Importance of Cyber Security and Risk Management

Did you know in 2021, Cybercrime cost the world more than $6 .9trillion? That’s more than the GDP of Japan and Germany combined! And it’s not just businesses that are at risk. Individual users are just as vulnerable, if not more so. A recent study showed from the Internet Crime Report of 2021, that personal data breaches cost victims $517 million.

The cost of a data breach is not just an expense for companies, but also for their reputation and potential loss of customers trust. The following are five countries or regions with the highest average costs:

According to the IBM Cost of Data Breach Report 2022, the United States has the highest average cost of a data breach at $9.44 million. This is followed by the Middle East at $7.46 million and Canada at $5.64 million. The United Kingdom has the fourth-highest average cost at $5.05 million, and Germany has the fifth-highest average cost at $4.85 million. The importance of cybersecurity and risk management cannot be understated. By taking a closer look at these issues, we can better understand why they are so important!

What is Cybersecurity & Why is it Important?

Cybersecurity is the practice of protecting your computer networks and user data from unauthorized access or theft. It’s important because it protects your valuable data and systems from being compromised. If your networks are hacked, you could lose vital information, be subject to financial theft, or even have your systems taken down. 

Businesses and organizations have become increasingly reliant on electronic information and systems. As a result, the need for effective cybersecurity solutions has grown. Data breaches can cause significant financial damage to businesses and organizations. In addition, data breaches can also lead to the theft of identities, loss of customer trust, and damage to a company’s reputation.

Don’t be Fooled by These Cybersecurity Myths

Cybersecurity is a term that is often misunderstood. There are many myths and misconceptions about it, which can lead to dangerous security vulnerabilities. To help address some of these misconceptions, we have outlined four of the most common ones below.

Myth #1: Cybersecurity is only for large companies

One of the most common misconceptions about cybersecurity is that it is only for large companies with complex IT systems. The reality is that every organization, regardless of size or sector, is at risk of a cyberattack. Small businesses are often targeted by hackers because they are seen as easier targets.

Myth #2: Cybersecurity is too expensive

Another myth about cybersecurity is that it is too expensive to implement and maintain. While there may be some initial costs involved in setting up a robust security system, the long-term benefits far outweigh the investment. And, as technology advances, the cost of cybersecurity solutions continues to decrease.

Myth #3: I’m not a target so I don’t need to worry about cybersecurity

This myth is particularly dangerous as it can lead organizations to become complacent about their cybersecurity posture. The truth is that anyone can be a target for a cyberattack, regardless of their size or industry. Hackers are increasingly targeting smaller businesses and organizations because they are seen as easier prey.

Myth #4: Cybersecurity Solutions are Complicated to Use

Many people believe that cybersecurity solutions are complicated to use, which can deter organizations from implementing them. However, this is not always the case. There are many user-friendly solutions available that are easy to set up and use.

Don’t Be a Victim: Protect Yourself from The Top Common Cyber Threats

• Malware: is a type of software that is designed to damage or disable computers. According to the Internet Cyber Crime Report of 2021, Malware, Careware and viruses resulted in a loss of $5.596 million to victims.
• Ransomware: is a type of malware that locks you out of your computer until you pay a ransom. According to the Internet Cyber Crime Report of 2021, Ransomware costs $49.2 million in damages.
• Phishing: this is a type of scam where attackers send fraudulent emails purporting to be from reputable companies to steal your personal information. As the Internet Crime Report of 2021 shows, Phishing, Vishing, Smishing, and Pharming scams pulled in a total of $44.2 million last year.
• Social Engineering: this is a type of attack where cybercriminals use deception to gain access to your information or systems.
• Insider Threats: this is a type of attack where an insider, such as a current or former employee, contractor, or vendor, uses their access to your systems for malicious purposes.
• Distributed denial-of-service: (DDoS) attacks are where attackers attempt to take down a website or server by overwhelming it with traffic. These are just some of the risks that you face when you’re online. Denial of Service/TDos to users costs $217 thousand in 2021.
• Advanced Persistent Threats: (APTs) is a type of cyberattack where the group of intruders gains unauthorized access to a computer network and then remains there undetected for a long period.
• Man-in-the-middle: this is a type of attack where the cybercriminals insert themselves into a conversation between two parties to eavesdrop or intercept communications.
• Zero Day Attack: This cyber attack takes place on the same day that a new software vulnerability is discovered. hackers exploit the vulnerability before software developers can find a fix, which makes these attacks particularly difficult to defend against.

What is Risk Management & Why its Important?

Risk management is the process of identifying, assessing, and mitigating risks to an organization. It’s important because it helps organizations protect themselves from potential threats and vulnerabilities. By identifying and addressing risks, organizations can reduce the likelihood of being impacted by a negative event. In addition, risk management can also help organizations to improve their overall resilience and response to disruptions.

There are several key benefits of implementing a Risk Management Strategy. First, it can help to reduce the likelihood of accidents or other negative events occurring. Second, it can help to minimize the impact of these events if they do occur. Finally, it can also help to improve the overall efficiency of an organization’s operations.

How to Implement a Successful Risk Management Strategy?

Every organization faces risks, and the key to mitigating them is having a successful risk management strategy in place. Implementing a risk management strategy can be a daunting task, but it’s important to remember that every organization is different and will require a unique approach. Here are some tips on how to implement a successful Risk Management Strategy:

• Tailor your strategy to your organization’s specific needs.
• Review and update your strategy regularly.
• Make sure your team is properly trained in risk management procedures.
• Use risk management tools and techniques to identify and assess risks.
• Take action to mitigate risks whenever possible.

Risk Management Process

1. Identify Risks

This step involves identifying potential risks that could affect the organization. Risks can come from a variety of sources, such as internal operations, external threats, or market conditions This can be done through a variety of methods, such as brainstorming sessions, interviews, surveys, and data analysis.

2. Risk Analysis and Assessment

Once risks have been identified, they need to be assessed to determine their potential impact on the organization. This step involves considering factors such as the likelihood of an event occurring and the potential severity of its impact. This helps determine which risks are most urgent and need to be addressed immediately.

3. Mitigating Risks and Monitoring

After risks have been identified and assessed, mitigation strategies can be implemented to reduce their impact or likelihood of occurrence. Some common ways of mitigating risks are by either reducing or getting rid of exposure to potential cyber-attacks, putting in place controls or security measures, contingency plans, and increasing communication and training. Additionally, it’s important to monitor the risks that have been identified to ensure they’re being managed effectively. This includes keeping tabs on any changes in severity or likelihood of each risk so you can take appropriate action if necessary.

What are the most common responses to risk?

There are five common responses to risk: Avoidance, Reduction, Transfer, Sharing, and Acceptance.

• Risk reduction is when an organization takes steps to reduce the amount of risk that is associated with a particular activity or process. This can be done by changing how a process is done or by discontinuing certain activities altogether.
• Risk Sharing is the exchange of information about risks between two or more entities to identify and manage those risks together. Transferring risk is the process of moving the responsibility for dealing with a risk from one party to another. This can be done through insurance policies or contracts.
• Transferring Risk is when an organization transfers the risk to another party. This can be done through a variety of methods, such as insurance policies, contracts, or joint ventures.
• Accepting and Retaining Risk is when an organization decides to accept the risks that are associated with a particular activity or process. This can be done by either ignoring the risks or by taking steps to mitigate them. 

Businesses Can No Longer Afford To Ignore Cyber Security

Cybercrime is a worldwide problem that’s costing companies $10.5 trillion annually by 2025, up from 3 trillion dollars in 2015! This means cyber security will soon become one of the most important aspects for any business to address – it may even represent their greatest transfer or economic wealth ever if growth rates continue at this rate (15% per year).

This rapid growth rate means cyber criminals are transferring economic wealth into their bank accounts at an unprecedented level and represent one of history’s greatest transfers from people to government officials or hackers themselves to maintain power over these industries’ assets. It’s therefore more important than ever for businesses to take steps to protect themselves against cybercrime by implementing strong cyber security and risk management policies.

Get Serious about Cybersecurity with Mobiz

It is time to stop being naive when it comes to cybersecurity. Mobiz is your go-to cybersecurity and risk, management provider. We make sure you do business better, by leveraging all the benefits the digital world has to offer. We partner with Palo Alto networks to provide the best cybersecurity solutions on the market today!  We also build on that with custom Artificial Intelligence (AI) tools and solutions to automate certain segments of cybersecurity monitoring and safety. AI tools help Mobiz manage the influx of cyber threats more productively by supplementing the human experience.

Whether you’re just starting out with a cybersecurity and risk management approach, or you are looking for more sophisticated solutions, we have expert services and advice designed specifically for your needs. You can’t afford to wait any longer. We must not be reactive, but proactive when it comes to cyber warfare.

Contact us today and let’s get started on securing your Cyber Future!