The Hidden Dangers of Not Paying Attention to Cyber Risk Posture Management: A Business Must-Read

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The Hidden Dangers of Not Paying Attention to Cyber Risk Posture Management: A Business Must-Read

In this modern, technology-based world, cyber threats continue growing in sophistication and volume every day. That’s why it’s high time for business enterprises to take their cybersecurity measures sincerely. However, many ignore the most important practice that is key to their safety. Come, let’s explore the risks associated with neglecting this crucial aspect and why this is important to your business: Cyber Risk Posture Management.

What is Cyber Risk Posture Management?

What is Cyber Risk Posture Management (CRPM)? This means continually checking and enhancing your firm’s safety against cyber threats. It entails the identification of weak spots, risk management, and setting up strategies to avert attacks. It’s never a one-time activity but a continuous cycle of changes aligned with the threat landscape.

It pays not to ignore CRPM because:

  1. A higher risk of attack: If strong CRPM is not there, businesses remain vulnerable to Ransomware or Phishing, to name a few. These can cause huge financial losses, harm your reputation, and disrupt operations.
  2. Big Financial Hits: Cyber incidents are expensive. In 2023, the average cost of a data breach was $4.45 million. This includes direct costs like fines and legal fees, and indirect costs like lost business and damaged reputation.
  3. Regulatory Trouble: Many industries must follow strict cybersecurity rules. This will result in a breach of compliance and heavy fines for legal issues, considering the CRPM guidelines. It can also lead to a breach of trust with your customers and partners.
  4. Operational Shutdowns: Cyber attacks can stop your business operations, causing downtime and loss of productivity. For example, a ransomware attack can lock you out of essential systems until the issue is fixed.

For example, in 2021, Colonial Pipeline was attacked using ransomware; the attack led to a severe stoppage of fuel supplies across the U.S., forcing the company to pay a hefty ransom to restart its operations.

Equifax Data Breach: A 2017 breach in Equifax exposed the personal data of 147 million people. It was due to poor cyber risk management, which included failure to fix a known vulnerability.

How to Improve Your Cyber Risk Posture

  1. Continually Review Risk: Regularly check your systems for vulnerabilities using automated tools and manual audits to find weaknesses.
  2. Multi-Factor Authentication (MFA): This further hardens the security layer on the system, as it requires a user to confirm their identity in more ways than simply logging in.
  3. Train Employees: Instruct your employees to know the most current cyber threats and safe practices. The most significant cause of a successful attack is human error.
  4. Regular System Updates: Update software and systems regularly to close known vulnerabilities. This simple task will close the door on many attacks.
  5. Incident Response Plan: Have a clear plan regarding how to respond to a cyber incident. It has to cover containment, eradication, and recovery.

Why Invest in CRPM?

Investment in CRPM is not about defense; it is a smart business move. In managing your cyber risk posture, you will be able to:

  • Build client trust through the demonstration of protecting their data and reducing financial loss due to cyber incidents.
  • Staying compliant with industry regulations.
  • Boosting operational resilience and reducing downtime.

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