Cybersecurity: Managing Risk in the Information Age

  • 27th Apr'21
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The information age has been instrumental in so many developments that have been happening for a while now. For centuries, human knowledge was linearly gaining significance. However, with the advent of the internet, the growth of human knowledge has been exponential due to which, just in the last few decades humans have more than doubled their knowledge. But like Spiderman would say, “With great power comes great responsibility.” And the responsibility here is Cybersecurity.

 

Reports have suggested that in the US at every 39 seconds a computer is getting attacked by hackers. And while it’s needless to say what hacking could do, the gist of it is that it can bring down organizations and even nations if left unattended. The only possible way to prevent this is cybersecurity. So, now the question might arise – How can cybersecurity manage risk in the information age? The straightforward answer to this would be cybersecurity risk management. So, let us take a look into this and know about the process involved in these.

 

Cybersecurity Risk Management

 

Cybersecurity Risk Management

Cybersecurity Risk Management is a concept undertaken by various organizations and companies to potentially prevent their assets and valuable information online from being stolen or compromised by hacking. Cybersecurity is about coming up with strategies, technologies, shared knowledge to prevent any sort of hacking or misuse of information that could be a catastrophe for any organization.

 

Setting up a Cybersecurity Risk Management System

When it comes to setting up a cybersecurity risk management system it must be understood that there is “No size that fits all.” This is due to the fact that every company is at risk for different reasons. So, companies and organizations need to identify all the valuable assets and information that want to be secured optimally. After this is done, they can, accordingly, go for availing the most fitting cybersecurity risk management systems available for them.

 

Cybersecurity

 

Processes in the Cybersecurity Risk Management

While an organization is looking to avail a cybersecurity risk management they must know about the various processes involved in it. As the foremost step towards this risk management starts with a cybersecurity framework developed according to the requirement of the organization. Once the requirements have been identified, data can be mapped and organizations can be taught better on how to govern them with minimal footprints that any hacker can track online. However, this isn’t full proof as sensitive information can still leave the organization accidentally and land up on the wrong doorsteps. This could be information kept in the hidden rows of a spreadsheet or presentations in an email thread. Therefore, the organizations can practice these 5 processes involved in cybersecurity risk management.

 

  • Initial (Chaotic, Ad Hoc, Individual Heroics)

This is a starting point where any new document or undocumented information is identified for the repeat process.

 

  • Repeatable

In this process, any new documented or undocumented information is being documented sufficiently so that it can be used repeatedly.

 

  • Defined

With this process, the organization can define and confirm any standard process that should be used in its standard businesses.

 

  • Managed

In this process, the entire defined process is managed as per the designed metric processes selected to prevent any cyber attack incident.

 

  • Optimization

This is a constant process where all the above-mentioned processes are constantly optimized timely to ensure that your cybersecurity risk management setup remains up to date to tackle any potential cyberattacks.

 

While this is an effective process to curtail any cyberattacks, it cannot guarantee a hundred percent cybersecurity. This is because, besides the technology, humans can equally be responsible for any cybersecurity breaches. This means that the only way to maximize cybersecurity is by locking every piece of information from every human and this is not possible. Doing so will only hinder the process in which businesses can be conducted to their full capacity. Therefore, here are a few of the vital steps that an organization must practice as well. There are:

 

Risk Mitigation

Risk mitigation is a voluntary step taken to minimize the chances of cyberattack incidents taking place. Here you should consider taking these precautions:

 

  • Install Network Access Controls
  • Limit the number of devices that are with internet access
  • Limit administration credentials and control rights for every administrator
  • Set up Firewalls
  • Block older operating systems
  • Use antivirus and endpoint security options
  • Add two-factor authentication to allow access to certain files

 

Keep the Human Element in Check

As discussed above, there is always a chance of humans causing a breakdown in cybersecurity. Therefore, the organizations can take up cybersecurity programs as a mandate to teach its importance to the employees and even share guidelines to possible consequences that could take place due to negligence of any employee in the matters of cybersecurity.

 

Report Incidents

Last but not the least, if any cyberattack incident is found it should be immediately reported to the cybersecurity department so they can ramp up measures. This will ensure that the organization gets away with no or minimal damages.

 

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*Note: The content published above was made in collaboration with our members.

About the author:

Sunny Samanta, OpenGrowth Content Team

A lone wolf by definition, a writer by heart, and a lost star with ambitions to light up the dark both inside and around me, sometimes by immersing myself into books or video games or traveling with a backpack to an uncertain destination believing that life is all about the choices we make and we don't.


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