In 2017, about one-fifth of Canadian businesses indicated they were impacted by a cybersecurity incident that affected their operations. These hits included attempts to steal, money, business data, personal information, or financial information. It resulted in employees unable to carry out day-to-day tasks, the inability to use email, added expense in repairs and recovery costs. The most often overlooked expense was downtime.
While all of those are excellent reasons to ensure companies have a layered cybersecurity plan in place, many Canadian businesses still do not have a written policy to manage or report these occurrences.
Cyber risk assessments are needed to inform management of relevant threats, internal and external vulnerabilities, chances of being taken advantage of, and the potential fallout should an attack occur. The number of organizations not using some form of technology is far and few between. IT infrastructure systems are required to conduct business on a day to day basis.
Risk assessments are nothing new. Understanding what could potentially go wrong and determining the probable results has always been part of the overall risk management strategy. A cyber risk assessment is analyzing and understand what risks may occur in with technology and how to respond to them.
Companies perform them to save money in the long run, to be prepared for when something does happen, to produce a high awareness among employees, help to discover the gaps that need addressing, and allows an understanding of current threats. It is also required should you wish to purchase cyber insurance and many industries legally require a company to have one completed.
Cyber risk assessments are not a once and done exercise. It should be considered a living document that must be added to and amended on a regular basis and is essential to keep it up to date. The risks will never be entirely alleviated as cybercriminals are forever increasing their knowledge and expertise in trying to get the inside goods. Regularly evaluating, implementing protection, and lessening the chances of a breach will bring peace of mind.
Cyber Risk Assessment can help avoid this.
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