Cyber security threats are considerably vulnerable from an organizational point of view as these possess a significant risk in the form of exploitation of organization’s working structure due to the breaching of various security features that causes organization’s important data to get lost and also results in the interruption of operations of organizations.
There are some cyber security threats that modern industries face in general:
1. Adversarial threats: These threats are caused by third-party vendors, trusted insiders, hackers, ad hoc groups, suppliers, and corporate espionage. The threats also include malicious software attacks caused by any of these entities. Big organizations mitigate these threats by establishing a separate entity named by security operations centre (SOC) with trained staff and specialized tools.
2. Natural disasters: Many times, natural disasters like hurricanes, floods, earthquakes, volcanic eruptions, fire, etc., cause damages that are similar to that of malicious cyber attacks. These can lead to a significant loss of data, disruption of services, and the destruction of an organization’s physical or digital assets.
This threat can be mitigated by dividing the organization structure into small units placed in different locations.
3. System failure: Data loss can also be caused due to the failure of systems that leads to disruption in continuity of business. To mitigate this cyber security risk factor, it is advised to organizations to ensure that the systems running in their organization are well-equipped with high-quality components and software that have redundancy in place for ensuring high availability and are backed up supported.
4. Human error: There are also chances that a user may accidentally download malware or get entrapped in some form of social media phishing. A leak in a privacy setting may expose sensitive data to hackers. To mitigate such threats, it is advised to conduct various employee training programs and enforce strong security controls in the organization functioning.
Cyber security risk management
Cyber security risk management is one of the important and strategic approaches for prioritizing cyber security threats. Organizations implement these management approaches for ensuring that the most critical threats are handled promptly. This approach help organizations to identify, analyze, evaluate, and address cyber security threats that are based on the potential impact that these threats pose.
The cyber security risk management approach is a 4 stage approach. These stages include:
- Identification of risk: In this stage, the organization’s environment evaluation is carried out for the identification of potential risk factors that can adversely affect the business operations.
- Analysis of risks: In this stage, the risks are assessed and categorized on the basis of the assumption of the impact caused by these risk factors.
- Risk controlling: This stage defines the methods, procedures, technologies, or other measures that would help mitigate the risks.
- Review of control measures: In this stage, the follow-through of the measures are carried out. This can be done by evaluating the efficiency of the control measures employed for mitigating the risk factors.
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