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Cyber Risk

At SCS, we offer cyber risk guidance to all business people, recognizing many of you may not feel as well versed in cybersecurity as you would like.  If you’re like most businesses, you have increasingly moved your operations into the digital world.

  • You buy and sell goods or services online.
  • You use social media.
  • Your data and systems may be (partially) in the cloud.
  • You send and receive email.
  • You access your work email on your phone or tablet

While we all benefit from the productivity gains and revenue streams that connectivity and online services represent, the digital world also introduces new challenges to identify threats and manage risks.

Cyber Threats

Most of us are concerned with the news of widespread cyber-attacks and reports about interference in our democratic process giving pause to our future.

Many of us have ourselves been affected by, or at least know someone who has been affected by a massive data breach. These reports and events leave most of us with concern and more questions than answers.

The reality hits us that EVERY PERSON, EVERY ORGANIZATION is a potential victim of malware or cyber-attack.

We like to say that from a cyber standpoint, there are two types of organizations:

  1. Organizations that have been attacked (and may be attacked again), and
  2. Organizations that will eventually be attacked.

 

How to Approach Cyber Risk

You do have options to deal with cyber threats:

  • You can choose to hide your head in the sand pretend the threats don’t exist. Maybe, you consider what you think the costs might be, and you don’t think you can justify the expense.

However, if you ignore the subject of cybersecurity, you will ultimately suffer the consequences of that inactivity.  You are likely to face higher costs to remedy a post-data breach situation, since you initially chose to ignore the risks.

  • Your costs to recover from the Incident will be high, because you don’t have a plan to deal with the attack. You may react impulsively and lack a full understanding of the situation to deal with it efficiently.
  • You may be fined by regulators for noncompliance, which can add significantly to your bottom line.
  • Your insurance carrier may deny a liability claim, since you ignored your risk.
  • Your customers and business partners may lose trust in you, since you failed to protect their interests.
  • The victims of a data breach may file legal action against your organization for damages.
  • You can aggressively act to protect yourself or your organization, spending heavily on bleeding edge technology from the biggest and best security vendors, and believe the point solutions will do the trick.

Unfortunately, this approach won’t completely mitigate your long-term risks, because you don’t have an adequate understanding of RISK. While you addressed some short-term issues, you have no strategy to deal with evolving and unanticipated risks.

  • The technical point solutions you implemented may not integrate well. You won’t have adequate or accurate reporting of your overall security posture and risk profile.
  • You won’t have done anything to change personnel behaviors, which are a large source of cyber risk.
  • You haven’t done enough of the right things to comply with governing regulations and contractual demands.
  • You can to take a proactive, well-planned, level-headed and measured approach to security. We can help you understand reality of how cyber risk IS business risk.  The need for security is immediate and everlasting, because threats continue to evolve.  Now is the right moment to understand the risks and know how you will prepare yourself, and your organization today and going forward.

The team at SCS can help you identify the wide range of business risks and plan effective strategies and tactics to manage it to acceptable levels.  If you actively manage financial or operational risk for your company, you will be familiar with the common tools and methods we use to assess cyber risk.

 

We promote best practices for cyber risk management that will help mitigate some risk, avoid some risk and accept some risk.  We help you prepare your defenses, so if risk materializes, you can minimize and rebound from its impact.  At SCS, we promote a Strategy of Readiness and Resilience.

Contact us today to find out how we can help implement an effective, risk-informed, cybersecurity strategy.

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