Mitigating Cyber Risk

Cyber risk is commonly defined as exposure to harm or loss resulting from breaches or attacks on information systems. Every day there are some cyber attacks happening in the world, with the advancement of technology and increase of people demanding and relying on the technology has become the main target for attackers. Cyber criminals as hackers have many motivations such as for fun, Ideology, and Grudges which is categorized as “FIG” and almost 90% is hackers motives is for financial gain. Other motives such as competition between hackers, political gain, to destroy reputation, and some are unknown. Thus, it is essential for all organizations regardless of the size of the organization to practice cybersecurity.  

There are many tips and strategies to mitigate Cyber Risk.  

1. Software Up-to-Date and Patch 

As above, the article mentioned about the new advancement of technology and increase of people demanding and relying on the technology, it has become important to make updates on software for many reasons. The one reason is for the to update security system and the second reason is to provide more new features to users. Thus, whenever a new software update notification comes, people are highly recommended to update their devices for security purposes.  

2. Multi-Factor Authentication 

Multi-Factor Authentication Service (MFA Service) requires two or more methods to verify a user’s identity.  It is another strong tool which can be utilized to help mitigate cyber risks. During the login process, it will require the multi-factor authentication answer to users. This is an extra layer of security to their account. The verification code can be received in the user’s primary phone or email via text message or a phone call, depending on the user’s settings. There are different methods to verify the identity of the user such as SMS Passcodes, Phone Callbacks, TOTP Passcodes and Bypass Codes.  

3. Cybersecurity awareness and training program 

Companies should not neglect the Cybersecurity training program. Most companies do have professional training, career mentor programs,  related careers. However companies should have the cybersecurity awareness and training programs for all employees from different departments in order to protect the company’s assets and reputations. Employees and vendors should be aware of phishing emails and other important security issues. If there are any cyber incidents, it is important for the company to ensure everyone is aware of the incident. 

4. Firewall and Antivirus 

Firewall can defend computer networks from many threats. In the real world scenario firewall is placed between a private network and internet to prevent attacks. It monitors and inspects incoming and outgoing network traffic using a set of rules to identify and block threats.  

There are many great Antivirus out in the market where an individual and organizations can install and update in premium to scan vulnerabilities and threats and to remove it from the device.  

5. Back-up Critical Data and encrypt data 

There are many different types of data and information access to different employees based on their roles and position in the organizations. The most critical data or sensitive data are not shared or have access with any employees of the company. When a user accesses such data, the IT department does monitor every user accessing and if using or copying the sensitive data. If there are any hackers accessing the sensitive data of the company and threatening to delete or sell it on the internet, back-up data is always helpful in such cases. Encrypting all important data of the organizations is one of the best ways to protect against hackers gaining access to sensitive data.  

6. Cyber Insurance Policy 

The cyber insurance policy might protect your organizations from being bankrupt due to cyber attacks such as ransomware. It is always the best option to have insurance for every important asset. For example, if the company experiences a data breach, a solid Cyber insurance policy will cover the company’s losses and cost to repair the damage. Thus, cyber insurance is always a great idea to protect the company from huge financial losses.  

Thus, all of the above strategies will help to mitigate cyber risks. There are other tips like protecting physical security (id badges, phone, credit cards) and creating strong passwords. In addition, you should be aware of possible threats and vulnerabilities. If there are any cyber attack cases, how is the company going to respond? What are the protocols to take action if an employee of the company sends sensitive data to his/her personal email? Hence, it is important for the company to make a plan for the worst case scenario and learn from mistakes to improvise and to mitigate cyber risk.