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6 strategies for cybersecurity risk mitigation

Cyber attacks are becoming more common and increasingly sophisticated, which increases the risk for organisations in every industry.

Fortunately, investing in some basic security precautions is neither expensive or time-consuming, helping to pay dividends down the road. In fact, looking strengthening your organisation’s cybersecurity posture can also help create a more sustainable future. To prevent your business from becoming a target of future attacks, follow these 6 cybersecurity risk reduction strategies recommended by Virtu. You can also see our Top 5 cybersecurity predictions for 2024 here.

What is cybersecurity risk mitigation?

A cybersecurity threat mitigation strategy reduces the overall risk or impact of a cybersecurity incident by employing reliable security policies and procedures. There are three components to risk mitigation: 

1) Prevention

2) Detection

3) Remediation

As cyber criminals adapt their methods to stay ahead of your organisation’s security risk mitigation strategies, you must likewise have the tools and insights to adapt your organisation’s strategy too.

6 cybersecurity risk mitigation strategies

Organisations now have little choice but to embrace proactive cybersecurity risk mitigation to prevent potential of experiencing a cyber-attack. These are 8 critical techniques for reducing cyber-attacks across your IT network:

1. Risk assessment

Before you start your risk mitigation strategy, your IT security team should conduct a cybersecurity risk assessment, which will identify potential gaps in your organisation’s security controls. Your organisation’s assets can be identified through a risk assessment, along with the security controls currently in place. A risk assessment can also help your IT security team identify vulnerabilities that could be exploited and which should be prioritised for remediation first. Security ratings are a quick way to look at your company’s cybersecurity posture and that of your third-party vendors. You can also see real-time security ratings. With powerful new tools such as ChatGPT which provide a whole range of benefits for your organisation, it’s important to also understand how to keep your employees cyber safe.

Cyber Security Risk Assessment

2. Establish network access controls

Once you’ve identified high-priority problem areas and assessed your assets, the next step is to establish network access controls to help mitigate the risk of insider threats. Many companies are turning to security systems such as zero trust, which assesses trust and user access permissions on an as-needed basis depending on each person’s job role to minimise both the likelihood and impact of threats or attacks that occur due to employee neglect or lack of cybersecurity best practices. This minimises both the threat and damage of a security breach or attack that occurs as a result of employee carelessness or lack of cybersecurity awareness. As the number of connected devices on a network increases, endpoint security has also become a growing concern.

cybersecurity risk

Network Access Controls (Source: Ins and Outs of Network Security)

3. Continuously monitor network traffic

Cybersecurity risk can be effectively minimised through the use of proactive action. Every day, there are approximately 2,200 cybercrime attacks, necessitating constant monitoring of network traffic as well as an organisation’s cybersecurity posture. Rather than trying to manually detect and address emerging threats, using tools that provide a comprehensive picture of your IT ecosystem at any moment in time can provide a comprehensive view of your IT ecosystem. Security personnel can then identify and deal with new threats in a timely manner.

4. Create an incident response plan

An incident response plan is one of the most critical aspects of an organisation’s cybersecurity strategy. It must be comprehensive enough to allow all portions of the IT security team and non-tech staff to understand what to do if a data breach occurs or an attack occurs. With the increasing difficulty of preventing data breaches, your organisation must have an incident response plan in place. Staying proactively prepared through an incident response plan helps your organisation take action quickly and efficiently when confronted with a breach.

Cyber Security Services and Solutions for Modern Business

Cyber Security Services and Solutions for Modern Business

5. Minimise your attack surface

A business’s security posture and threat landscape can be identified by surveying all of its entry points, vulnerabilities, or sensitive information. The attack surface of a company can be anything from firewalls, software updates, web applications, and employees. The proper interpretation of entry point intelligence can assist businesses to identify and reduce any vulnerabilities throughout their business.

6. Stay on top of patch updates

Threat actors can quickly exploit vulnerabilities that remain unpatched. Because many software providers release patches continuously, today’s cybercriminals are aware of that. An effective patch management schedule can help your IT security team stay ahead of attackers by providing them with an idea of the patch release schedule among your service or software providers.

Guarantee your cybersecurity risk mitigation with the experts

Since new threat actors are entering the scene at a rapid pace, organisations must continue employing proactive cybersecurity risk mitigation to ensure that threats are detected and remediated as quickly as possible. To keep your digital environment safe from cyber threats, talk to the cybersecurity experts at Virtu about the best security solutions and services for your business. See more of the top 10 emerging tech trends here.

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