As the world increasingly goes digital, the risks of cyberattacks grow. That’s why more and more businesses are turning to cyber risk management platforms. These platforms can help companies identify and assess risks, develop mitigation strategies, and track progress. Keep reading to learn more about the benefits of using a cyber risk management platform.
What are cyber risk management platforms?
A cyber risk management platform is a tool that allows businesses to manage their cyber risks. Some cyber risks that businesses are vulnerable to include viruses, malware, ransomware, data breaches, and other attacks. A virus can infect a computer and spread to other computers on the network, resulting in lost data or even the shutdown of the business. Malware is a type of virus that is specifically designed to harm or disable computer systems, and ransomware is a type of malware that locks users out of their files or systems until a ransom is paid.
Data breaches can occur when hackers steal personal information or credit card numbers from a business. Other attacks can include DDoS attacks, flooding a website with traffic to take it down. By using a cyber risk management program, companies are aware of these risks and are protected from them with the program.
What features should a cyber risk management program include?
A good cyber risk management platform will offer several safety measures and features, but two elements are necessary for your organization. First, your program should have the identification of all third-party vendors and partners, both cloud and on-premises. This includes evaluating the risk associated with each entity and developing policies and procedures for managing that risk. Second, your program should consist of continuous monitoring of vendor security posture changes. There are a few key reasons why it is so important to monitor your vendors’ security posture continuously.
First, as your business grows, you will likely be increasingly reliant on third-party vendors for everything from product sourcing and manufacturing to data storage and processing. If these vendors are not adequately secured, your business could be at risk. Second, the security posture of your vendors can have a direct impact on your security posture. If one of your vendors is compromised, it is likely that your data will be as well. Finally, attackers often target third-party vendors as a way to gain access to their customers. By monitoring your vendors’ security posture, you can help to protect your own business from these types of attacks.
Does a cyber risk management platform help businesses gain insight?
A cyber risk management platform helps businesses gain broader insights into global cyber threats. By aggregating data from various sources, a platform can quickly identify patterns and potential dangers. Additionally, analysts using the platform can more easily share information and collaborate on investigations. The broader insights gained result in visibility as well. Cyber risk management platforms provide visibility into risks that may not have been obvious or apparent to businesses.
For example, a platform may identify specific countries or companies that are being targeted by hackers. This information can help organizations focus their security resources on the most at-risk areas. With the visibility information available, companies can respond more effectively to incidents because of the platform’s real-time data and analysis. Additionally, the platform can help organizations track remediation efforts and ensure that all steps have been taken to mitigate the damage caused by the attack.
Cyber risk management platforms are essential to overall cyber security as they allow for a comprehensive view of an organization’s cyber risk posture. This broad view enables organizations to identify and address potential vulnerabilities and take steps to protect their networks and data.