Risk Management and Cyber Security

The advent of the internet has opened endless avenues for development, but at the same time, cyber-theft has become much easier. With financing, personal and professional life interconnected in the web world and seeking information is not a big deal. Phishing and fraudulent cases are at an all-time high. Did you know that 83% of direct financial costs are a result of fraud, repairs, data-theft and data-loss?

Now the focus has been shifted from computers to mobiles. These days, mobile phones are the key to financial lockers. Now days, potential hackers target cell phones since so many people do many of their financial transactions online through their mobile phones. The present generation is in need of a strong cyber security system more than ever. Each and every year an improved version of anti-virus offers better protection and security. Nowadays our phones have technology better than what the desktop computers had 3-4 years back.

Connecting Risk Management to Cyber Security

To safeguard the interests of customers and citizens worldwide, the government is employing effective risk management steps. If you own a business organization, opt for VPN services. It will help in preventing online theft and keep your privacy and intellectual property safe. For reducing threats, risk management methods are being applied. Before connecting risk management to cyber security, you must identify the weaknesses in the system and they have been listed below:

  • Information read by unauthorized people
  • Loss of data by theft of identity
  • Tapes lost during storage
  • Intentional deletion or information modification
  • Unsecured desktop or portable devices

Once you or your organization is aware of the threats, you are left with the following choices:

  • Accept the risk
  • Transfer the risk
  • Limit the risk
  • Avoid the risk

Accepting the Risk

It’s ideal for an organization to accept the risk only in the following cases:

  • Low risk (low asset value and the probabilities won’t affect much)
  • If the cost of accepting it is less than the transferring or limiting

Transferring the Risk

Transferring the risk involves the sharing of risk with a third party. It’s similar to that of an insurance policy or third party website hosting. The vendor hosting it is also open to the threats and is responsible for the information provided by the organization. It is always advised that the vendor contract lists the roles and responsibilities of the vendor.

Limit the Risk

During high risk, transferring the risk is not practical and limiting it fully or partially is the only way to go. This process involves the identification of the potential threat after the research and development of an acceptable way or means of controlling the potential threats. Sometimes it can be expensive but there are always fast, inexpensive and at times even free means for this. Keep your software updated for a secure environment.

Avoid the Risk

This method will only be applicable if the assets are at high risk. You must know when you need to apply this method, as the decision will only be made by you.

So, if you’re planning to connect risk management to cyber security, opt for a reliable network security appliances provider. You can always search on the internet for quality network security providers. Opt for the best service provider as per your requirements.

The above listed are just some of the ways to protect your network systems. For best results, call a professional Network Security appliances provider and get nothing but the best.

Source by Anthony C Daniel

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