Understanding where your unique risks hideToday cyber risk is everywhere, and attacks are now being targeted at small & medium-sized businesses (SMBs). Losses from cyber crime are approaching $10T/year. If the world’s cyber criminals formed a country, they’d represent the third largest GDP, just behind China. They’re also growing faster than most countries, too. Its time for your business to consider a cyber risk assessment. Some things to consider;
| “Hands-on” cyber attacks are growing: many clever intrusion methods are hitting your business every day. These include credential scans, phishing attempts, password spraying, and social engineering. These increased 60% in 2023, proving that companies need to defend against a variety of attack vectors. |
Credential theft drives invisible attacks: Finding and exploiting legitimate username/password credentials is now among the fastest and most common ways for criminals to gain access to your company’s assets. This highlights the need for organizations to defend against difficult-to-detect, identity-based techniques. | |
Cloud vulnerability to attacks: Leading analysis shows a 75% increase in cloud intrusions in recent years. As many businesses have shifted to cloud-based applications, good security processes must be a core component of the operations mode of every company. |
Yet many companies, particularly SMBs, are not mounting little if any defense. Most don’t have clear, objective visibility of the cyber risks their unique business faces. This is where periodic cyber risk assessments are critical for every business to undergo regularly.
 What makes risk assessments so important?Escalating sophistication and frequency of cyber threats have focused shift towards SMBs. This has amplified the critical role of cyber risk assessments for smaller businesses and organizations. Increasing complexity of IT environments and evolving regulatory landscapes require regular assessments. Increased reliance on third-party vendors further necessitates regular and thorough risk evaluations. | |
 What is involved in a cyber risk assessment?A cybersecurity risk assessment is essentially a systematic process that aims to identify vulnerabilities & threats within an organization’s Information technology (IT) environment. It should identify the specific vulnerabilities the business faces, the likely targets of a security event, and profile the potential impact(s) of these occurrences.In most cases, a risk assessment will also provide recommendations for additional security controls to address the organization’s specific challenges and mitigate the risk of breaches or other disruptive incidents.A proper cyber risk assessment goes beyond mere vulnerability identification; it will provide a comprehensive understanding of potential impacts on business operations, reputation, and even financial stability. By proactively identifying weaknesses and potential attack vectors, organizations can implement targeted security controls and strategies, optimizing resource allocation and minimizing the likelihood and impact of successful cyberattacks. | |
 What benefit does a cyber risk assessment provide?Assessments foster a security-conscious culture, enhance incident response capabilities, and ensure business continuity in the face of an ever-changing threat landscape. Cyber risk assessments are no longer a discretionary measure but a fundamental component of prudent business management in the digital age. |
These assessments foster a security-conscious culture, enhance incident response capabilities & ensure business continuity in an ever-changing threat landscape. In short, cyber risk assessments are no longer a discretionary measure. They’re a fundamental component of prudent business management in the digital age,
How We Do Them
TEKRiSQ performs cyber risk assessments pragmatically, in fast, easy and affordable ways. Please review our methodology page to learn more.
