Organizations today are under constant threat of cyberattacks as technology continues to evolve rapidly. Cybersecurity threats can not only compromise an organization’s data, but they can also be costly. According to IBM’s Cost of a Data Breach report, Canada has the third-highest average cost for data breaches at $4.5 million.
While 88 per cent of organizations believe they have either maintained or decreased their vulnerability to cyber threats, 44 per cent of organizations still expect to suffer a major breach.
The following are steps organizations can take to prioritize their cybersecurity:
- Identify Risk: Cyber threats come in many forms, such as malware, ransomware or internal error. Organizations should take the time to identify and understand which risks make them the most vulnerable. During this stage, identifying an organization’s key assets can help IT departments prioritize which risks require the swiftest action. Control risks, systemic risks and integration risks should all be accounted for and considered.
- Assess Risk: The primary purpose of a cyber risk assessment is to help inform decision-makers and support proper risk responses. After identifying key assets, this stage determines how those assets may be attacked from a technical point of view. Attacks should be evaluated based on their probability.
- Manage Risk: Once an organization has identified and assessed its most vulnerable points, it can begin to properly manage those risks. At this stage, management should know which data is the most valuable and vulnerable and can make decisions regarding budget, policies and procedures.