Due to the covid-19 pandemic, and the rise of remote work, cyberattacks are surging through the roof. As a result, this will only continue to rise, and remain one of the biggest challenges that SMBs will have to navigate. 

 

Cyberattacks caused by human error accounted for about 85% of breaches in 2021. In addition, phishing attacks accounted for 36%, and ransomware contributed to 10% of all attacks. Every GTA business needs to ensure that their cyber defenses are a top priority amid the current evolving threat landscape in order to protect their organization from threat actors.

 

It can be difficult for SMBs to create a rock solid cyber defense. It requires an ongoing effort with the right people, processes, tools and proactive strategies for it to work effectively. Even though there are many elements to a successful cyber defense, a critical part of this is risk management.

In this article, we will explain how to assess your current cybersecurity strategy, and hopefully afterward, your business will understand what it needs to be fully protected.

 

Understanding Your Cyber Risk

Simply put, a cybersecurity risk assessment is defined as the act of “understanding, identifying and managing cyber risks in your business’ infrastructure.”

 

The main purpose of conducting an assessment, is to help decision-makers identify all their risk factors. Ideally, an assessment will answer the following key questions:

  • What are the deficiencies within your IT infrastructure that leaves your business exposed to cybercriminals?
  • How would your business be impacted if it was hit with a cyber breach?
  • Would a cyberattack impact your business’ ability to function?

The answers to these questions will help you keep track of security risks and mitigate them before disaster strikes. 

 

Making Cybersecurity Assessments a Standard Practice

Making ongoing cyber risk management a priority is vital, since a single cyber threat can destroy your entire business. Unfortunately, most organizations lack the capacity to transform their reports into actionable insights. This underutilization of data is one of the major roadblocks to making ongoing risk management possible. Here are six reasons why you need to take action and start proactively managing your cyber risk:

1: Keep cyberthreats at bay

An ongoing risk management strategy will help you keep threats, both prevalent and imminent, at a safe distance from your business.

2: Avoid data loss

 Loss of business-critical data can impact your reputation and set your business back a long way. Ongoing risk management strategies can help you remain vigilant about any possible attempts at compromising your business data.

3: Enhance productivity and reduce frustration

As a business owner, you would be amazed how staying on top of potential cybersecurity threats can reduce the risk of unplanned downtime. The assurance that hard work will not be lost forever or disappear into thin air will surely keep your productivity levels high.

4: Lower IT Costs

Identifying potential vulnerabilities and mitigating them will help to prevent or reduce security incidents, which in turn can save your business a significant amount of money with a reactive response to cyber breaches.

5: Improve Organizational Knowledge

Knowing what your security vulnerabilities are will help you keep a keen eye on other important aspects that need improvement.

6: Avoid Compliance Issues

By ensuring that you put up a strong defense against cyberthreats, you will automatically avoid hassles with respect to complying with regulatory standards (such as HIPAA, GDPR, PCI-DSS, etc.).

 

Partnering with PACE Technical

We are always here to help your business gauge all its areas of cyber risk. Book a meeting here to get your IT Assessment, and find out how we can help you mitigate all your major cybersecurity concerns.