Cyber Security Risk-Assessment Mistakes

Most CEOs, CIOs, and board members are incapable of calculating cyberattacks’ true cost. Indeed, most organizations wait until the last minute to find out. The key to cybersecurity is to incorporate a holistic organizational approach and always be proactive. While no precise techniques exist to curb all cyberattacks a company may face, there are several tactics that a company can use to create and maintain a strong security system. 

Here are the top cybersecurity risk-assessment mistakes that could make your company a target for hackers. 

Mistake #1: Ignoring the Risk Impacts on Your Investment 

The cybersecurity industry is ever-improving, and hackers are using new technologies to boost their success rate. Should an organization acquire new systems to avert cyberattacks, the attackers will do the same to ensure they are on the same level. 

Another thing is that if hackers discover that companies are willing to pay ransomware costs to have their encrypted files decrypted, businesses should expect to see an increased number of cyberattacks. 

Mistake #2: Forgetting the Intangible Assets 

While it’s difficult to imagine the damage caused to a company’s brand and reputation following a cyberattack, the thought of financial losses is intolerable. Most clients will probably flee and never return for fear of their data getting into the hands of unauthorized personnel. 

Some costs to consider include:  

• Cybersecurity insurance 

• The cost of replacing workers that resign due to cyberattack occurrence 

• The cost of rebranding the company should the insurer fail to pay for the damages 

• The damage caused to the good relationship with suppliers and business partners 

Mistake #3: Assuming Attackers will Release Files after Paying a Ransom 

A couple of years ago, cybersecurity experts advised organizations to pay ransoms demanded by attackers to have their files back. However, there is no guarantee that you will get control of your files. According to Forbes, 92% of the companies and individuals who pay a ransom never get their data decrypted. 

Mistake #4: Attempting to Estimate a Ransom Attack Cost 

Currently, it’s challenging to estimate the potential cost of a ransom attack in dollars because most cyberattacks request the victims to pay in Bitcoin or other cryptocurrencies. The volatility of Bitcoin price and instability of new cryptocurrencies makes it hard to guess the amount attackers may ask. 

Mistake #5: Trusting the Company Will Endure a Cyberattack 

SME owners sometimes allege their businesses are too small to lure attackers. The truth is that small and medium-sized businesses are now becoming a target for attackers due to their reluctance to fix strong and reliable security systems.  

Final Words  

If business owners want to secure their business in today’s online world, they must deploy modern cybersecurity infrastructures that can handle virtually all cyber threats. Although it’s problematic, you can quantitatively and holistically approximate the risks caused by cyberattacks. 

If you want to protect your business from possible cyber attacks, and reduce the likelihood of incurring financial loss from ransomware, it’s important that you work with an experienced Cyber Security firm that can deal with all of these issues. 

Our team of experts at RiskAware deals with issues like these all the time, with clients in multiple different industries. To learn more about how you can protect yourself and your business, contact us today!