In today’s digital age, cybersecurity has become a top priority for institutions of all kinds. Cybercriminals are constantly finding new ways to exploit vulnerabilities in networks, and no institution is immune to their attacks. However, despite the numerous cybersecurity tools and products available, many institutions may still find themselves vulnerable to cyber threats if their security strategies are not aligned with their organizational goals.
A comprehensive security strategy should include a combination of security tools, procedures, and policies that are understood and followed by all employees. This strategy should take into account all possible entry points for a cyberattack and establish a holistic approach that leaves no stone unturned. However, with so many factors to consider, it’s easy for institutions to overlook certain threats and risks.
That’s where a Threat and Risk Assessment (TRA) comes in. By working with experienced security specialists, institutions can determine the right balance between security and usability, based on their business needs. But before undertaking a TRA, institutions need to ask themselves some crucial questions.
First, they need to identify what assets they need to protect. Every institution with a digital presence has assets that are key to its successful functioning, and it’s critical to know what they are and how they connect to the organization’s ability to function while maintaining a positive relationship with stakeholders.
Next, institutions need to determine their risk appetite. They need to understand what kind of outages they are willing to accept, what level of negative media coverage they can handle, and how valuable any classified or private data on their network is to the organization.
Institutions must also consider the real threats their attack surface presents. By understanding the real-world implications of the threats they face, they can create a comprehensive risk profile that takes all possible scenarios into account.
It’s also important to consider the potential consequences of an attack through a specific entry point. An attack can cause significant disruptions, privacy infringements, regulatory violations, and reputational harm. Institutions must weigh the potential impact of each entry point and decide whether the vulnerability is worth securing.
Finally, institutions need to assess the probability of an attack. Certain organizations are more likely to be targeted than others, depending on factors like their industry and organizational collaborators.
In conclusion, no institution can afford to overlook the importance of cybersecurity. However, simply investing in cybersecurity tools and products is not enough. Institutions must have a comprehensive security strategy that is aligned with their organizational goals and takes all possible threats and risks into account. A TRA can help institutions identify the right balance between security and usability, based on their business needs. By asking the right questions and working with experienced security specialists, institutions can take the necessary steps to protect themselves from cyber threats.
