Cybersecurity Risk Management: 7 best practices

Updating cybersecurity on an organizational level is vital to your business operations. Post-COVID, cybersecurity breaches have increased by 300% as reported by the US FBI, which is a lot faster than the number of cybersecurity experts created by the industry to aggressively deal with the scenario.

$6 Trillion – Damages forecasted due to cybercrime globally in 2021.

SMBs and large companies alike are referring to managed IT services in Redding or elsewhere to access industry-grade IT security standards and delegate their requirements to the limited cybersecurity expertise currently available.

Cybersecurity risk management refers to deploying an IT security framework as per an organization’s operational infrastructure and its IT-enabled processes to monitor, detect, prevent/deter, and preemptively safeguard against cyber threats.

More than 30% of employees are at risk of accidentally allowing malware access to their systems.

Risk management deals with assessing risks and formulating a cybersecurity risk management strategy, i.e., an actionable plan to mitigate cyber threats and take necessary steps to avoid a network breach, even in case of a zero-day vulnerability.

Risk management is the first step towards securing the business’ IT security. Delegating such requirements to an MSP providing IT support in Redding or elsewhere with specific cybersecurity deliverables is necessary.

Check out the current best practices in cybersecurity risk management today.

Increase Cybersecurity Awareness

95% of cybersecurity breaches source from human errors.

Cyberattacks rarely target network servers or the virtual workspace first and instead access through the weakest link – the least aware employee.

Malware is the most commonly used cyberattack vector that can be easily deployed into a secure network with a single malicious download, link access, etc.

Spread cybersecurity awareness on the most common types of cybersecurity threats and attacks such as –

• Malware – Ransomware, Worms, Virus, Trojans, etc.
• DOS/DDOS attacks
• MitM
• Phishing – Spear Phishing, Whaling, etc.
• SSL-TSL attacks
• SQL attacks

Help employees understand the to-dos and the must-nots as well.

Implement Fundamental Security Framework

Fundamental security protocols should be implemented across all operational structures and sub-structures, from IT-enabled business processes to the underlying IT infrastructure.

Other than fundamental industry standards, expect your MSSP (Managed Security Services Provider) to implement leading security framework. Best IT security frameworks include –

• US NIST 800-53 (National Institute of Standards and Technology)
• ISO 27001/ ISO 27002 (International Organization for Standardization / International Electrotechnical Commission)
• NZISM PSR (Protective Security Requirements) Framework
• COBIT (Control Objectives for Information and Related Technology
• CIS (Center for Information Security) v7

Refer to IT consulting in Fresno or elsewhere to check which framework is best suited for your current organizational and business structure.

Leverage Proactive Adaptability

Risk management is all about assessing the possible cluster of threats and deploying a security framework best suited for the business considering both its current operational structure and the feasible compliances/regulations it can meet, other than the budget.

Adaptability is vital to constantly upgrade, revise, and re-deploy IT security deliverables based on the constantly changing cyber threats environment and new threats assessed.

Constant revisions and updates should also include future-proofing as a consideration. Taking a proactive stance towards a long-term security goal based on tech industry trends a best cybersecurity practice for upgrading risk management into risk neutralization.

Centralize All Operational Infrastructure

90% of organizations use an MSSP for at least one cybersecurity deliverable.

Outsourcing IT security deliverables, either in full or only some security functions, as a whole or in a hybrid setup, is an established practice.

Best practices however include outsourcing both IT security and at least, the requisite network infrastructure to an MSP.

Network infrastructure, including physical and virtual assets, as a managed service helps businesses offload servers and resource-hungry network management deliverables.

Liaising with the same MSP to provide IT security deliverables helps centralize cybersecurity deliverables. I.e., the MSP providing the server, virtual workspace, cloud management services, is directly delegated to maintain the security of its own on-premise infrastructure. You are essentially delegating to secure its own servers that run your virtual workspace and cloud integrations.

Maintain a Robust Cybersecurity Risk Management Strategy

A robust cybersecurity risk management strategy is an operational workflow that both the business and the MSSP will follow as standard protocol to mitigate cyber threats.

A cybersecurity risk management strategy is not the same as a cybersecurity strategy. Managing risks strategically means implementing the best possible cybersecurity framework, updating it as per evolving threats and mock scenarios, and maintaining a comprehensive strategy to mitigate all kinds of possible cyberattacks.

Integrate Vendors

MSPs vary beyond the IT industry and may be involved in the business processes of an organization using the same IT-enabled processes. In retrospect, all WFH employees of an organization are essentially operating on the same structure, framework, and workflow as a remote vendor.

Businesses utilizing vendors integrated with their business process and may be using the same IT-enabled workflows, apps, and other integrations must be part of the cybersecurity strategies and frameworks simply because they are using the same virtual workspaces.

Delegate Security Responsibility

Security responsibilities are not limited only to awareness, risk management strategies implemented, and industry-grade frameworks. Delegate simple cybersecurity to-dos, viz. –

• Routine password revisions
• Delimiting usage of offline storage
• Monitoring at-home security protocols for WFH remote workers
• Weekly cybersecurity meetings

Cybersecurity deliverables from your managed IT services in Redding or elsewhere should meet industry standards. As an organization, however, risk management depends a lot on your impetus at implementing the necessary protocols, awareness, and standards in the operational workspace.