6 Strategies for Cyber Risk Mitigation

Cyber attacks can happen to any business regardless of its size. As such, it’s critical to take proactive measures to mitigate cyber risks to protect your business and your customers. In this article, we will provide six detailed strategies that small businesses can implement to enhance their cybersecurity and protect their business from cyber threats.

Develop a Comprehensive Cybersecurity Plan

Developing a cybersecurity plan is the first step towards mitigating cyber risks. A comprehensive cybersecurity plan should include a comprehensive security policy that identifies potential threats, outlines risk assessment procedures, and establishes security protocols that will minimize vulnerabilities.

In addition, the plan should define the roles and responsibilities of everyone involved in its execution, including employees, IT staff, and management. It should also include guidelines on how to respond to security incidents, such as data breaches or cyber attacks.

For instance, a cybersecurity plan could mandate that employees change their passwords every 60 days or install security patches and updates as soon as they become available.

Educate Employees on Cybersecurity

Employees are the first line of defense against cyber attacks. As such, it’s crucial to provide cybersecurity training to ensure that they have the necessary knowledge to identify and respond to cyber threats.

Cybersecurity training should cover a wide range of topics, including password security, email phishing scams, and how to identify and report suspicious activity. The training should also provide best practices for safe web browsing, the use of mobile devices, and social engineering techniques.

For example, an organization could conduct regular cybersecurity training sessions and phishing simulation exercises to test employees’ knowledge and provide feedback on areas that require improvement.

Implement Strong Password Policies

Passwords are the keys to the digital kingdom. Therefore, implementing strong password policies is crucial for mitigating cyber risks. Passwords should be complex, and employees should be required to change them regularly.

A strong password policy should require passwords to be at least 12 characters long and include a combination of letters, numbers, and symbols. Passwords should also be unique to each account and never be reused.

For instance, an organization could enforce a policy that requires employees to change their passwords every 60 days and use multifactor authentication.

Regularly Update and Patch Systems

Software and systems are constantly being updated to address vulnerabilities and improve functionality. Unfortunately, hackers are also looking for vulnerabilities that they can exploit.

Regularly updating and patching systems is crucial for mitigating cyber risks. It is essential to keep all software and systems up to date to ensure they are protected against the latest threats.

For example, an organization could implement an automated system that scans and updates all systems and software on a daily or weekly basis.

Use Antivirus and Firewall Software

Antivirus and firewall software are crucial for protecting against cyber threats. These tools can detect and prevent malicious software from infecting your systems. Additionally, firewalls can block unauthorized access to your network, making it more difficult for hackers to breach your defenses.

For instance, an organization could implement a comprehensive security solution that includes antivirus, intrusion detection, and firewall software. The solution should be updated regularly to ensure that it remains effective against the latest threats.

Back-Up Data Regularly

Backing up data regularly is crucial for mitigating the impact of a cyber attack. In the event of a breach or cyber attack, you can restore your data from a backup and minimize the damage.

Regular backups should be performed and stored offsite or in the cloud to ensure they are protected from physical damage or theft. It is important to test the backup system regularly to ensure it is working correctly and to validate the integrity of the backed-up data.

For example, an organization could implement an automated backup system that runs on a nightly or weekly basis and stores backups on a secure

Are You Prepared to Mitigate Cyber Risk?

Small businesses are just as vulnerable to cyber threats as large corporations. That’s why it’s essential to take proactive steps to mitigate cyber risks. By developing a cybersecurity plan, educating employees, implementing strong password policies, regularly updating and patching systems, using antivirus and firewall software, and backing up data regularly, small businesses can protect themselves against cyber threats. If you would like to learn more about how Contego can help your business with cybersecurity, please contact us to arrange a no-obligation cyber security assessment.