Cyber Security risk management revolves around an organization's ability to effectively identify, assess, and respond to cyber risks.

The recent attack on the Colonial Pipeline has proven once again that Cyber Security is a major concern for companies.  The best practices in Cyber Security risk management can help keep your company safe from hacks and data breaches.

In general, managing Cyber Security risks can be a daunting task for any company looking to bring its security measures up to constantly changing modern standards.

With the onset of the COVID-19 pandemic, cybercrime has risen by an alarming 600%, with ransomware attacks estimated to result in a loss of $6 trillion annually.

It's one thing to have the best technologies in place, but without the proper precautions and safeguards, your systems are vulnerable to attacks.

This article provides tips for improving your company's Cyber Security by outlining some of the best practices in managing threats and preparing organizations for contingencies.

If you’re looking to strengthen your company’s Cyber Security for control systems, we highly recommend Dexcent’s elaborate and modern solutions.

Thorough Risk Assessment of Cyber Security Threats

An effective cyber threat policy must consider all possible risks that could compromise sensitive information within an organization. 

While this may seem like an impossible goal, businesses can start with a list that includes all major risks and proceed to prioritize them depending on their impact and likelihood of occurrence.

If a company is looking for the best practices in Cyber Security risk management, it can start by assessing its current level of exposure. The first step is to list all possible risks that could lead to information loss or critical industrial control systems disruption. 

Once the list has been compiled, an organization must prioritize threats based on the potential damage they can cause and estimate how frequently they occur. This step will help companies allocate limited resources where they are most likely needed, such as protecting against exploitation of vulnerabilities in critical systems or unauthorized access and changes to critical systems..

With an engineering consulting service like Dexcent, you’ll get to have thorough consulting engagements whereby your organization’s demands will be assessed, and a strategic roadmap will be built accordingly. 

Create a Formal Response Plan

Once risks are prioritized, businesses should consider creating or updating a formal cyber threat response plan that includes procedures for every major scenario. 

One example would be if a ransomware attack was launched against an organization, what steps would need to be taken in order to isolate critical production processes from the compromised environment? Who are the employees that should be contacted, and what is their role when an attack occurs? What process do they have to go through before returning a system back to normal operation? 

These questions should be answered by any Cyber Security plan for it to be effective.

Regular Precautions to Eliminate Risks

Once risks have been considered, businesses may want to implement some precautionary procedures. 

One example would be performing regular backups of information so that if data becomes corrupted or lost, it can still be recovered. The next step is training employees on how they would handle a specific threat once it occurs.

This way, all critical personnel know exactly what they must do if an attack does occur. It's also important to establish a communication plan that includes the roles of all involved parties, which ensures everyone is on the same page and can quickly respond in case something happens.

Hiring a Cyber Security consultant like Dexcent’s ensures that all day-to-day activities, including surveilling, administering, and countering Cyber Security warnings, are taken care of.

Invest in Employee Cyber Risk Training

The best way to reduce Cyber Security risks is by making each employee responsible for their actions. 

Businesses should have protocols in place that include what employees should do if they accidentally expose sensitive information online, such as sending out alerts with relevant screenshots and logs.

It's also helpful if employees receive regular Cyber Security training, so they understand how to properly handle information and use company-issued devices.

Dexcent’s industrial Cyber Security services include staff augmentation to equip employees with skills and resources for IT and OT security.

Get Secured with Dexcent

If your business wants help improving its Cyber Security risk management practices, contact Dexcent. Their experienced consultants can guide you through the necessary steps to build an effective cyber threat response plan.

Dexcent is a global engineering consulting and industrial automation company that delivers customized solutions to clients in the manufacturing and process industries.

Since 2006, Dexcent has been providing services for various industries, including mining, energy, oil and gas, and utilities. They offer ICS Cyber Security, engineering consulting services, digital transformation services, industrial control systems, and much more.