5 Critical Cyber Risk Management Habits to Minimize IT and OT Risks

The competitive landscape of today’s business world requires companies and leaders to embrace digital transformation while simultaneously accounting for cyber security. This calls for a comprehensive cyber risk management strategy that needs to be built on an in-depth understanding of an organization’s risk profile. 

However, cyber risk management is no longer just about IT security, it is a company-wide affair that is also important for operational technology (OT) and facilities for IT. Effective cybersecurity risk management allows businesses to embrace emerging solutions and leverage third and fourth-party vendors without worrying about compromising their cybersecurity posture.

Sometimes it’s difficult to know where to begin. We share five critical habits that help business owners and IT executives mitigate cyber risk with clarity and confidence.

• Stay Up-to-date with Latest Softwares and Install Security Patches 

Hackers are always ready to pounce on the first old, weak system they can get their hands on. They don’t need much to get into a system that hasn’t been updated and fortified with the latest security patches. 

For this reason, cyber risk management teams must keep both hardware and software equipment regularly scanned and updated to ensure safety standards are being met. There is also an option of hiring ethical hackers to find flaws in your digital and security system and infrastructure and patch it there and then. 

• Train Your Employees About Cyber Security Risk Management

Making cyber security risk management the sole responsibility of the IT department won’t do much good for your company. When it comes to contributing towards a safer cyber environment at the workplace, instead of going for a siloed approach, it is better to get all hands on deck. Include regular training sessions for your employees to ensure they are well-versed with cyber security. 

Apart from that, the risk management team should work actively on creating awareness regarding cyber security protocols within the company. This will, in turn, take care of internal cyber-attacks and vulnerable employees falling for phishing scams or intentional malicious actions of certain employees. 

• Be Smart and Get Smarter with Passwords and Encryption

A Techjury report pointed out that 63% of all organizational internal data breaches are a result of compromised usernames and passwords. It is a no-brainer that using good password management systems and setting strong passwords is a right way for cyber security risk management.  

Using password management tools helps you safely distribute credentials and helps employees set unique, encrypted passwords; change them periodically and keep them safe in a protected vault. PC admins should make sure that they never set the same passwords as that of the servers, as it makes it effortlessly easy for hackers to break into the entire system. You can block force attacks and make it even harder for hackers to get into your safety system by limiting login attempts for each use or session.

• Monitor Your Cyber Risk Environment, Data Leakage, and Data Assets 

It is crucial for cyber risk management professionals to monitor potential risks and proactively explore cyberattack trends. New cyber risk factors may come in the form of changed hacker strategies, newly identified security vulnerabilities, or the latest technology that makes old software and systems obsolete and open to hackers. Cyber security risk management teams need to quantify these vulnerabilities on a big-picture basis to understand the risk environment better and take necessary actions. 

Additionally, it is important to monitor data leakages that often compromise a company’s sensitive information. This can happen when  information is saved on unsecured devices, data is transmitted over unsecured networks, or  shared with vendors with risky security patches. 

Collaborating with cybersecurity consultants can help you regularly monitor data leakages to mitigate the risk of data exfiltration.

• Develop and Stick to a Breach Response Plan

Sometimes cyber-attacks occur in spite of taking crucial precautions. If a threat is detected or a data or security breach occurs, your company executives need to know what protocols to follow to contain the damage. Having an incident management plan will help your organization to respond. Such a plan should be incorporated in every department within the organization as a cyber attack can impact the entire organization. 

Make sure the breach response plan is written down and communicated to the entire organization to ensure formal implementation. This will prevent problem-escalation as each employee will know their role in a crisis.

Summary 

Risk management professionals are constantly concerned about the prevalence of cyber security threats. The good news, however, is that it’s possible to reduce such risks with thoughtful actions and reasonable protection.