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6 Strategies For Cybersecurity Risk Mitigation

It takes an average of 277 days for security teams to identify and contain a data breach and with a single cyber-attack costing US organizations an average of $18 000, it’s never been more important to implement effective cybersecurity risk mitigation strategies.

With the vast amount of sensitive data that businesses store and transmit online, a single breach can have devastating consequences. That's why it's crucial to take proactive measures to protect your organization from cyber-attacks.

What is cybersecurity risk mitigation?

 Cybersecurity risk mitigation is the practice of implementing security policies and processes to lessen the impact of a cybersecurity threat. This process is divided into three categories: prevention, detection, and remediation. With the evolving sophistication of cybercriminals' techniques, organizations need to modify their cybersecurity risk mitigation strategies to stay ahead of the game.

1. Conduct a risk assessment to determine vulnerabilities

To begin with your cybersecurity risk mitigation strategy, you need to know if there are any gaps or weaknesses in your organization’s security measures. A risk assessment will give you an overview of the assets that need to be protected and what security measures are currently in place. The security team will be able to identify any potential risks that could be exploited by threat actors and prioritize what steps need to be taken as a matter of urgency to stop those security gaps.

2. Establish network access controls

After evaluating your resources and pinpointing significant concerns, the subsequent action would be to create network access controls to minimize the likelihood of internal security breaches. A growing number of businesses are adopting security measures like zero trust to evaluate user access and trust levels based on their roles and responsibilities within the organization. This reduces the chances and effects of security breaches resulting from employee carelessness or insufficient knowledge of cybersecurity protocols.

3. Reduce your attack surface

To determine the security status and potential risks of a business, it is necessary to analyze your organization’s attack surface, which refers to the collective hardware and software that link to a company's network. This includes applications, code, servers, websites, and even shadow IT where users use unsanctioned applications or devices without IT's knowledge. These are all possible ways through which unauthorized access can be gained, including weak points and confidential data

Installing security solutions like firewalls and antivirus software is an essential strategy for reducing the attack surface of your organization and mitigating cybersecurity risks. Continuous vulnerability scanning looks for potential issues to ensure you discover critical vulnerabilities before they become backdoors into your systems.

4. Create a patch management schedule

Software companies frequently release patches to address security vulnerabilities, but unfortunately, cybercriminals are constantly on the lookout for ways to exploit them. This means that they can often figure out how to take advantage of a patch soon after it has been released. Organizations need to know the patch release schedule of their service or software providers. This helps in creating a well-planned patch management schedule which can assist the IT security team of the organization to stay prepared for any potential attacks.

5. Continuously monitor network traffic

Taking proactive measures is a highly efficient approach to reducing cybersecurity threats. The best way to remain ahead of cyber criminals is by regularly monitoring your network traffic and your organization's cybersecurity status. For effective detection of potential threats and managing cybersecurity risks in real-time, it is recommended to use tools that provide a complete overview of your entire IT infrastructure, accessible at any moment.

6. Build an incident response plan

It is important to communicate clear responsibilities to all personnel, regardless of technical background, in case of a data breach or attack. This will ensure preparedness and efficient use of available resources. An incident response plan is considered to be a crucial element in reducing cyber threats within your company's constantly changing network landscapes. Threats are constantly evolving and can emerge from any source, making it harder to fully safeguard against data breaches. It's difficult to guarantee complete preparedness given the ever-increasing sophistication of these threats.

Protect your business with risk mitigation strategies

It is crucial for businesses to establish a proactive cybersecurity approach to mitigate the risk of cyber threats and improve security posture in the wake of increasing malicious activities. When you partner with ThreatAdvice's managed security professionals to safeguard your digital infrastructure and manage cybersecurity risks, you are securing your company’s future.