Risk Mitigation in Cyber Security

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What is Risk Mitigation in Cyber Security?

Security leaders can’t guarantee there won’t be cyberattacks, but they can devise strategies to minimize the impact of threats to their environment and critical data.

Social engineering, phishing, malware, drive-by downloads, insider threats, deepfakes, and the list goes on. Security leaders must protect organizations, data, resources, and assets against endless attacks that come constantly and in myriad forms. While there is little hope the number and types of threats will diminish, there is promise in an effective risk mitigation strategy – which can identify risks, prioritize vulnerabilities, and reduce the damage done in the event of a cyberattack.

Recent data shows that a cyberattack happens every 39 seconds, which translates into an average of 2,244 attacks per day, according to a study by the University of Maryland. And according to Check Point Research, global cyber attacks increased by 30% in Q2 2024, reaching 1,636 weekly attacks per organization.

With 98% of cyberattacks now using social engineering, it is estimated that 90% of all cyber incidents are the result of human error or behavior, which can serve as entry points for cybercriminals to find and exploit vulnerabilities. Social engineering involves cybercriminals using social skills to compromise an organization’s or individual’s credentials for malicious actions by relying on human tendencies to trust, fear, or follow orders.

Still, there is hope. The IBM Cyber Security Intelligence Index reports that 84% of critical infrastructure incidents could have been mitigated with best practices and security fundamentals, such as asset and patch management, credential hardening, and the principal of least privilege. In these instances, if the initial access vector had been identified as a vulnerability and properly addressed, the attack could have been prevented or isolated, significantly reducing the negative impact of the attack on the organization.

Enter cyber risk mitigation.

how to REDUCE risk

Reduce Risk, Empower Your Organization

Cyber risk mitigation strategies can strengthen an organization’s overall cybersecurity posture by identifying risks and prioritizing vulnerabilities, which can ultimately reduce the impact of threats against an organization. Proactive management of an environment can be effective at reducing the likelihood of attacks and minimize the damage the attacks can cause.

Building an effective risk mitigation strategy will not only protect assets and data, but it also will enable the business to operate successfully and achieve its goals. There are several components that could be incorporated into risk mitigation, which range from policies and procedures to technology investments and best practices. Cybersecurity risk management is an ongoing process that involves identifying, analyzing, evaluating, and addressing an organization’s cybersecurity threats.

Risk assessment.
A good place to start is by identifying weaknesses in an organization’s security policies and pinpointing the vulnerabilities across the environment. A risk assessment will give security leaders the information they need to begin to proactively lock down weak spots and prevent access from malicious actors.

Integrating security throughout the organization.
Security should not be an afterthought for any organization. Security measures should be integrated into the software development lifecycles with regular security audits, penetration testing, and code reviews. Baking security into the environment, applications, and processes will better secure the entire organization.

Network access controls and network segmentation.
Network access controls can reduce the risk of insider attacks by using policies to limit unauthorized users and devices on a network. These policies include details on anti-virus protection levels, system update status, and device configurations. By enforcing policies on endpoints, these access controls can protect organizations from malware and ransomware, while also checking that endpoints meet security compliance requirements. And network segmentation can be used to isolate a system from malicious actors or keep an infected system from impacting others on the network.

Firewalls and antivirus software.
Firewalls act as barriers to block unauthorized access to and from networks and systems, and antivirus software scans to detect and remove malicious software and malware on devices. Firewalls prevent unauthorized access to a network by filtering incoming traffic and effectively blocking known malicious IP addresses. Firewalls also can be configured to restrict access to certain ports and inspect network packets for suspicious content. Antivirus software scans for known malware signatures and behavior patterns, and it can also be used to identify and prevent cyber threats.

Intrusion detection and response.
Intrusion detection systems (IDS) monitor traffic and devices for suspicious activities, policy violations, and known threats. IDS alerts security teams and, in some instances, also take action to minimize the risk, such as blocking malicious traffic. These systems can analyze incoming traffic, important operating system files, and cloud deployments, depending on configuration. IDS support compliance efforts, automate network threat detection, and reduce the attack surface.

Incident response strategy and training.
It is critical in a security organization that all participants understand their role in the event of an attack or data breach. From gathering indicators of a compromise to establishing communication protocols, organizations must educate staff on the types of incidents that can happen and on the methods to resolving the issues when they do happen. Create containment, eradication, and recovery strategies based on incident severity, asset criticality, and other criteria important to the organization. It is important to document all processes and collect evidence from attacks to better prepare for future incidents. And as cybercriminals continuously evolve, so must the incident response strategy. Be sure to test the play to continually update it as needed.

Implementing risk mitigation best practices and deploying key technologies will significantly lower the chances of successful cyberattacks. Data protections will protect sensitive customer and company data from unauthorized access or breaches, and continuous business efforts will minimize disruption to the business in the event of a cyberattack. These efforts also will help maintain compliance with regulations and help organizations adhere to industry specific data privacy and security regulations.

Cyber risk mitigation protects a digital organization by proactively identifying potential cyber threats, implementing security measures to minimize their impact, and developing plans to respond effectively to incidents – which safeguards sensitive data, systems, and operations from cyberattacks. A solid risk mitigation strategy will go a long way toward bolstering an organization’s reputation for commitment to security, making it more appealing to customers and partners.

Again, while it is impossible to eliminate all vulnerabilities and prevent all attacks – primarily because threats, attacks, and criminals are evolving continuously – an effective cyber risk mitigation strategy can help organizations stay protected, reduce the damage from bad actors, and achieve business goals.

What is Data Protection?

Data protection refers to the practices, technologies, and policies that are used to safeguard data against unauthorized access, loss, corruption, and other threats.

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What is Ransomware Protection?

Ransomware protection is the process of preventing the occurrence of a ransomware event, and/or mitigating the risk of a successful attack.

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Cleanroom Recovery is a specialized data recovery process that ensures the secure and reliable retrieval of critical information from damaged storage devices in environments where data contamination poses a significant risk.

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