Cyber Risk Mitigation Strategies
In spite of rigorous security efforts by organisations, threat actors are finding innovative methods to exploit business data.
Businesses of all sizes face the challenge of safeguarding their sensitive data, critical systems, and operational continuity.
Considering ‘half of businesses (50%) report having experienced some form of cyber security breach or attack in the last 12 months’, the pressing need for cyber risk mitigation strategies becomes all the more evident.
Cyber security risk mitigation strategies reduce the overall impact or risk of cyber security incidents. Organisations must embrace proactive cyber security risk mitigation to reduce cyber threats and strengthen their overall cyber security posture.
Cyber risk mitigation strategies include, but are not limited to:
- Update and upgrade software
- Hunt for network intrusions
- Determine network access controls
- Risk assessments
- Have an incident response plan in place
1. Hunt For Network Intrusions
The first cyber risk mitigation strategy is to continuously hunt for network intrusions.
This includes taking steps to detect, contain, and remove a malicious presence within a network.
Network Intrusion Tools
Automated tools, including endpoint detection and response solutions and intrusion detection systems, can be paired with hunt operations and penetration testing to discover malicious behaviours and address any discovered breaches with incident response procedures.
However, it’s worth noting that organisations that continuously hunt for network intrusions do not rely exclusively on automated tools.
As such, it’s proactive to operate under the assumption that your network has been compromised and continuously search for information that reveals where threat actors are and what they intend to do.
Taking these proactive steps will evolve your cyber security defence strategies beyond basic detection methods, enabling real-time threat detection and remediation.
2. Determine Network Access Controls
The next strategy is to determine network access controls to mitigate the risk of insider threats.
Many organisations are turning to security strategies like ‘zero trust’, in which account privileges are assigned sparingly only as users need them.
Network access should be assigned based on risk exposure, and organisations should employ documented procedures for securely resetting credentials or, alternatively, use a privileged access-managed tool to automate credential management.
Privileged accounts must be controlled as threat actors continue to gather and target administrator credentials to access high-value assets.
3. Risk Assessments
A crucial part of a risk mitigation plan is to conduct risk assessments.
Risk assessments are essential to detect any potential threats or risks that your organisation is vulnerable to and they are becoming increasingly common amongst medium and large organisations.
In fact, ‘31% of businesses and 26% of charities have undertaken cyber security risk assessments in the last year, rising to 63% of medium businesses and 72% of large businesses’, emphasising their importance.
A risk assessment allows your IT team to identify vulnerabilities that could be exploited and alter security measures accordingly.
Are you looking to invest in a cyber security risk management service? Net Consulting can help. Our team of experts will help you to understand and prioritise your vulnerabilities by creating an assessment report that will equip you with the knowledge and tools to safeguard your organisation.
Contact us today to find out how we can assist you.
4. Have An Incident Response Plan In Place
An essential cyber risk mitigation strategy is to have an incident response plan in place.
Creating a plan will help you ‘identify gaps in your incident handling capabilities’, and help to mitigate the impact of a cyber attack, as well as remediate vulnerabilities and secure your organisation.
Your incident response plan must be comprehensive to ensure not only your IT security team but also your non-tech staff understands what to do if a cyber attack occurs.
Having an incident response plan in place will ensure your organisation is equipped to take the necessary action effectively and efficiently when a cyber breach occurs.
5. Update & Upgrade Software
Lastly, a key cyber risk mitigation strategy is to update and upgrade software.
The Importance Of Patch Management In Cyber Security
Effective patch management is crucial to secure your organisation, as threat actors are constantly studying patches and can engineer exploits almost immediately after a patch is released.
The primary goal of patch management is to mitigate software vulnerabilities and bugs by identifying, prioritising, testing and deploying the latest patches.
An effective patch management schedule will help ensure that your network remains secure and your system is performing at its best.
To stay ahead of the various types of threat actors, organisations must continue employing proactive cyber security risk mitigation strategies to ensure that threats are not only detected, but remediated as quickly as possible.
How We Can Help
If you’re interested in strengthening your organisation’s cyber security to protect your assets, Net Consulting can help.
We recognise that your IT team must adapt swiftly to a rapidly evolving cyber threat landscape that encompasses everything from common malware to intricate targeted attacks.
Get in touch with a member of our team at info@netconsulting.co.uk today.
