Your Guide to Beginning a Cybersecurity Program

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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 guide contains information on beginning a cybersecurity strategy including compliance, transferring risks and more. Continue on to protect your business.

Some eye opening stats:

66%

According to a recent report on CNBC, 66% of small companies have had a data breach in the last 12 months.

$149k

The average cost of a data breach for a small company is $149k (App River)

88%

A National Institute of Standards and Technology study found that 88% of small business owners believe their business is vulnerable to a cyber attack.

81%

To add insult to injury, according to a CYREBRO analysis, 81% of phishing attacks in the last year were targeted at SMBs.

Create a Cybersecurity Strategy

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!):

  1. Assess the current security posture
  2. Identify  the gaps through surveys and scans
  3. Plan using a custom roadmap
  4. Execute and close the gaps
  5. Continuous Monitoring to mature your security posture

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.

Compliance is a Journey (pack a lunch)

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.

qrs, work to mitigate them, and transfer the residual risk. All of these tasks are performed simultaneously and continuously.

Transfer Risk with Cyber Insurance

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.

Do you know your
Cyber Risk Score?

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Assess your risk

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.

Establish Organizational Objectives

Governance and risk management, and compliance, or GRC, is a series of processes to support overall organizational objectives. Taking a more holistic approach to GRC in general and cyber risk management, in particular, enables an organization to be more effective as a true business partner to small and medium-sized businesses and a responsible contributor to overall business goals.

Organizations benefit from an integrated cyber risk management approach, providing assurance to board and senior management that a GRC system is effective and high performing. This is a shift towards a continuous improvement-oriented, proactive function instead of a reactive one.

By proactively managing GRC, an organization may produce clear insights into its vulnerabilities and while knowing how to prioritize action items to mitigate cyber risk. This comprehensive cyber risk management approach gains a competitive edge and ultimately earns more business by paving the way for more collaborative relationships among stakeholders.

cyber risk is business risk

Cyber risk is business risk. Fortunately, tools and processes exist to guide a healthy and robust cyber risk management strategy.

Do you need a partner to help you navigate the unpredictable business environment? Trava meets you where you are and walks you through your assessment, compliance, and insurance journey - every step of the way.

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