Why You Should Have a Risk-Based Management Approach to Cybersecurity
Cybersecurity has played a significant role in organizational health, and as enterprise industries become more complex, so do cybercriminals. As many companies have sought to implement modern, comprehensive cybersecurity practices, the knowledge of potential risks has yet to become commonplace for organization-wide training. Only 23% of companies say senior executives and board members understand their cybersecurity metrics. With 82% of data breaches involving some form of human error, enterprise organizations must have the proper tools to reduce the risk of a cyberattack. Here, our enterprise logistics software specialists at SCLogic discuss why you should take a risk-based management approach to cybersecurity and how our software, Intra, improves compliance and reduces cyber risks for your facilities management team.
Maturity vs. Risk-Based Cybersecurity Models
Not all cybersecurity solutions are the same. The traditional approach to managing cybersecurity risks has been a maturity-based model. Still, with the influx of data and analytics across enterprise organizations, the shift to risk-based is happening quickly. The maturity risk model is done through organizations demonstrating their security capabilities through a standard industry framework, such as the Cybersecurity Maturity Model Certification through the U.S. Department of Defense. The maturity model prioritizes a comprehensive approach to protecting against every possible threat to your organization, which can be expensive, and in a year of financial uncertainty, ultimately hurt your bottom line.
In contrast, risk-based management has become a popular approach due to the customization capabilities it provides. Risk-based management uses mathematical modeling to assess the impact of external threats on your specific organization, prioritizing which areas to focus on first and how to maximize your current security budget. According to a 2019 study by McKinsey, one company increased projected risk reduction 7.5x above the original program with no additional costs just by reorganizing their security initiatives according to a risk-based approach. As data, technology resources, and automation tools continue to grow, organizations must have a security strategy customized for their most vulnerable areas.
How to Implement Risk-Based Management
Now that you have an overview of the benefits of risk-based management let’s dive into the tactical implementation. For smaller enterprise organizations, having a separate compliance department may not be within budget, and it can be challenging to know where to begin. When it comes to risk-based management, we can break it down into a 5-step process, seen below.
- Asset Valuation
- Threat Identification
- Vulnerability Identification
- Risk Profiling
- Risk Treatment
Before enacting any solution, your management team and directors should identify a macro-level view of all assets. While this includes confidential files and personal data, this also includes anything that could significantly impact our business if the availability is compromised. Once an asset audit has been completed, identifying threats and vulnerabilities is critical. Threats can be external, such as competitors, or internal, such as a disgruntled employee or client. Vulnerability and penetration testing identify what digital tools are not secure and include physical vulnerabilities like backup generators and other assets that may assist with a physical threat. Finally, risk profiling and treatment allow your team to determine the most severe threats and invest in proactive risk management.
How Intra Automates Your Risk-Based Management
You’re probably wondering how facilities management software can help with a risk-based cybersecurity approach. While our entire platform is built with an Agile development model with security at the forefront, our Asset Logistics and Workplace Services workgroups are where solutions happen. With our Asset Logistics Workgroup, preventative maintenance moves to the forefront, giving your team insight into asset lifecycle status and health. As it relates to risk-based management, this provides your team with the resources to conduct continuous asset audits and ensure your most vulnerable technology is kept secure. Our Workplace Services Workgroup provides visitor tracking solutions configurable to your organization’s priorities. Automate your visitor tracking workflow with built-in automation tools to gather data and provide individualized access for anyone entering your facility.
Create a Secure Enterprise Environment with SCLogic
Cybersecurity is an ever-changing field, and keeping up with compliance and risk management can feel insurmountable. Switching from a standard maturity-based approach to a comprehensive risk-based cybersecurity model provides clarity, training, and a deeper understanding of your organization’s vulnerabilities. This model includes assessing all software within your facility, ensuring it remains secure and safe. With Intra, you provide your facilities team with the tools they need to optimize their daily workflows and significantly reduce cybersecurity risk. To learn more about our workgroups, email [email protected] or schedule a demo with one of our team members today.