Cyber Risk Management: 4 Practical Ways for Businesses in 2024

January 16, 2024
1 min read

TLDR:

– Cyberattacks are increasing, with large-scale data breaches and major cyberattacks becoming more common.
– Businesses can manage cyber risk through proactive security measures, continuous software testing, risk management and resilience planning, and preparation for emerging technologies.

Cyberattacks are on the rise, with hundreds of millions of private records from banks, ISPs, and retail establishments being exposed to the public in the past year alone. The shift to remote and hybrid workplaces during the Covid-19 pandemic has created vulnerabilities that hackers have taken advantage of. As a result, the past two years have seen record-breaking data breaches and cyberattacks on businesses and governments.

Ransomware attacks, data breaches, DDoS attacks, misconfigurations, and major IT failures are some of the biggest concerns for businesses and governments. The use of cutting-edge technologies like 5G, AI, and machine learning, along with increasing cooperation among hacker organizations, poses new risks due to their increasingly sophisticated threats.

To manage cyber risk, businesses should take a proactive approach to security. This involves developing a cybersecurity framework that incorporates biometrics, analytics, encryption, authentication, tactical measures, and ongoing diagnostics and mitigation. Risk assessment and incident handling are also crucial components for minimizing the consequences of cyberattacks and ensuring business continuity.

Continuous software code and application testing is another key element of managing cyber risk. Early detection and correction of flaws and misconfigurations in the software development lifecycle can prevent potential dangers. Application security testing, which searches for malware, misconfigurations, and vulnerabilities, should be the first step in the assessment process. Monitoring third-party advisory websites for new vulnerabilities and checking for patches in legacy code are also important.

Having a risk management and resilience plan is essential for business continuity. Incident response plans, mitigation measures, and securing backup procedures should be in place in case of network and device compromises. Training and tabletop exercises can help in implementing incident response plans effectively. Information sharing is crucial for resilience and business continuity, as it keeps organizations updated on the latest threats and allows for the development of working procedures.

Finally, businesses should prepare for the security challenges posed by emerging technologies. Artificial intelligence (AI) can be used both by threat actors and defenders. Employing AI for real-time analysis and threat identification can significantly enhance security. However, it can also be used by hackers to find vulnerabilities and automate phishing attempts. Being proactive and not complacent in the face of growing cyber threats is essential for businesses to thrive in the digital environment.

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