The Importance of Cyber Risk Assessments - Hartman Executive Advisors

In a digital age where cyberattacks are rampant, performing regular cybersecurity risk assessments should be a critical part of every company’s procedures. A cybersecurity risk assessment is used to determine the likelihood of an attack against a business and the potential impact a cyberattack could have on a company’s reputation, finances and overall business health. As technology is continually changing and evolving, companies should aim to undergo a cyber risk assessment at least once every two years or more often if new threats become prevalent.

Quantified Data Helps with Decisions

As one of the most common concerns among business leaders, cyber risks must be appropriately minimized. By performing a cyber risk assessment, companies can identify the biggest threats that affect their business and take the necessary steps to protect their investment. Cyber risk assessments can help produce quantified data that can aid in the decision-making process.

Many business leaders use these assessments as a tool to make more informed decisions regarding cybersecurity infrastructure. Cyber risk assessments can also reduce wasted time and resources by eliminating the need to review misleading threats based on non-quantifiable data.

See into Blind Spots

Cybersecurity involves many components, many of which can be easily overlooked. While business leaders may not be aware of any risks that threaten their business, that does not necessarily mean that none exists. Cyber risk assessments are designed to give business leaders the data and resources they need to navigate potential risks and identify areas that may have been missed in the past.

Blind spots are relatively common in the cybersecurity industry. As technology continues to advance at a rapid rate, it can be challenging for businesses to keep pace. Performing a cyber risk assessment helps ensure that business leaders are aware of these hidden dangers so that they can take the proper measures to address them before it is too late.

Plan for the Future

As a growing business, it is necessary to regularly think about future needs. Companies that remain static may ultimately fail, especially when they do not recognize cyber threats and the consequences that they can cause. Performing a cyber risk assessment helps companies better prepare for the future by learning what threats are possible and working to mitigate them as they are discovered.

A cyber risk assessment also doubles as a template for future assessments. This means that they must be continuously updated to meet the unique and ever-changing needs of a business. However, by performing an initial assessment with a great deal of detail, businesses can learn what to look for and essentially repeat the process as needed.

Simplify IT Systems

Cyber risk assessments do much more than pinpoint potential threats to a business. They can also be useful for simplifying IT systems and processes. By performing a cyber risk assessment, businesses gain the resources they need to consolidate IT systems successfully in acquisitions and mergers. A simplified IT system is easier to use, draw data from, and can be effectively used to store large amounts of sensitive data.

Simplifying IT systems also makes it easier for business leaders to review their security controls. Once a business has identified potential weaknesses and has a thorough understanding of threats, it is important to review and improve security controls. This essential step can help companies determine if preventive or corrective controls need to be enhanced or modified.

Ensure All Data is Safe and Compliant

One of the biggest challenges that businesses in all industries face is keeping sensitive data private and out of the hands of fraudsters and identity thieves. With a cyber risk assessment, companies can help ensure that they have the proper securities in place to prevent intrusions. These assessments also help ensure that businesses remain up-to-date with all IT regulatory compliance.

While operating a business, there are countless documents that must be reviewed and safely stored. From bank statements and insurance policies to partner agreements and other organizational documents, each of these documents must remain away from prying eyes. With quantified data from a cyber risk assessment, companies can develop better security policies to protect their data and network.

Call Hartman for Help

The best way to effectively minimize cybersecurity threats is by understanding what threats affect a business, the impact of these threats and how to maintain the appropriate security level. Performing periodic cyber risk assessments help uncover security vulnerabilities that may exist within a network. Cyber risk assessments can also be aligned with business operations and goals to help businesses reduce inherent risks while still meeting their set objectives. For more information about the importance of performing a cyber risk assessment or for assistance with tools or strategies needed to minimize security threats, contact Hartman Executive Advisors.