What are the benefits of cyber security risk management assessments?
Why you need to establish the right information security risk strategy.
Managing risk is part of every business. A risk is a major part of having a balanced business strategy, as it can help organizations reach new levels of success. A modern comprehensive risk management strategy includes a solid cyber security component. Technology advances mean that cyber security continues to be a business focus that requires serious attention.
Smart businesses have an effective cyber security strategy built into their risk management policy. With objectives like data loss prevention, better security measures to protect the system and network services, and active data management and control, cyber security strategies can have a huge impact on a business’s being able to meet their goals and performance metrics. Here are some of the benefits of prioritizing a cyber security risk management plan.
1. Better business reputation
Whether you work with clients or sell to customers, it’s important to keep their best interests in mind. One of the best ways to establish trust and build your business is to ensure that their data is protected. Data breaches continue to threaten businesses, costing them customers and profits, and make the news in a negative way. Organizations that proactively prioritize their information security and customer data tend to do more business, have more loyal clients, and experience more long-term success.
2. Increased revenue
Data breaches can lead to lost profits from fewer customers, as well as from fines and lawsuits. Cyber security threats, like DDoS attacks, can shut down company websites and prevent traffic from engaging with your site and making the online purchase. Lax cyber security is a truly expensive endeavor. Businesses that have a cyber security risk management strategy do spend company resources – such as employee labor and money on software solutions – but this is an investment in the future of the company. Better security measures can help businesses ensure that they minimize the risk of unexpected profit losses.
3. Competitive advantage
Cyber security can encompass all branches of the business – in addition to protecting customer and employee data, cyber security measures protect proprietary information that can help businesses get ahead. The proper cyber security risk management strategy includes ensuring proper permissions get granted to employees so that the right teams have access to the right data. Plus it helps keep private business information from being leaked to other businesses or competitors.
4. Increased employee engagement
Cyber security isn’t just for shareholders and customers – it can help increase employee confidence. Employee information includes sensitive information like social security numbers, dates of birth, addresses, and more. Companies that have a defined and focused cyber security strategy protect their employee’s interests and earn their trust, leading to better engagement. More engaged employees are more productive, more positive, and have better performance ratings than unengaged coworkers, leading to businesses with higher profits and efficiency.
5. Better IT team support
Having an actual cyber security strategy and implanting a protection solution – through a combination of software programs and on-site measures – means your technology team isn’t reacting to a crisis that emerges but is following an established protocol. This means less stress for an extremely important department. It allows for better working relationships and can ensure that there is the proper number of personnel and appropriate resources to dedicate to all technology projects. Instead of a team who’s energy gets redirected to put out potential fires and handle emergencies, cyber security plans help keep all projects on track and also enable teams to handle problems.
Having a cyber security plan in place is much more than an option; it is crucial to the security and success of a business. Risk management may start with leadership, and cyber security often initiates in IT or technology teams, but risk management is everyone’s responsibility. No matter what business or industry you find yourself in, to protect the integrity of your information and ensure employee and customer trust, cyber security is a modern-day must.