Businesses can no longer consider a cybersecurity threat an exclusively technological problem. Cybersecurity-related risks can affect an entire business operation and need to be met with a comprehensive plan and security package. Companies like Stave Apps offer cybersecurity management strategies to improve efforts of business cyber threat management.
Cybersecurity as a Business Risk
Risks to cybersecurity affect businesses as a whole and are not limited to technology departments as they had been before. This is especially true for businesses moving into the digital sphere and becoming exposed to an increasing amount of cyber threats.
For businesses to successfully protect themselves from different types of cyber threats, they should consider what cyber risks can mean for the business as a whole. They can integrate cyber protection strategies into all aspects of the organization, from IT and HR departments to general security policies.
Input from all areas of the business can strengthen preventative strategies against cyberattacks and help mitigate major interruptions to business operations.
Enterprise Risk Management
Enterprise risk management (ERM) refers to the process of assessing risk and identifying threats to market opportunities and a company’s financial well-being. Cybersecurity threats are being factored into the ERM equation and continues to be a growing challenge to security and business professionals.
The main goal of ERM is to understand and quantify an organization’s tolerance for risk. ERM looks to manage events that can affect a company’s profitability and risk exposure. Low impact events refer to high probability occurrences that will likely bring limited damage to a company. On the other hand, high impact events are events with a low probability of occurrence but that can have potentially massive negative effects for a business.
ERM’s have to be aligned with other crisis management programs. Rapidly evolving cyber threats require the consistent evolution of security strategies. Regulatory compliance is important but insufficient to achieve enterprise resiliency.
Businesses need to address cybersecurity in a way that brings focus to how it impacts the business instead of on attack prevention. Cyber threats cannot be considered problems to solve but risks that need to be managed through acceptance, mitigation, and transference. Security risks that are not managed well can cause significant damage to a company’s operations.