Despite believing they were immune, a small law firm in Maryland fell victim to a ransomware attack. Similarly, an accounting firm in the Midwest lost all access to its client information, financial records and tax files. They assumed that antivirus software was all the security they needed to thwart a cyberattack.
In both incidents, the victims were small businesses that fell prey to sophisticated cyberattacks because of hidden security vulnerabilities that a comprehensive risk assessment could’ve identified.
When it comes to IT risk assessments, business owners have several misconceptions that leave them vulnerable. In this blog, we’ll uncover common cyber risk assessment myths and discuss the reality. By the end, we’ll also show you how to build an effective risk assessment strategy.
Misconceptions can hurt your business
Here are some common myths that all business owners must avoid:
Myth 1: We’re Too Small to be a Target
Reality: Hackers often use automated tools to look for vulnerabilities in a system, and small businesses invariably end up on the receiving end since many of them lack the resources to build a strong cybersecurity posture.
Myth 2: Risk Assessments are too Expensive.
Reality: When you factor in the actual business loss due to a cyberattack, investing in proactive cybersecurity makes for a smart business decision. Proactive security practices not only protect your money but also save you from costly lawsuits and reputational damage.
You can utilize our Recovery Time Calculator to see what the cost of downtime looks like for your business.
Myth 3: We have Antivirus Software, so we’re Protected.
Reality: You can’t rely only on antivirus software to protect your IT infrastructure. Cybercriminals today have become highly skilled and can effortlessly deploy advanced threats. To secure your business, you must have a comprehensive risk assessment strategy.
Regularly assessing and addressing vulnerabilities will not only protect your business but also lay the foundation for your long-term business growth.
Myth 4: Risk Assessments are a One-Time Event.
Reality: Today’s businesses operate in a threat landscape that is constantly evolving. Without regular risk assessments, you won’t be able to build a strong cybersecurity posture. Without regular risk scans, new vulnerabilities can creep in and leave your business vulnerable to cyberthreats.
Myth 5: We can Handle Risk Assessment Ourselves.
Reality: Businesses often rely on internal resources to maintain cybersecurity. However, joining forces with an IT service provider can be a game changer for your business. An experienced service provider such as Databranch has the expertise, resources and advanced tools to carry out effective assessments. We also have the latest knowledge of emerging threats and vulnerabilities, so we can protect your business better than anybody else.
Why You Need an IT Service Provider
Teaming up with an experienced IT service provider can help you:
- Access accurate and up-to-date information on risk assessments without getting sidetracked by misconceptions.
- Conduct thorough assessments to identify weaknesses in your IT systems and resolve them before they can pose any threat.
- Implement a robust security strategy that can help protect your business from a wide range of threats.
- Ensure your business has a fighting chance against evolving threats so you can focus on building your business instead of worrying about cybersecurity.
Take Control of Your Risks
Are you finding it a challenge to manage your IT risks all on your own? Download our checklist today for comprehensive steps to get started.
Cyberthreats are always lurking, and with one mistake, you could be the next victim. Cyber incidents can slam the breaks on your growth. That’s why you need Databranch’s team of IT experts to help you build a resilient cybersecurity posture. Team up with Databranch today for professional help navigating the complexities of cybersecurity with ease.
Schedule a free consultation now!
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Running a business is like being in the driver’s seat of a high-performance car. It’s fast-paced, competitive and full of passion. But even the best racecars can’t go far without regular pitstops.
Skipping those important checks is like failing to assess the security risks in your business. You may initially save time, but at what cost?
Risk assessments are important for identifying risks and maintaining asset safety and efficiency to keep your business at its peak. Without them, you leave your business vulnerable.
How Risk Assessments Keep Your Business Running Smoothly
Regular risk assessments help you in a lot of ways:
1. Spot Vulnerabilities Before They Derail You
A slight oversight during a race can leave you in the back of the pack. Similarly, unseen risks in business, whether related to cybersecurity, operations or physical security, can have serious consequences. Risk assessments help detect these problems before they turn into major disasters.
2. Protect Your Most Valuable Assets
Your car’s engine, fuel and wheels are its lifeblood. Lose one, and you’re out of the running.
Your business’s lifeblood is its data, infrastructure and people. Risk assessments give you the chance to protect against cyberattacks, breaches or operational failures that could bring your operations to a standstill.
3. Stay Within The Rules of the Road
Following the rules of the race keeps you on track. Failure to comply leads to penalties. In the same way, companies must comply with regulations such as GDPR or HIPAA. Regular risk assessments help you meet compliance standards, avoid hefty fines and maintain your reputation as a responsible and trusted organization.
4. Make Smarter, Faster Decisions
A finely tuned racecar empowers you to go with the best racing strategy confidently. Risk assessments do the same for your business. With knowledge of potential threats, you can make informed strategic decisions and ensure you are always ahead of the curve.
5. Boost Your Operational Efficiency
The smoother the car runs, the easier it is to handle. The same goes for your business. By identifying inefficiencies and weaknesses, risk assessments help you streamline operations, reduce downtime and improve overall performance. This, in turn, creates a more resilient, cost-effective business model.
Another way to reduce downtime is to adopt a comprehensive business continuity and disaster recovery (BCDR) strategy. Databranch has the knowledge and experience to take care of your backup and BCDR needs. Reach out today to speak with one of our highly trained team members.
6. Build Confidence with Every Turn
A well-maintained car builds trust between the driver and the team. Continuous risk assessments help build the confidence of your customers, investors and partners. Your proactiveness will be counted as proof of your long-term vision and readiness to test your limits.
7. Pave the Way for Growth
In racing, your confidence in the reliability of your car can push you to victory. Similarly, if risks are properly managed, you can focus on growing your business, expanding into new markets and seizing opportunities, knowing that potential risks are under control.
Is Your Business Ready for a Pitstop?
Your business can’t thrive without regular assessments to recalibrate and protect what matters the most. Risk assessments give you an advantage, ensuring you are prepared for whatever comes next. Download our infographic for a comprehensive guide to get started.
Don’t wait for a crisis to slow you down. Reach out today at 716-373-4467 option 6 or [email protected]! Let’s create a customized risk assessment strategy to move your business forward.
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Are you prepared to face a cybersecurity breach, a natural disaster or a system failure? Such disruptive events can strike at any moment, causing chaos and confusion.
But don’t worry. With an effective incident response plan in place, you can handle any incident with confidence.
This blog is intended to help you enhance your plan simply and straightforwardly. So, let’s dive in and make sure you’re ready for whatever comes your way.
Best Practices for Effective Incident Response Planning
To be well-prepared for any incident, it’s important to follow the steps below:
1. Identify and Prioritize Critical Data and Assets
Knowing precisely what resources you have helps you allocate them efficiently during an incident, saving time and minimizing overall damage. Threat modeling is a process used in cybersecurity that is beneficial in this regard. It involves identifying potential threats and vulnerabilities to an organization’s assets and systems.
2. Establish a Dedicated Team
A cohesive and well-trained team with clearly defined roles can work together to ensure an efficient and effective response.
3. Conduct Regular Trainings
Regular training helps keep your team informed of the latest techniques and threats, ensuring they can handle any situation with confidence. Our Breach Prevention Platform and Security Awareness Training that comes with simulated phishing tests that will train your employees in spotting real world threats.
4. Implement Continuous Monitoring
Continuous monitoring systems can detect incidents early and take action before they escalate, potentially saving your organization from significant damage.
It is critical for any business to survive and thrive in today’s cybersecurity environment which is why Databranch provides a 24 x 7 proactive monitoring and alerting service for our managed clients. Visit us here to learn more and get started.
5. Establish Clear Communication Channels
Clear communication channels within your team and with external stakeholders ensure that everyone is on the same page during the response, minimizing confusion and errors.
6. Develop a System to Categorize Incidents
Categorizing incidents based on their severity and impact ensures that you can respond appropriately to each incident, minimizing long-term damage to your organization.
How we can Help
All businesses today must have a solid incident response plan against ever-evolving cybersecurity threats. That’s where Databranch can be your strategic partner and your first line of defense against cyberstorms.
If you’re uncertain about how to approach incident response planning, we can help you in the following ways:
- We’ll customize an incident response plan that aligns with your goals and challenges.
- We’ll identify vulnerabilities and rank incident response planning through risk assessments.
- We’ll help you build a fully equipped incident response team with clear roles.
- We’ll suggest and apply advanced security technologies to boost your detection and responsibilities.
- We’ll establish continuous monitoring to detect and respond to potential security incidents quickly.
- We’ll ensure that your incident response plan complies with legal and regulatory requirements.
- We’ll assist with post-incident analysis to refine response plans based on lessons learned.
Take Control of your Incident Response Plan
Don’t wait for a security breach to happen. Our team has years of experience and expertise to ensure the safety of your data. Take charge of your incident response plan now by contacting us at 716-373-4467 option 6, or [email protected] to schedule a no-obligation consultation with our team of experts.
You can also download our infographic to review the 4 stages of an incident response plan.
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Buyer beware – software programs or tools that claim the ability to conduct a risk assessment by scanning your network with little to no human interaction should raise concern!
These tools will generally do a nice job discovering vulnerabilities that exist in your technology environment, but vulnerabilities are not risks by default.
Is you business familiar with vulnerability assessments and their benefits? If not, visit our website here to learn more about the benefits and how they can enhance your cybersecurity posture.
What is Needed
Risk requires the presence of a vulnerability PLUS the action of threat actor.
To illustrate this concept using an example from the tangible world, lets visualize a car. The car is parked, and the doors are unlocked. A premature conclusion would be to state that the doors being unlocked translates to risk. If you apply critical thought however, you will discover that the unlocked doors are simply a vulnerability that could be exploited.
You would need more information to determine actual risk. Is there anything valuable in the car? What is the crime rate associated with the place the car is parked? What would the impact be if someone gained access to the car? Who would attempt to gain access to the car? Are there other compensating controls in place, like a security camera? The same logic applies to the digital world.
The presence of vulnerabilities like unpatched computers or misconfigured devices will contribute to the likelihood of a risk event occurring, but it is shortsighted to say that vulnerabilities equal risk. That statement simply is not true.
A risk assessment requires critical thought to occur beyond the discovery of vulnerabilities by software tools. It requires critical thinking and the use of logic and reason. All of which made capable by the involvement of qualified human beings during the risk assessment process.
Relying on the arbitrary risk statements and scores created by software tools that simply discover vulnerabilities in your network, can lead to a false understanding of your actual risk profile. This can then easily lead to the wasteful allocations of resources – intended to reduce risk – but end up remediating a vulnerability instead.
What Happens After the Assessment?
Typically, a vulnerability assessment can be completed in a day or two. The results of a vulnerability assessment are documented and provided to the stakeholder complete with recommendations around remediating any weaknesses found.
Security shortcomings found during a vulnerability assessment can almost always be fixed. Many times, the fixes are very easy to accomplish. Roughly 60% of all reported cybersecurity breaches occurred because the bad actors exploited common vulnerabilities and exposures (CVE).
This means that roughly 60% of all reported cybersecurity breaches could have been prevented if the victim had simply conducted a vulnerability assessment and made small improvements to their cybersecurity posture that would have eliminated a substantial amount of risk.
Interested in setting up a vulnerability assessment? Contact Databranch today at 716-373-4467 x115, [email protected] , or fill in the form below to set up a meeting with one of our experienced team members.
Not only will we help with the assessment, but our team of highly trained engineers will help your business prioritize based on your specific business needs.
Content was provided courtesy of CyberStone.
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