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Automating Cyber Risk Assessments for Top-Notch Cybersecurity

Protecting against the increasing risk of cyber threats is a significant undertaking for any organization. Insufficient security controls can have serious detrimental impacts, from downtime spent recovering from a breach, to the damage done to your organization’s reputation if your clients’ data is compromised.

In 2020, McAfee reported that cyber attacks cost businesses around the world a total of more than $1 trillion. With so much at stake, it is critical that your organization sufficiently identifies and mitigates potential risks — before they cause major damage to your bottom line or your organizational integrity.

Cyber risk assessments are a critical part of any organization’s risk management strategy. Without a clear understanding of the systems and assets your organization has to protect and what could threaten them, you leave your valuable data in harm’s way. However, while these assessments are imperative, they are also highly time-intensive and require constant attention in order to stay ahead of potential threats.

In response to this issue, many organizations have automated large parts of their risk management processes. Automation can provide powerful, continuous monitoring of your cyber risk, all without the need for regular manual upkeep.

Here is an overview of the cyber risk assessment process, and how automation can give you back valuable time while bolstering your organization’s security even further.

Completing a cyber risk assessment

A comprehensive cyber risk assessment will take stock of who has access to each of your systems, as well as any sensitive data you may manage. It will also identify other assets, including any devices, hardware, or other physical or intellectual property that could fall victim to a cyber attack.

Once these systems and assets have been located, the next step in the assessment process is to determine the various types and degrees of risk for each one. This is necessary, as not every system or asset your organization manages will pose the same degree of risk, and therefore will require different security defenses.

Cyber risk assessments help your organization to understand the vulnerabilities you face, enabling you to make informed decisions about how to mitigate potential risks. Without a thorough assessment, you may waste your defenses on an area that does not carry a great deal of risk, and unintentionally leave more vulnerable systems susceptible to an attack.

Reduce the risk of human error with automation

As with any other process, manually managing cyber risk assessments can occasionally result in unintentional human errors. While many errors are easily corrected, high-stakes processes like these demand accuracy and precision. In fact, recent data from IBM found that as many as 95% of cyber security breaches are caused by human error.

With cyber crime on the rise, it has never been more important to keep your data protected. Automating as much of your cyber risk management process as possible significantly reduces the risk of human error leaving your organization vulnerable to potential attacks.

Save time, boost security

Cyber risk assessments are a lengthy, exhaustive process. And, due to the ever-evolving nature of cybersecurity, the job is never truly finished. Risk levels change quickly and regularly, requiring your organization to remain constantly aware.

Managing the task of evaluating vulnerabilities requires a great deal of time and effort from your team. With automated cyber risk assessments, your organization can hand over the responsibility of continuous risk assessment and monitoring and trust that nothing will slip through the cracks. This gives your team back the time to manage other important tasks, while detailed security information is automatically collected and reported to keep your organization abreast of any changes to your cyber security.

Privva can help

Keeping your data safe in the internet age is a challenging and vital task. Privva can help your organization automate cyber risk assessments that will continuously work to keep your systems and assets secure.

Reach out today to learn more.

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