Managing Cyber Risks for Small Businesses: 4 Key Techniques
As a fellow small business owner, I know how vulnerable our operations can be to cyberattacks. Protecting our digital assets is more critical than ever. Based on my experience as a cybersecurity risk expert, I recommend focusing on these 4 key risk management techniques:
Risk Avoidance
Avoidance means preventing certain high-risk activities altogether. For example, you may want to avoid public Wi-Fi, ban USB drives, or decline projects that require sharing sensitive data. Avoidance is the most proactive way to mitigate risks.
Risk Reduction
This involves adding safeguards to reduce the likelihood or impact of risks. Things like firewalls, antivirus software, access controls, and encryption make you a harder target. Employee training also reduces risks by ensuring everyone follows good security practices.
Risk Transfer
Transfer shifts liability for losses to third-parties through insurance, waivers, or outsourcing. For example, cyber insurance can cover costs if a breach occurs. Transferring risk doesn't eliminate it, but it does reduce your exposure.
Risk Acceptance
Some risks may be too minor to warrant action or impossible to fully mitigate. In these cases, accepting the risk may be the best option. But have a response plan ready in case that risk results in an incident.
I know juggling business priorities is tough, but proactively managing cyber risks is well worth the effort.
How to Start Risk Management
Start by conducting a simple risk assessment with us to identify your vulnerabilities, even if you have an existing service provider or internal team. It provides a great discussion tool to improve your overall risk management and cyber security posture. Then we can discuss which techniques are best suited to protect your most critical assets. With some strategic planning, we can build a robust risk management approach that covers all your bases.
Get it touch if you want to learn more about this or other cyber security related topics!