While technical evolution has brought us many great opportunities, it has also brought about an unprecedented rise in cyberthreats. IBM Security estimates that companies, on average, take about 197 days to detect a breach and 69 days to contain it.
Without regular IT security risk assessments, you run the risk of not detecting a security breach until it’s too late. The average cost of a data breach is 3.86 million, which should give you an idea of what’s at stake. Besides, regular assessments can also help you get a comprehensive view of your network to make informed security decisions.
By performing an IT security risk assessment, not only can you identify hard to detect issues and come up with the necessary fixes, you can also devise an action plan to track the progress of your remediation.
Proactively Mitigating IT Security Threats
The best way to combat cybersecurity threats is by gaining full information about the vulnerabilities in your applications and networks. Without measuring these vulnerabilities, you have no way of analyzing and improving your security.
This is where network and security assessments play a critical role. These assessments help you:
- Boost network security
- Protect your valuable data
- Improve the security posture of your IT infrastructure
- Build a resilient risk management program
You can also get a better understanding of your risks with a risk scoring algorithm. Here, the risk scores assigned to various threats based on their impact can help you prioritize your fixes and get a better measure of your network.
Benefits of IT Security Risk Assessment
Some additional benefits gained by performing regular network risk assessments, you can:
- Gain detailed visibility into an IT network to analyze all security threats and undetected issues.
- Develop solutions based on the issues detected by the assessment and protect your IT infrastructure from various external and internal threats.
- Prioritize remediation of various issues and measure overall network health.
- Protect your assets and guard against unexpected and costly downtime.
- Detect anomalous activates by methodically analyzing your login history.
- Better rates on cyber insurance policies.
The Result of High Risk Networks on Businesses
The potential outcome of running a business with a high risk network is very high stakes with little reward. Some businesses push off proper IT security as a way to cut costs, however, the cost of a data breach can be vastly more expensive than IT services themselves.
Risk Based Security reports that in Q1 of 2020 there was a decline in the amount of breaches reported compared to Q1 of 2019, however, the amount of records compromised hit a new high. Factors the contributed to the records being breached include misconfigured databases, unauthorized system access, and internet disclosure. The record that was compromised the most frequently was access credentials (email addresses in combination with passwords).
Even though IBM estimates the average cost of a data breach is 3.86 million, they admit that there are likely hidden costs that would cause this number to be higher. In addition to the financial burden of data recovery, there is also the cost of down time and reputational damage that needs to be taken into account, and that can be almost impossible to estimate.
Why You Need a Trusted Partner
Having a trusted MSP partner to navigate through the complexities of IT security risk assessments can help you focus on other productive tasks and bring you much needed peace of mind.
With over a decade of experience in IT security, KLH can take care of your risk assessments and eliminate any hassles you may face in the process. With our expertise, we will:
- Easily identify vulnerabilities in your network
- Develop an action plan to boost IT security
- Measure your overall network health
- Make informed decisions on IT security measures
Contact KLH at 952-259-8200 or firstname.lastname@example.org and let our IT experts give you that much deserved peace of mind when it comes to your business’s IT security risk so you can focus on managing your organization.