A cyberattack can happen to any organization. A single vulnerability or unpatched system can cause a significant loss and harm to an organization’s data, revenue, and reputation. Furthermore, even for the most secure firms, cybercriminals are using increasingly complex tactics that make it more difficult to detect their attacks. As a result, both the quantity of businesses reporting cyberattacks and their intensity have increased.

Additionally, attack patterns show that cybercriminals are now focusing on cloud infrastructure in addition to on-premise IT devices and apps. In order to safeguard itself, your company should implement the right security technologies and streamline its operations to increase cyber resilience and improve its capacity to identify and reduce cyber risk. By implementing a successful cyber risk mitigation strategy, you can keep ahead of the always changing threat landscape and be ready for any kind of cyberattack.

Methods to alleviate cyber risk

A thorough cyber risk mitigation strategy is essential to the organization’s security posture and success in the ever-changing threat landscape of today. You may enhance cyber risk mitigation throughout your network by implementing the following eight steps:

Conducting the cyber risk assessment:- A cyber risk assessment identifies threats that affect the networks, devices, apps, and users of your company and assists you in estimating their magnitude. Performing a risk assessment also reveals potential coverage gaps and provides information about how well your present security procedures are working. In essence, by locating potential exploitable vulnerabilities, a cyber risk assessment may give you a comprehensive picture of your attack surface. Prioritizing the vulnerabilities that require immediate attention is also beneficial.

Initiating the network access control:- Establishing network access controls is the next step after evaluating your assets and identifying security flaws in order to reduce the risk of threats from malevolent insiders and external attackers. Your company can achieve this by putting in place security measures like zero trust, which require constant user verification before allowing access to data and apps. Additionally, these measures will lessen the number of problems brought on by carelessness or unfamiliarity with security best practices.

Application of Firewall and threat detection software:- Installing firewall and threat detection software is another way to reduce cyber risk. Your network traffic is monitored by a firewall and additional threat detection tools (such endpoint detection and repair solutions) to spot any unusual activity. A firewall creates barriers between untrusted external networks and secure internal devices. Similar to this, possible malware is found and eliminated by EDR solutions and other threat detection software.

Installing security patches and updates:- One essential step in reducing cyber risk is routinely installing updates and security fixes. Cybercriminals will have fewer opportunities to take advantage of flaws in unpatched or out-of-date software the quicker security flaws are fixed. Additionally, by detecting your company’s vulnerabilities, determining whether updates are available, and then methodically distributing patches to the relevant assets, a regular patch management program reduces cyber risk.

Conduct regular employee training:- Employee security training is one of the finest strategies to reduce cyber risk. Awareness of how to correctly recognize and address the security issues that your company faces is increased through training. One of the greatest methods to stop a data breach caused by human mistake is to educate your staff on typical attack types, such phishing emails.

Implementing automated security technologies:- Without help, humans can no longer handle the growing attack surface or the large number of vulnerabilities that are discovered every day. Cyber Risk Quantification (CRQ), Risk-based Vulnerability Management (RBVM), and Cyber Asset Attack Surface Management (CAASM) are examples of security automation systems that automate cyber risk mitigation procedures and enable security teams to operate at scale.

Minimize the surface attack:-The total number of locations on your company network where an attacker could try to access your information systems without authorization is known as your attack surface. You must reduce the size of your attack surface and make it more difficult to compromise in order to successfully reduce cyber risk. Accurately inventorying your assets and getting rid of gadgets and apps you don’t require will help you achieve this. Vulnerabilities can also be continuously identified, prioritized, and fixed. Prioritizing remedial efforts according to risk impact and likelihood can be aided by tools such as penetration tests and cyber risk quantification systems.

Create an incidence response plan:- Anyone can be the victim of a cyberattack these days. Creating an incident response plan that outlines the actions to be taken in the event of an attack is crucial to reducing your cyber risk. To help them know what to do in the event of a security problem, an incident response plan also outlines the duties of important stakeholders both inside and outside the security team. Because it enables your company to effectively address any kind of security incident, this plan is one of the most important parts of reducing cyber risk.