As digitalisation takes over and individuals, businesses, industries, and countries become more reliant on technology and innovation, the risks to data become pervasive.
While technology has long been touted as a solution to storage, sustainability, and the growth of a business—cybersecurity has, traditionally, not received the same level of prioritisation.
Business priorities must shift to address the gap between digitalising your systems and protecting them. This is a critical component for any business operating in the contemporary market. It’s not enough, however, to simply invest in cybersecurity measures and trust that your operations are protected.
It is also not enough to focus solely on protecting your sensitive information.
This is especially critical if you have taken pains to integrate your business functions. While this integration brings the benefits of greater transparency and smoother operational success, it also means that your data is interconnected.
If a cybercriminal manages to compromise less critical data, which is generally more vulnerable, then it is only a matter of time until they reach your sensitive data.
In short, regardless of your business structure and industry, there is a lot to consider when it comes to cybersecurity.
One rising concern is the financial liabilities cyber risks pose. As digital dependency grows and cyberattacks become more sophisticated, the cost of reversing their effects skyrockets.
One of the best ways to combat these risks is through cyber risk quantification.
The role cyber risk quantification is playing in modern security strategies
Because cyber risk quantification attaches a monetary value to the cyber risks that your business could suffer from, it holds immense values to global security teams. This helps you identify your most critical vulnerabilities and execute the relevant remedial action without wasting time and resources.
In the long run, this supports a more practical and actionable approach to cyber risk mitigation. It improves your resource allocation, which is invaluable for modern businesses because it prevents you from preparing for every possible risk and spreading your resources too thin.
While only 17% of cyber managers have already taken this step, 60% are starting this process.
In recent times, cyber risks have, unsurprisingly, emerged as one of the top threats to any business, and this is confirmed by a survey conducted by Harvard Business Review Analytic Services. 74% of survey respondents went on to specify that cyber risks were in the top three threats their operations faced.
On top of these figures, 44% of respondents also stated that COVID-19’s impact on cybersecurity was a rising need for more accurate and granular quantifications of cyber risks.
How do we quantify cyber risks?
The key to approaching your cyber threats is to accept the fact that your business is vulnerable to them. This means that your threat mitigation and detection systems must always be on high alert regardless of what else is going on in your company.
It’s crucial, here, to ensure that your risk assessment system is showing you results in real-time. Even if your company has not suffered from a cyberattack in recent months, you can’t draw conclusions from this.
A cybersecurity rating solution can provide you with a more accurate picture of what your current levels of threat are.
Moreover, it is often a challenge to implement a risk mitigation model that is dependable and can meet the ever-evolving and multifaceted demands of necessary cybersecurity. A risk rating solution can rise to the challenge and provide you with a comprehensive overview of the vulnerabilities that arise across your ecosystem and wide-reaching network.
Protect your business more effectively with the potential of cyber risk quantification
To reap the advantages of a more secure company framework, quantifying your cyber risks can go a long way.
The right risk rating solution will protect you from third-party risks, provide accurate and detailed reports, analyse and address risks in real-time, and maintain your compliance with industry standards and regulations.
When it comes to cyber risks, you can’t afford to be caught off guard.