5 Reasons You Need a Cyber Security Risk Management Plan

Cybersecurity risk management is the initiative by information technology departments in companies to actively protect an organization’s computer systems from a breach, either internally or from an external entity. It is reliant on a combination of strategies, technologies and user education to protect enterprises from cyber and information security breach. A breach can compromise the organization’s system leading to data being stolen, and this can damage to company’s reputation as widely witnessed in the banking industry. Here are some of the reasons you need a management plan.

1. To Familiarize yourself with Cyber Security Threats

The most common ones are scammers impersonating businesses, viruses and malware in emails. Security information provides business owners with the current trends hackers are using in the industry. It enables them to be more prepared and agile in case of future attacks.

2. Data Leak Protection

This is one of the most rampant results of cyber-attacks where unethical hackers will infiltrate the system so as to access personal or customer data. Organizations like supermarkets have a wide array of customer data that includes credit card information and once the hackers acquire such, they can use such information to make purchases online or even worse. If they have hacked into the CCTV systems they can access the customer’s PIN which would facilitate cash withdrawals from the ATM. An early warning management plan will go a long way in facilitating the mitigation of this occurrence by anticipating cyber-attacks before they happen.

3. Ransomware Protection

This is a prominent threat to businesses where cyber attackers infiltrate an organization’s system and encrypt all its data with the aim of asking for a ransom so as to decrypt the data. The hackers who had developed the WannaCry ransomware attacked the NHS system in May 2017. It leads to massive losses of 19 million pounds in lost output and an IT bill of 73 million pounds. This shows that ignoring such threats through lack of proper cyber and information security plans can lead to massive financial losses that could bring a business to its knees. The survival of the NHS was possible as the organization is funded by the British government.

4. Growth of Online Businesses

Some of the businesses today do not have physical shops and they rely on the internet to make sales. This pegs the business success to cybersecurity features on their websites. In case a business does not have a plan to mitigate impending cyber-attacks, the results are catastrophic. Hence it’s imperative for such businesses to have a cyber information security plan to avoid such an occurrence.

5. Increased Frequency and Intensity of Cyber Attacks

The intensity and frequency of cyberattacks have also risen in conjunction with the increasing amount of Internet users and e-commerce activities. The survey confirms this assertion. In a study carried out by ISACA, Information Systems Audit and Control Association, in 2014 states that 77 per cent of participants said cyber attacks increased between 2013 and 2014. 82 per cent thought it was probable that their business would be attacked in 2015. Cyber-attacks in 2014, according to the same research, were caused by cyber criminals (46%), non-malicious insiders (41%), hackers (40%) and professional insiders (29%). The loss experienced by the affected businesses was huge. A Ponemon Institute research provides the median price of $7.7 million per organization per year. This shows that risk management is an important aspect of business just as is insurance for company assets.

Conclusion
Given the costs associated with this attacks its, therefore, important to put in place measures such as good security plans. The plans should outline steps staff should take to avert an attack or steps that should be taken when an attack has already happened. This will shield the company from colossal losses in future.