While no one assumes they’ll fall victim, unforeseeable data breaches can be so invasive that they could collapse any business. From small companies with two employees to enterprise corporations, no one is safe from cybercrime, unless, of course, they’ve got an airtight IT risk management solution in place.
What is IT risk management?
IT risk management is an umbrella term for a wide variety of strategies and policies put into place for businesses. This can range from training employees to spot phishing emails to ensuring your IP is protected to the highest degree. Put simply, IT risk management handles the processes, policies, and technology used when combatting cybersecurity risks for companies. The ultimate goal of IT risk management is to protect confidential information, sensitive data, and intellectual property.
This type of strategy affects everyone. Cybercrime isn’t only invasive to your business, it can be damaging to your team, too. Creating a solid plan of action doesn’t simply involve cybersecurity support that doesn’t continually monitor your situation. Advanced risk management solutions ensure your company is protected each step of the way.
Since every business is susceptible to information technology risks, having a strong risk management strategy is essential when it comes to staying protected and expanding your business. By creating an IT risk management strategy, companies are able to eliminate the unknowns and operate with peace of mind. This is especially helpful when it comes to accessing and transferring sensitive data.
Businesses that continue operations without a risk management strategy open themselves up to potentially insurmountable damage. That’s why we recommend working with one of our experts, so you can focus on business continuity while we keep you protected.
When you first work with a risk management specialist from CMIT Solutions, we’ll establish the potential cyber security risks related to your processes and data. This could be a long-winded and difficult task, as companies tend to store their information in a variety of systems as well as the cloud.
It’s helpful to document where all your vital company information is stored. If you have a large quantity of information across multiple systems, it’s important to make a note of this. Speak with your administration team to ensure you’ve checked everywhere. You’ll find that teams who often handle sensitive data are better suited to advise on you on where to look.
Once your appointed IT consultant has a handle on your company information and where it’s stored, they’ll be able to establish a plan of action to keep you protected. Your IT consultant will then work with you to identify the various risk levels associated with each of your assets. They’ll discuss how likely it is for this information to be targeted, helping them prioritize what’s most important to your company.
This is when the help of an IT consultant is insightful because not all of your data is valuable to cybercriminals. While they typically go after anything they can get their hands on, cybercriminals usually target specific categories that help them obtain as much money as possible.
The first thing hackers look for is personal information. Cybercriminals are often looking to target specific employees that work for you. They usually go after key personal data, such as social security numbers, dates of birth, and other personal information that will aid them in hacking your business. Hackers use social security numbers to open credit accounts and commit tax fraud. As companies typically have this type of information on file for each of the employees, their information is considered to be at risk.
Hackers also go after digital infrastructure and corporate accounts. Through phishing and other malware attacks, hackers can easily access account data through phony emails and phone calls. This information is then used to solicit financial information from your customers.
Intellectual property is also highly sought after when it comes to cybercrime. As one of the most important elements of your business, intellectual property (IP) is how you stand apart from your competition. This is why hackers go after this type of data. They look to sell business plans, product information, and more.
Your IT consultant will be able to go guide you through your risk assessment to help keep your business safe.
Establishing a Plan
After the risks your business could potentially face are identified, your IT consultant will establish a plan of action. This involves establishing policies, procedures, and technology to keep your business protected from data leaks.
This plan usually includes training your employees on how to spot a potential data breach, such training includes evaluating email links, phone calls, and more. Your risk management strategy also includes a plan for data recovery, data backup, and keeping all of your data as centralized as possible to avoid having extensive avenues that can be exposed. Depending on the level of risk associated with each of your business elements, various procedures will be put in place to keep your sensitive information away from the hands of criminals.