Cybersecurity is a threat to businesses across industries, especially banks and other financial services firms. Sometimes, organizations invest in security software without realizing the risks that come with it. Here are compelling reasons why identifying threats before buying cybersecurity products is paramount.
Uncover threats and vulnerabilities
Every business should run a risk assessment to evaluate its current cybersecurity infrastructure. Doing so is one of the easiest ways to identify, correct, and prevent security breaches. After discovering potential issues that cyber terrorists could exploit, rate them based on probability of occurrence and potential impacts on your business. Any reputable IT services company should be able to conduct a risk assessment.
Keep in mind that risk assessments are specific to every business, and there is no one-size-fits-all approach for technology that will work for small- and medium-sized businesses (SMBs). Variables like your line of business and operating environment will account for differences in needs and risks. For instance, banking and manufacturing groups have totally different applications to secure.
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After tagging and ranking potential threats, identify which vulnerabilities need immediate attention and which ones can be addressed further down the line. For instance, a web server running an unpatched operating system will take precedence over a front desk computer that’s running a little slower than normal.
Tailor controls to risks
Instead of spending time and money evenly on all systems, focus solutions on areas with high risks. Address these areas’ issues immediately after an assessment, but also put plans in place to evaluate their risk profiles more often. This approach is particularly useful to businesses that don’t have deep IT budgets but don’t want to make security sacrifices.
Assess existing cybersecurity products
Chances are, your organization has already spent a great deal of money on purchasing and maintaining various security products. By conducting risk assessments more often, you can improve the strategies you already have in place and uncover wasteful spending. You may discover that one outdated system doesn’t really need to be upgraded, or that another legacy technology needs to be ditched. Remember that your existing products were purchased to meet specific needs, and these needs may have immensely changed or disappeared altogether.
Overcoming cybersecurity obstacles becomes easier if you regularly evaluate your IT infrastructure. Contact our experts for help conducting a comprehensive assessment today.