Tag Archives: IT Security

02.19.21
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The Cost Of A Cybersecurity Breach For Your Florida Based Business Could Be Massive

The digital age comes with so many great advances in technology to make our lives and businesses run more smoothly. Unfortunately, nothing is truly safe. No matter how protected you think your business’ systems and networks are, they can fall prey to hackers and this is where you need to ask yourself, “Do I have the proper cybersecurity standards in place.”

Data breaches and cybersecurity incidents have become common place and they’re becoming increasingly costly. These breaches can expose personal information. No matter the size of your company, it will be costly for you to do through a data breach. In fact, the average cost of a data breach in 2020 is $3.86 million, according to a report from IBM and the Ponemon Institute.

To break it down further, the average data breach costs a company $154 per record. With a database of just 10,000 clients, you have a potential breach of $1,540,000.00 in a single hack. Is your company ready and prepared for such a breach?

When a data breach occurs, your company will deal with varied direct and indirect costs related to time and effort dealing with the breach, lost opportunities, bad publicity, customer churn, and regulatory fines.

Fortunately, costs can be smaller for those companies who are prepared. An analyst at IBM stated that companies who engage in effective cybersecurity practices are seeing significantly reduced costs and those companies who aren’t preparing are facing higher costs.

In fact implementing cybersecurity best practices and remaining compliant with industry standards will not only protect your business but also lower your premiums with many carriers.  You heard correctly!! It can help lower your business insurance premium – another cost saving opportunity.  Of course, the actual cost savings will vary depending on your industry, company size, annual revenue, and the insurance carrier, among other things.

Having the right team behind your cybersecurity is essential in achieving everything that we have talked about here.  If you are not sure where to start, look no further than our Miami Cybersecurity IT Experts here at ThirdPowerIT.  Let us give you a thorough assessment today.

Get Started Now: Contact Us Online

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02.15.21
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Discover The Top Two Insider Threats To Your Business

You might already know about the external risks that threaten the cybersecurity of your business, but are you aware of the insider threats that also exist?

 

In case you didn’t know, data protection regulations require your business to assess all possible threats to the sensitive data your business stores or manages.

 

While most businesses tend to focus their attention on outsider threats, they often overlook internal threats that exist right within their walls.

 

According to Verizon’s 2020 Data Breach Investigations Report, 30 percent of data breaches involved internal threats.

 

Unfortunately, all it takes is one disorderly or negligent employee to cause damage to your business.

 

So, how can you prevent this from happening to you?

 

In this blog, we will help you understand the different types of insider threats and how you can create a defense strategy to minimize these threats.

 

First let’s talk about what insider threats are and how they affect the cybersecurity of your business.

 

What Are Insider Threats?

 

Insider threats refer to security risks that originate from within an organization. Essentially, an insider threat involves someone who is a part of your business network or has access to it.

 

An Insider Threat Can Come From:

  • Current employees
  • Former employees
  • Consultants
  • Business partners
  • Board members

 

Insiders with access to your business’s sensitive data can compromise the integrity of the data for any reason, whether it is intentional or not.

 

Now let’s take a look at two types of insider threats you should be aware of.

 

The Main Types of Insider Threats

 

There are two main types of insider threats, and both can do damage to your business if you allow it. Keep reading to find out what they are right now.

 

Insider Threat #1: The Malicious Insider

 

A malicious insider is anyone with legitimate access to your business’ network and sensitive data who decides to exploit the privilege either for financial gain or out of spite.

 

Out of the 4,716 insider incidents that were studied by the Ponemon Institute and IBM in the Cost of Insider Threats: Global Report 2020, 23 percent were related to criminal insiders.

 

The worst part? The report said the annual cost to companies due to criminal insiders is $4.08 million.

 

Insider Threat #2: The Negligent Insider

 

A negligent insider is a regular employee who falls prey to a cyberattack. A hacker then exploits their mistake to compromise your business’ sensitive data.

 

While these employees didn’t intentionally put your cybersecurity at risk, they are considered negligent because they either ignored security policies or weren’t vigilant enough to identify and protect themselves from cyberattacks.

 

As the more common type of insider threat, the report mentioned above found that 63 percent of insider security incidents in 2020 were caused by the negligent insider.

 

The annual cost to companies? A whopping $4.58 million.

 

Is your business at risk of either of these common insider threats?

 

Insider Threats And Your Business: Are You At Risk?

 

Imagine your business suffers a data breach due to one of these insider threats and then gets flagged by a regulator for not taking appropriate measures to avoid such a breach.

 

Not only is your sensitive data compromised, but you’re also facing hefty fines. This could pause your business operations for months, or worse, put you out of business for good.

 

Do you want to ensure this doesn’t happen to you?

 

Partner With Miami IT Experts To Keep Insider Threats Under Check

 

It’s time to make your data protection a priority, especially since cyberthreats have recorded an unprecedented surge during the ‘new normal.’

 

Don’t let an internal data breach harm your business.

 

Allow the cybersecurity experts at Third Power IT to help you monitor all cyber threats – both internal and external – so that you can keep running your business as usual.

 

Visit www.ThirdPowerIT.com to get started now.

 

The post Discover The Top Two Insider Threats To Your Business appeared first on Third Power IT – Managed IT Services.

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02.11.21
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Top Warning Signs & How to Prevent an Internal Data Breach

Is your business one misstep away from a cyber-attack due to an insider threat?

 

If you’ve been following our blog, then you already know what insider threats are and how they affect your business.

 

As a reminder, insider threats are security risks that originate from within an organization. Essentially, an insider threat involves someone who is a part of your business network or has access to it.

 

An insider threat can present itself in two different ways:

  1. A malicious insider — someone who intentionally steals or compromises your data
  2. A negligent insider — someone who unknowingly puts your network at risk

 

So, how can you identify insider threats before they become a bigger problem?

 

Although accurately identifying insider threats can be tricky, there are some early warning signs you can watch out for to prevent a cyber-attack.

 

Keep a keen eye out for these signs so you can recognize unusual patterns early on.

 

First let’s look at the main types of warning signs and what you should look out for.

 

There are two main types of warning signs:

  1. Behavioral
  2. Digital

 

First, we’ll look at behavioral warning signs of an insider threat.

 

Behavioral Warning Signs of An Insider Threat

 

An employee or a stakeholder could be a potential insider threat if he/she exhibits any of the following behavioral patterns.

 

  • Attempting to bypass security controls and safeguards
  • Frequently and unnecessarily spending time in the office during off-hours
  • Displaying disgruntled behavior against co-workers and the company
  • Violating corporate policies deliberately
  • Discussing new opportunities and/or the possibility of resigning

 

Now let’s take a closer look at the digital warning signs of an insider threat.

 

Digital Warning Signs of An Insider Threat

 

Some of the digital actions mentioned below are telltale signs of an insider threat.

 

  • Accessing or downloading substantial amounts of data
  • Attempting to access data and/or resources unrelated to his/her job function
  • Using unauthorized devices to access, manage or store data
  • Browsing for sensitive data unnecessarily
  • Copying data from sensitive folders
  • Sharing sensitive data outside the business
  • Behaving differently from their usual behavior profile

 

If you notice any behavioral or digital warning signs, don’t ignore them. You might be at risk of an internal data breach.

 

How to Prevent an Internal Data Breach

 

While some cyber attacks are inevitable, the government expects you to do everything in your power to prevent them. If not, you will face regulatory action.

 

In the event of a data breach, you will be audited for compliance. At this time, you will need to present documented evidence of the preventive and corrective measures you took to protect your business’s sensitive data from insider threats.

 

Here’s what you can do to protect your data now and steer clear of potential penalties in the future:

 

  • Identify, document, and o troll access to your sensitive data
  • Define data privileges for employees and stakeholders based on their needs
  • Build suitable infrastructure that monitors abnormal behavior and raises timely alerts
  • Add insider threat parameters to your regular risk assessment
  • Introduce a robust security awareness training program for all stakeholders
  • Devise a strategy to investigate a breach caused due to insider threats

 

If you take these steps, they will go a long way towards significantly securing your business from insider threats. Plus, they will show regulators that you are committed to ensuring data protection.

 

Make Data Protection a Priority Now

 

Cyber threats are at an all-time high, and you simply cannot ignore the risks.

 

Make data protection a priority and rest knowing your network is secure. Every minute you wait is another minute you risk a cyber attack. Don’t wait to set up your cybersecurity strategy.

 

Connect with the cybersecurity consultants at Third Power IT to safeguard your network now. Visit www.ThirdPowerIT.com to get started.

 

The post Top Warning Signs & How to Prevent an Internal Data Breach appeared first on Third Power IT – Managed IT Services.

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02.02.21
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Network Security: 4 Quick Tips to Protect Your Network From Hackers

Is your internet network safe from hackers?

The truth is that no network is security all the time, especially in this day and age. A cyber attack can happen any time, and sometimes it remains undetected for days, weeks, or even months.

 

That said, you should always strive for network security so you can minimize your risk of a data breach or full-blown cyber attack.

 

In this guide, you will learn how to safeguard your network so you are protected from cyber threats. Keep reading to discover four quick tips to secure your company’s network now.

 

#1. Choose Strong Passwords

 

Make your passwords long with numbers and upper and lowercase letters. The longer and more complex the password, the more difficult it is to guess. Encourage all of your employees to follow these guidelines.

 

 

#2. Encrypt Your Internet Connection With WPA

 

Enable a Wi-Fi Protected Access (WPA) encryption on your business network. WPA2 is the best and most trusted option. This protects your data from being shared with outside parties.

 

#3. Use a Virtual Private Network (VPN)

 

Add an extra layer of protection with a Virtual Private Network (VPN). This allows you to securely access your data on any network. If employees are traveling or working from home, they will be protected with your VPN.

 

#4. Install a Firewall

 

Protect customer data and keep your business in good standing by installing a Web Application Firewall (WAF). When people purchase your products or services online, their information will be protected from cyber attacks.

 

Protect Your Network Now With Co-Managed IT Services

Connect With Miami’s Best IT Specialists Now. Don’t wait to secure your network.

 

Not only will co-managed IT services provide you with cybersecurity and peace of mind, but it will also help increase your company’s productivity.

 

On average, companies that choose managed network infrastructure with Third Power IT are experiencing 99.99% uptime.

 

The service desk at Third Power IT operates 24 hours a day 7 days a week including holidays, solving an average 90% of all technology requests remotely with an average resolution time of 8 hours.

 

The network support staff is available 24/7 and is dedicated to ensuring the integrity of your network infrastructure.

 

Connect with us now to secure your network and experience the benefits of network management.

 

 

 

 

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01.25.21
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Miami IT Consultants Talk the Top 4 Internal Cyber Threats To Your Network

Is your business at risk of an insider cyber-attack?

 

Many business owners – and the IT professionals they rely on – focus on protecting their companies from external threats:

 

  • the lone hacker out for a large ransom
  • the industry competitor pilfering secrets
  • organized cyber-criminals with sophisticated phishing schemes

 

But what about internal threats?

 

The Dangers of Internal Cyber Threats

 

Some organizations fail to consider the true risks that insiders pose to their cybersecurity. But internal risks are every bit as dangerous and damaging as the external ones, even if there is no malicious intent.

 

Did you know a quarter of all cyber attacks happen because of an insider threat?

 

The 2019 IBM Cost of Data Breach survey revealed that 24% of all data breaches in the past five years were the result of negligent employees or contractors.

 

Another report, Insider Data Breach Survey, found:

  • 60% of executives felt employees who made mistakes while rushing to complete tasks were the primary cause of internal breaches.
  • Another 44% pointed to a lack of general awareness as the second most common reason.
  • 36% cited inadequate training for their organization’s security tools as a close third.

 

To drive home the full harm of insider threats, we’ve compiled four actual case studies of internal people who’ve wreaked financial and reputational damage when they got careless, or abused their knowledge and positions for personal gain.

 

Learn the top four internal cyber threats to your network now.

 

Top 4 Internal Cyber Threats to Your Network

 

Internal Cyber Threat #1: The Careless Employee

 

A report by a company’s chief security officer discovered that one of the organization’s techs was using duplicate credentials across multiple accounts and failed to set up two-factor authentication on at least two of his accounts.

 

The employee neglected to do two important cybersecurity best practices:

  1. Do not use the same log-in for more than one account
  2. Apply two-factor authentication for additional protection

 

This weak security enabled hackers to easily infiltrate the company’s network where they disabled and deleted all data backups – local and cloud. After sabotaging the organization’s backups, the hackers then installed ransomware and demanded payment. Without a usable backup, the company was forced to pay the ransom to recover its data.

 

What You Can Do

  • Set up automatic scans to check each client’s security settings on each machine to ensure that your IT security policies are being enforced.
  • Generate an automatic alert when two-factor authentication is not turned on where it should be.

 

Internal Cyber Threat #2: The Sneaky Former Employee

 

Former employees take your proprietary information with them when they leave. Unfortunately, some of them decide to appropriate that information.

 

In a case study, an engineer quit his job to start his own business that would be in direct competition with the company he left. According to court documents, the engineer hacked his former company’s server using a former co-worker’s stolen credentials.

 

Once inside the network, he was able to retrieve AutoCAD files, design schematics, project proposals, and budgetary documents – all information that could provide a competitive advantage over his former employer. The value attributed to proprietary information he stole was between $250,000 and $550,000.

 

For his efforts, the engineer was sentenced to 18 months in prison and two years of supervised release.

 

What You Can Do

  • Establish “exit procedures” for employee turn-over that includes the immediate removal of ex-employees from Active Directory.
  • Scan the network daily for suspicious log-in attempts by ex-employees and others, and generate an alert for each incident.

 

Internal Cyber Threat #3: The Compromised Third-Party Vendor

 

An “insider” doesn’t have to be located directly within your walls to become a threat to your network. Trusted third-party vendors may have enough access to your data to be unknowing conduits for external hackers and do damage to your network.

 

In one scenario, a hacker infiltrated a billing collections agency and gained access to patient information that belonged to one of the agency’s clients: a healthcare laboratory.

 

Almost 12 million patient records were compromised, including credit card numbers and other personal identifying information. A security firm that tracks compromised data found 200,000 patient payment details from the billing company for sale on the dark web.

 

Fortunately, the lab had insurance in place to cover some of the potential cost and liability as a result of the HIPAA violation.

 

What You Can Do

  • Set up internal IT security policies that limit storage of credit card and other personal identifying information.
  • Only grant access to select employees with security clearance levels.
  • Regularly scan the network for any suspicious log-in attempts and generate alerts to investigate.

 

Internal Cyber Threat #4: Software and Devices

 

Out-of-date devices and software typically do not receive critical security updates, rendering them accessible to hackers.

 

In one instance, a massive cyber attack penetrated a software vendor’s IT management systems through a legacy IP scanner tool and compromised an unknown number of end-user client servers.

 

Some clients had administrative superuser accounts created within their Windows active directory, so unidentified intruders had full access to their systems and data long before detection.

 

More than two months after the attack, the full extent of the damage was still unknown.

 

What You Can Do

  • Scan all networks daily for software that is missing the latest security patches.
  • Generate alerts for machines that need updating.

 

Protect Your Network With Third Power IT, Miami’s Most Trusted IT Consultants

 

As a reputable MSP, we understand cybersecurity and its significance to your business.

 

At Third Power IT, we provide cyber threat detection and protection that can accommodate networks of any size. Our specialized security software runs a daily check on your network and alerts us immediately when it detects potential cyber attacks.

 

Get the protection you need now. Call us at 844-677-3687 or visit www.ThirdPowerIT.com.

 

Sources:

  • Cost of a Data Breach, IBM, 2019
  • Insider Data Breach Survey 2019, egress, 2020

 

 

The post Miami IT Consultants Talk the Top 4 Internal Cyber Threats To Your Network appeared first on Third Power IT – Managed IT Services.

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01.21.21
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Could Downtime Cost Your Business Thousands?

Are you aware of the costly consequences of downtime?

Downtime related to one cyber-attack could cost your business the equivalent of an employee’s salary for a whole year!

This 5-figure risk shouldn’t be taken lightly, especially when there are ways to prevent it from happening to you.

Before we dive into how you can prevent downtime from happening to your business, let’s quickly cover what downtime is and how it can affect you.

 

What Is Downtime In Business?

Downtime refers to the period of time when your company is offline. During this time, you don’t have access to your network. This prevents you and your employees from performing routine tasks online. As a result, your online business transactions are halted, your email is inaccessible, and you’re losing money by the minute.

No business owner wants this. Not only does it make you look unprofessional, but it also eats away at your productivity and your profits.

Keep reading to find out what causes downtime so you can prevent it from happening to you and your business.

 

What Causes Downtime?

Downtime occurs when a network connection is interrupted. That can mean a simple internet outage, or it can be more serious like a cyber attack.

One of the most common cyber threats is called a ransomware attack. If this happens to you, you risk losing a whole week of sales.

As you can see, this is a serious threat to your business. Luckily, it’s possible to minimize the risk of downtime and protect your business from cyber attacks.

Read on to discover how to minimize downtime so your business can operate as lean as possible.

 

How To Minimize Downtime

Keep your business up and running by preventing downtime from happening to you.

  • Secure your network
  • Enable data protection
  • Assess cyber risks regularly

Now you know the importance of protecting your business from downtime. But where do you start?

Luckily, you can hire experts to oversee your network management. These managed IT services will help you keep your business safe and secure.

Are you ready to get started?

 

Prevent Downtime: Invest In Network Management Now

Now that you know how much downtime can cost you, you’re most likely certain that you don’t want to experience it. But how do you keep that from happening?

 

If you don’t know how to keep the risks at bay, that’s what we’re here for!

Third Power IT provides the most trusted Managed IT Services in Miami and South Florida. If you are looking for a network management partner who understands your unique needs, you’re in the right place.

The experts at Third Power IT, South Florida’s best IT consultants, use a 3-prong approach to protect your network:

  1. Strategy
  2. Security
  3. Stability

To start designing your custom network management plan, contact us at 844-677-3687 or visit www.ThirdPowerIT.com right now.

 

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01.04.21
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Coronavirus and Cybersecurity: How Remote Working Presents New Cyber Threats

Is your business at an increased risk of a cyber attack?

If you’re in business right now, the answer is most likely yes. Due to Covid-19 and changes in the way we do business, cyber threats are at an all-time high. In 2020, we saw a surge in remote working as the coronavirus spread across the globe. What many thought would last just a month or so has turned into nearly a year of remote working to date.

 

Cyber Threats and Remote Working

Remote work poses more cyber threats for your business than ever before.  While cybersecurity has always been a challenge for businesses with sensitive data, now we are facing a whole new array of challenges. 

For instance, if your employees are working from open networks like coffee shops or unprotected hotspots, your sensitive business data is more susceptible to a cyber attack.  From the potential safety of the remote working networks to trivial human errors, there are endless ways in which your IT network could be affected when employees are working remotely.

The most unsettling part is that a single unexpected breach could wipe out all of your hard work: customer data, proprietary information, and much more.

So, how can you prevent this from happening to you?

 

Cyber Threat Prevention

Is your cybersecurity posture strong enough to withstand a potential attack? In order to ensure the security of your data, you need to take a proactive approach to protect it. 

With the sudden transition to remote working, security teams are working around the clock to ensure the safety and security of business data — and with good reason. Once your data is compromised, you may not realize it for months.

According to a study by IBM Security, it takes companies roughly 197 days to detect a breach and 69 days to contain it. How much time and money would this cost your business?

IBM also reports that the average data breach costs a business $3.86 million.

As you can see, a cyber attack can be detrimental to your business, setting you back millions of dollars in revenue. Don’t let this happen to you.

 

Protect Your Business Data Now

Now you know that cyber attacks can go undetected for almost an entire year! 

If you want to make sure your data is safe and protected, don’t wait. Protect your business data now before a cyber attack occurs. 

 

Contact a Cybersecurity Expert Now

 

Not all IT companies are created equal. It’s important to find cybersecurity experts who know how to manage and protect your data 24/7.

Let us do the legwork for you so you can rest easy. Connect with the best IT professionals in South Florida now. 

 

Article curated and used by permission.

Data Sources:

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12.30.20
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Data Protection Regulations: The ‘New Normal’ For All Businesses

Do you know which asset is most wanted by today’s cybercriminals?  You guessed it, “Data”.  Do you know what data protection measures are in place in your organization?

In today’s global information economy, your business data is the golden goose chased by cybercriminals. Given how this data is constantly evolving, who can ensure that it isn’t exploited for unsavory gains? Well, governments worldwide have stepped up to the plate. The majority of countries across the globe are helping protect sensitive data by implementing laws and regulations that make it more difficult for cyber theft to take place.

This global wave of changes started with the implementation of General Data Protection Regulation (GDPR) in 2018 by the European Union (EU). This new law holds businesses accountable for protection of data and privacy. Today, 132 out of 194 countries have put in place legislation to ensure protection of data and privacy, as per the United Nations Conference on Trade and Development (UNCTAD).

Wondering how is this related to compliance and moreover, your organization?

 

Any business in the world, including yours, must comply with at least one data protection and privacy regulation.

Whether you are a local or a global business, you must understand that ignoring this global consensus can leave your business’s future in limbo.

 

Consequences of Ignoring Data Protection and Privacy Regulations:

  • Compromised information
  • Legal ramifications
  • Loss of consumer trust
  • Revenue loss

Don’t let this happen to you. It’s time for you to be smart about compliance.

Let us help you understand the difference between protecting your data and privacy, the prevalent global awakening and how compliance affects you and your business.

Let’s hit the ground running!

 

Data Protection Versus Data Privacy: Related But Not The Same

While protecting data is about securing data from unauthorized access, data privacy is related to how an authorized access is defined (who can access the data and the ways in which he/she can manage it).

Your business must understand this distinction and the fact that the existence of one doesn’t eliminate the need for the other.

While you might have the right technology to build a robust data protection posture, it still might not ensure the privacy of personal data. Even authorized individuals who can access the data could also exploit it.

Simply put, you must deploy the right technology and the right policies to ensure every bit of data you store and process remains secure and private.

It’s time to quit stalling and start moving forward with proper security and privacy standards.

 

A Global Awakening: Data Protection And Privacy Standards

Are you late to the data protection and privacy party?

UNCTAD data showcases how 66 percent of countries already hold legislation on data protection and privacy, while 10 percent have drafted one, and the remaining countries are likely to follow suit.

Do not ignore this global consensus! Even if it doesn’t seem like it now, it certainly can and will impact your business. It won’t be long (if not already) before your state or national government decides to take the plunge.

Here’s just a glimpse at where data regulation is in place or will be eventually implemented:

 

Australia: The Privacy Act (1988)

Brazil: Protection of Personal Data Bill (2011)

Canada: Personal Information and Protection and Electronic Documents Act (PIPEDA)

China: Personal Information Security Specification (2018)

The European Union (EU):  (GDPR)

Japan: Act on the Protection of Personal Information (2007)

Kenya: Bill focused on the protection of data (drafting in progress)

Nigeria: Protection Regulation (2019)

Russia: Federal Law Regarding Personal Data (2006)

Singapore: Personal Protection of Data Act (2012)

South Africa: Protection of Personal Information Act (2013)

South Korea: Personal Information Protection Act (2011)

Uganda: The Data Protection and Privacy Bill (2015)

Uruguay: Law on the Protection of Personal Data and Habeas Data (2008)

 

Countries currently deliberating a regulation include Argentina, Chile, Ecuador, India, Malaysia, New Zealand, Switzerland, USA (a federal legislation) and more. That’s 50 countries already! Could this phenomenon be any more global?

 

Be Smart. Don’t Wait. Start Now!

Even if it seems complex or unfair, compliance is smart business. Therefore, keeping it on the backburner is just an open invitation to trouble.

How much do you value the reputation and integrity of your business?

Please remember that your failure to demonstrate compliance with just one regulation standard alone can take your business straight into a dark phase of uncertainty.

 

You can suffer losses in the form of:

  • License cancellations
  • Hefty fine(s)
  • Damage to reputation
  • Expensive lawsuits
  • Loss of business

Now is the time to get ahead and take your first steps towards protecting your data and privacy compliance.

 

Let A Trusted Partner Help You With Your Data Protection

Team Up With the Miami IT Experts at Third Power IT

It takes special skills and tools to look ‘under the skin’ of your network to ensure it is both secure and compliant. It helps having a trusted partner that has managed both cybersecurity and compliance for businesses before.

Rest easy knowing your data is protected and compliant.

 

Trust Your Data With Third Power IT

Miami’s Best IT Data Security Professionals

You are just one step away from assessing your compliance needs and implementing data compliance & protection the right way. Let’s talk compliance!

Call us at 844-677-3687 to start crafting your unique protection strategy plan now.

 

Article curated and used by permission.

http://www.kaseya.com

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12.28.20
by

IT Security: Why You Should Make Risk Management An Ongoing Operational Standard

Are you making IT security a top priority?

No business today is 100 percent secure from cyberthreats, and more businesses are waking up to this reality now than ever before.

It’s no wonder cybersecurity investment in 2020 is pegged to grow by 5.6 percent to reach nearly $43.1 billion in value.1 

With cyberattacks surging due to widespread remote work and increased online interactions during the pandemic, it seems likely that this trend will only continue to grow.

While 58 percent of IT leaders and practitioners consider improving IT security their topmost priority, nearly 53 percent of them find cybersecurity and data protection to be among their biggest challenges as well.2 

 

That’s primarily because cybersecurity is not a one-and-done exercise. 

While your business might be safe right now, it could be at risk the very next minute.

Are you doing enough to ensure your IT security?

Securing your business’s critical data and the data of your invaluable clients/customers requires undeterred effort sustained over a long period of time.

Although there are several pieces to this puzzle, the most important one, considering today’s threat landscape, is ongoing risk management.

Through the course of this blog, you will understand the definition of a cybersecurity risk assessment and why you must conduct and monitor them regularly.

Cybersecurity risk assessments will help you:

  • Understand the risks threatening your IT security
  • Take action to keep your cybersecurity strong
  • Steer clear of ever-evolving cyber threats
  • Prevent loss of data, productivity, and revenue

By the end of this article, we hope you realize how installing cybersecurity solutions alone isn’t enough to counter cyberattacks — unless you make ongoing risk management an operational standard for your business.

Keep reading to start understanding the importance of cybersecurity risk assessments right now.

 

Understanding The Importance Of Cybersecurity Risk Assessments

In general, a cybersecurity risk assessment refers to the act of understanding, managing, controlling and mitigating cybersecurity risks across your business’s infrastructure.

In its Cybersecurity Framework (CSF), the National Institute of Standards and Technology (NIST) states that the purpose of cybersecurity risk assessments is to “identify, estimate and prioritize risk to organizational operations, assets, individuals, other organizations and the Nation, resulting from the operation and use of information systems.”

 

The primary purpose of a cybersecurity risk assessment is to help key decision-makers tackle prevalent and imminent risks. 

Ideally, an assessment must answer the following questions:

IT Security Risk Assessment Questions

  • What are your business’s key IT assets?
  • What type of data breach would have a major impact on your business?
  • What are the relevant threats to your business and their sources?
  • What are the internal and external security vulnerabilities?
  • What would be the impact if any of the vulnerabilities were exploited?
  • What is the probability of a vulnerability being exploited?
  • What cyberattacks or security threats could 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.

Now, imagine periodically if you had the answers to these questions whenever you sat down to make key business decisions. If you’re wondering how it would benefit you, keep reading.

 

Why Make Ongoing Risk Management An Operational Standard?

Making ongoing risk management an operational standard is vital, especially in today’s cyberthreat landscape, where even a single threat can break your business.

In one assessment, your business might seem on the right track but in the next one, certain factors could show weaknesses in your cybersecurity framework.

That’s precisely why having an ongoing risk management strategy is now an integral part of standard operations for most successful businesses.

Are you ready to prioritize your cybersecurity and keep your business safe from cyber threats?

Here are seven reasons why you just can’t keep this key business decision on the backburner anymore:

 

7 Reasons To Make Risk Management An Operational Standard

Reason 1: Keep Threats At Bay

Most importantly, an ongoing risk management strategy will help you keep threats, both prevalent and imminent, at a safe distance from your business; especially ones you usually do not monitor regularly.

Reason 2: Prevent Data Loss

Theft or loss of business-critical data can set your business back a long way, leading you to lose business to your competitors. Ongoing risk management can help you remain vigilant of any possible attempts at compromising your business data.

Reason 3: Enhance Operational Efficiency And Reduce Workforce Frustration

As a business owner or key decision-maker of your organization, you would be amazed how consistently staying on top of potential cybersecurity threats can reduce the risk of unplanned downtime. The assurance that hard work will not vanish into thin air will keep the morale of your employees high, thereby reflecting positively on their productivity.

Reason 4: Reduce Long-Term Costs

Identifying potential vulnerabilities and mitigating them in time can help you prevent or reduce security incidents. This can save your business a significant amount of time, money and/or potential reputational damage.

Reason 5: Set The Right Tone And Plan For The Future

You must not assume that there should only be one fixed template for all your future cybersecurity risk assessments. However, in order to update them continuously, you need to conduct one in the first place. Hence, the first few assessments will set the right tone for future assessments as part of your ongoing risk management strategy.

Reason 6: Improve Organizational Knowledge

Knowing security vulnerabilities across the business will help you keep a keen eye on important aspects that your business must improve on.

Reason 7: Avoid Regulatory Compliance Issues

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

Now that you know why risk management is an important operational standard, it’s time to start putting it in place — and fast.

Did you know? The Oxford Academic Journal of Cybersecurity estimates the costs of cyber events to total roughly $8.5 billion per year. 

 

Prevent Cyber Attacks Now – Join Hands With ThirdPower IT

The Best Cybersecurity Firm In South Florida

As you now know, cyber threats are increasing every day. Don’t get hit hard by a cyber attack. Ensure your cybersecurity now so your business can keep growing.

Don’t wait for a problem to take place — prevent hacks from happening by partnering with the most trusted IT firm in South Florida.

At ThirdPower IT, we’ll help you gauge every single cybersecurity risk your business is exposed to and protect your business continuously for a prolonged period of time.

 

Protect Your Business Now – Connect With ThirdPowerIT, a Miami Cybersecurity Company, Today

Connect with us today to find out how you can prevent cybersecurity problems from happening before they start.

 

Call us now at 844-677-3687, or visit ThirdPowerIT.com and learn more about how our IT Security services and chat with an IT security expert today.

 

Article curated and used by permission.

Data Sources:

  1. Global Cybersecurity 2020 Forecast Canalys
  2. 2020 State of IT Operations Survey, Kaseya
  3. Oxford Academic Journal of Cybersecurity

 

The post IT Security: Why You Should Make Risk Management An Ongoing Operational Standard appeared first on Third Power IT – Managed IT Services.

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