What is Cyber Risk ? How to reduce Cyber Risk ?

Last Updated on 2 years by Touhid

Cyber risk refers to any kind of risk related to finances, disruption to the reputation of an organization resulting from the failure of its technical infrastructure such as servers, software, databases, hardware etc.

It is not only a problem related to the IT organization, but also a main responsibility of every individual in the organization.

Reason for increase the cyber risk

There are certain mistakes that organizations commonly make for increase the IT risk. Here is the some reason or variety of ways to increase the risk.

  • Intentionally and unauthorized access to gain computer system.
  • Unintentional or accidental breaches of security.
  • Increase the operational IT risks due to the poor system integrity.
  • Access to computer system and network from remote locations.
  • Human error such as lost and stolen laptops and smartphones
  • Cyber security threats such as social engineering targeted employees.
  • Installing illegitimate apps and software in mobile and computers
  • Not updating operating system, security patch and software
  • Lack of encryption and proper hashing of passwords.
  • Employees may not be aware of the risks of using any device on an unsecured network.

Tips for how to reduce the cyber risk

 1.  Encrypt data

Encryption software is a type of security programs that enable encryption and decryption of a data stream during transmission and storage.  So all types of sensitive and personal information stored in databases and on servers should be encrypted. This is the best way to protect against hackers gaining access to sensitive data.

Data Encryption to reduce cyber risk

Learn more about Data Encryption

2.  Purchase a Cyber Insurance policy

A cyber insurance policy will protect us from online breaches on all gadgets that are connected to the Internet. It is better to purchase a cyber-insurance policy will cover your losses and costs to repair the damage.

 3.  Network and Internet security

Network security consists of the policies and practices adopted to prevent and monitor unauthorized access and network-accessible resources.

There are many methods to improve network and internet security of your organization. The most common network security components are discussed below.

  • Antivirus and Antimalware Software
  • Data Loss Prevention (DLP)
  • Email Security
  • Firewalls
  • Network Segmentation
  • Security Information and Event Management (SIEM)
  • Virtual Private Network (VPN)
  • Wireless Security
  • Endpoint Security
  • Network Access Control (NAC)

3.  Database security

Database security refers to protect and secure a database from illegitimate use and malicious threats and attacks. Here is the some of the ways database security is analyzed and implemented include:

  • Restricting unauthorized access of database
  • Role based access control of database
  • Physical security of the database server
  • Implement a database backup from theft and natural disasters
  • Reviewing existing system for any known or unknown vulnerabilities
  • Dedicated security requirements for all operating systems.

Data Security is used to protect data from cyber attack

Learn more about Data Security

4.  Educate your employees

It is very important to educate your employee for ensure cyber security. Every organization should have arranged awareness workshop and training program on cyber security. The workshop and training program may include the following topics and take the time to teach employees:

  • What is cyber threat and attacks?
  • How to recognize cyber threats.
  • How to prevent cyber threat?
  • What is IT security risk?
  • How to reduce IT security  risk?

5.  Up to Date operating system and software

The operating system and software of your computer has important security functions that can help protect you from cyber risk. So, keep all software up to date so there are fewer weaknesses for criminals to exploit.

6.  Front-end security

Prepare and deploy a security configuration for both clients and mobile endpoints while activating administrator rules and access-control lists.

7.  User authorizations

Authorization is a security mechanism which used to determine user privileges or access levels related to system resources such as computer programs, files, services, data and application features.

So, prepare an authorization system which verifies an authenticated user’s access rules and either grants or refuses resource access.

8.  SSL Certificate

SSL stands for Secure Sockets Layer is a global standard security protocol which establishes a secure connection between a web server and browser.

It ensuring that all data passed between a web server and browser remains encrypted and secure. This encryption technique prevents hackers from stealing sensitive information such as credit card details, names and addresses.

SSL certificate establishes a secure connection between a web server and browser

Learn more about SSL Certificate

 9.  Security audit log

To reduce the IT security risk, monitor all systems and activate the security audit log for filtering illegitimate user.

The Barracuda Web Application Firewall has a comprehensive logging feature to record significant events. Events related to HTTP traffic, actions of the Barracuda Web Application Firewall, and user actions are captured in logs. These log messages enable a system administrator to:

  • Obtain information about the Barracuda Web Application Firewall traffic and performance.
  • Analyze logs for suspicious activity.
  • Troubleshoot problems.

The following types of logs are available in the Barracuda Web Application Firewall:

  • Web Firewall Logs
  • Access logs
  • Audit logs
  • System Logs
  • Network Firewall Logs

10.  Monitor incoming and outgoing data

A firewall is network security tools which is designed to monitors incoming and outgoing network traffic and permits or blocks data packets based on security rules. Its main purpose is to create an obstacle between trusted internal network and untrusted external network in order to block malicious.

11.  Software code security

Code Security is a major aspect of business competitiveness today. Because most current threats are directed at the application layer, code security is a must for any competitive organization.

Code security searches software for vulnerabilities like SQL injection, Cross site scripting (XSS), DoS attack or malicious code so they can be fixed before they are discovered and exploited by hackers.

In that case Web Application firewall protects different types of attacks such as cross-site-scripting (XSS), file inclusion, SQL injection, Session hijacking, Layer 7 DoS and others.

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