Every October, organizations and individuals dedicate time to improving their technology safety and cybersecurity awareness. This year’s theme is Secure Our World, and it’s all about keeping our business systems and personal information secure in a culture that becomes more reliant on technology every day. Today, we’re sharing one of the most important ways you can do your part and secure your business: conducting a risk assessment for cybersecurity.

What Does a Risk Assessment Include?

Each risk assessment of the cybersecurity measures your company boasts may be a little different, but they all include analyzing your systems and the current threat landscape to gather the following information:
  • Key company assets that are likely targets for hackers
  • Areas of vulnerability
  • What kinds of attacks are most common for your industry and business type
  • The likelihood of each of these incidents
  • What security measures should be added, changed, and improved
  • The impact of an attack on business resources and operations
  • What processes should be in place to recover from breaches

What Does a Risk Assessment Protect Me From?

When you perform regular risk assessments, you open the door to stronger, more comprehensive cybersecurity. This advanced protection helps you avoid the often devastating effects of an attack. Let’s take a closer look at what your risk assessment for your cybersecurity posture is helping you steer clear of.

1. Being Caught Off Guard

Few things are more frightening than being at a total loss of what to do. Without a risk assessment, it’s easy to incorrectly assume that your systems are foolproof and provide complete protection from threats which leaves you in the dark about how to react to an attack. With an assessment, you can be aware of your weaknesses, the attacks you are most likely to experience, and what you’ll need in order to bounce back. You can then fill in any gaps and make specific plans for preventing and recovering from specific threats.

2. Poor Allocation of Resources

Knowing how to distribute your IT funds and supplies is a challenge, especially when you’re on a tight budget. A risk assessment will help you understand which areas of your business need the most protection and which cybersecurity tools will be the most effective. This way, you can avoid pouring all of your budget into one form of protection that isn’t as essential for your business and, instead, focus your resources on the tools that will provide the most protection against your biggest threats.

3. Data Breaches

Your business, employee, and client information is one of your most important assets. That’s why your data is one of the biggest targets for hackers. A risk assessment of your cybersecurity will help you understand the strengths of your internal systems and how you can improve them. You’ll also be able to determine the best way to back up and recover your data after a hit.

4. Lost Funds and Assets

For small businesses, the average cost of a data breach is over $3 million.  That number alone is flooring, but the direct cost of a data breach is only the tip of the iceberg. Indirect costs quickly add up: compensating employees and clients for losses, replacing hardware or systems, paying for legal and IT consultants, losing business from initial downtime, and putting off other tasks to handle the aftermath of a breach, just to name a few. By taking the time to conduct a risk assessment of your cybersecurity, you can sidestep these costs and use your time, money, and other resources to support the core operations of your business.

5. Decreased Client Loyalty

Data breaches are big red flags for clients, and suffering a cyberattack often leads to a decrease in clientele and a damaged reputation. With the information from a risk assessment for your cybersecurity posture, you’ll be able to implement safeguards and continuity plans to help prevent attacks and continue serving clients.

Stay Clear of the Worst with iTology

At iTology, we want you to stay far away from these dangers. That’s why our focus is on proactivity and prevention. You can expect high-quality solutions, personalized attention, and full protection when you choose iTology for your risk assessment and cybersecurity services. Sign up for your assessment today and get ready for safer systems.