Failing to manage cyber risk could cost you money, reputation—and even your business. At Trava, we want to make sure that that doesn’t happen. This page contains information on beginning a cybersecurity strategy including compliance, transferring risks and more. Continue on to protect your business.
According to a recent report on CNBC, 66% of small companies have had a data breach in the last 12 months.
The average cost of a data breach for a small company is $149k (App River).
A National Institute of Standards and Technology study found that 88% of small business owners believe their business is vulnerable to a cyber attack.
To add insult to injury, according to a CYREBRO analysis, 81% of phishing attacks in the last year were targeted at SMBs.
Initiating cyber risk management strategies involving people, process, and technology can help mitigate cyber risk. Cyber risk covers a broad spectrum of concerns. With such a wide range of concerns, where does one even start with creating a strategy? Trava recommends using these steps to create your cybersecurity strategy (and we can help!):
To address cybersecurity risk concerns, an important distinction should be made between "compliance" and "absence of cyber risk".
What we know is that many business leaders — particularly in small and medium-sized businesses with limited resources — tend to mistakenly assume that being cybersecurity compliant is the same as being secure. Not so.
What is a cyber risk? Cyber risk is the intersection of assets, threats, and vulnerabilities. It’s the potential for loss, damage, or destruction of an asset when a threat takes advantage of a vulnerability.
COMMON CYBER RISKS INCLUDE:
While security measures are driven by business risk, compliance is fueled by legal obligation and demonstrates to your clients that they can trust your organization to keep their data free from harm. However, compliance is only one piece of a comprehensive security plan.
SOC 2 and ISO 27001 are compliances particularly relevant to cloud-based SaaS (software-as-a-service). They represent that a company's systems are set up to assure security, availability, processing integrity, confidentiality and privacy of customer data.
Risk transfer is implemented by purchasing an appropriate cyber insurance policy. Simply because an organization has purchased a cyber insurance policy does not necessarily mean that the specific coverage is fully understood or that mitigation strategies are in place.
Many small businesses don't think they are at risk and won't experience a cyber attack.
According to Cybercrime magazine, 60% of small businesses shut their doors within six months of experiencing a cyber crime. This is a sobering statistic. And here's another one: 80% of small businesses do not have cyber insurance.
You can't protect yourself from risks you don't know about. Enter your website and receive a completely free risk assessment score along with helpful information delivered instantly to your inbox.
With cyber risk management, we look at your organization's assets, threats, and vulnerabilities. What are you trying to protect from loss? Who would like to steal or destroy your assets and why? Where are your attack vectors and “unlocked doors”?
The bottom line of an overall assessment equals your cumulative risk, which is the severity of impact multiplied by the likelihood of an event. We then prioritize your risks and mitigate them, systematically. Each organization benefits by transferring residual risk to a cyber insurance policy.
The answer is by improving overall management of operational risks throughout their organization and understanding that cyber risk is business risk.