other leaks which very literally could ruin the lives of those impacted. The types of threats and threat levels vary greatly, but understanding the top cyber security threats 2021 are key to understanding how your organization can work to protect itself against the threats of the future.
If your company has mandated cyber security training, you’ve probably heard of at least a few of the threats on this list. That said, in a constantly evolving environment, its important to stay up-to-date with the top cybersecurity threats that professionals are keeping an eye on.
Although these top 10 cyber security threats are an abbreviated list of cyber risk examples, understanding these most commonly perpetrated attacks and the ways that your organization can work to prevent them is key to staying out of trouble. Once you’ve understood and mitigated these threats, the next step is to convey your understanding and the actions you’re taking to prevent these security risks to your customer base. Outlining your cyber security risk management policies is a great next step to doing so.
Now that you understand the threats your organization could be facing, it is time to outline the cyber security risk components that most prominently impact your organization. Work in the field of healthcare or banking? Protecting sensitive customer data should probably be high on your list. Providing an important service via the web? Ensuring that you’re well-suited to handle a potential DDoS attack should be among your security priorities.
Once you’ve outlined the important risk components your organization faces, begin to adopt a cyber security risk management framework (RMF). These frameworks bring a risk-based and full-lifecycle approach to implementing effective cybersecurity policies, and outline the common processes and procedures for implementing cybersecurity controls at organizations like yours.
Why do companies conduct cybersecurity risk assessments? All of the risks and challenges associated with the previously outlined security risks examples mean that every vendor you bring on should be viewed through the lens of a potential security weakness.
Companies conduct cyber risk assessments for third-party organizations in an attempt to manage the risks that they incur when signing up to use another companies’ software, or share data with a third-party in some other way. By requiring companies to complete cyber security risk assessments, they are ensuring that some standard of security they have outlined is being recognized and respected by the organizations they trust with their data.
Managing and mitigating risk in cyber security is key to building a successful and trusted organization. Implementing a solid risk management framework is one way to manage the risks that may come from within your organization, but you’ll also need to take steps to understand the risks that your third-party vendors could be exposing you to as well. Mitigating the risk in cybersecurity is the only way to build a lasting security program and in turn, build trust with your customers and prospects. Interested in managing your cyber security risk? Claim your Trust Center today.