6 Key Strategies to Mitigate Cybersecurity Risk

It takes security teams an average of 277 days to identify and mitigate a data breach. With a single cyberattack that can cost United States companies an average of $18,000, implementing effective cybersecurity risk mitigation methods has never been more vital. With the massive quantity of sensitive data that companies store and communicate online, a single breach can be disastrous. That’s why companies must proactively protect their business from cyberattacks.

What’s Cybersecurity Risk Mitigation?

They are implementing security policies and processes to reduce the impact of cybersecurity threats. The process is divided into three parts: prevention, detection, and remediation. Companies must alter their cybersecurity risk mitigation measures to keep up with the evolving sophistication of cybercriminals’ techniques.

1. Conducting Risk Assessments to Detect Vulnerabilities – To start the cybersecurity risk mitigation strategy, companies first need to determine whether the companies’ security measures have any gaps or weaknesses. Risk assessments will provide companies with an overview of the assets that must be protected and the security measures that are currently in place. Security teams will be able to identify any potential risks that threat actors can exploit and prioritize what steps must be taken as soon as possible to prevent security gaps.
2. Establishing Network Access Controls – After companies evaluate their resources and identify significant concerns, the next step is to develop network access controls to reduce the possibility of internal security breaches. An increased number of companies are implementing security measures, including zero trust, to evaluate user access and trust levels based on their organizational roles and responsibilities. It reduces the likelihood and severity of security breaches caused by employee negligence or a lack of knowledge of cybersecurity measures.
3. Reducing Attack Surfaces – To assess companies’ security status and potential risks, examine the attack surfaces, which is the collection of hardware and software that connects to companies’ networks. It can include applications, code, servers, websites, and shadow IT, which occurs when users utilize unapproved applications or devices without IT’s knowledge. There are numerous ways for unauthorized access can be obtained, including weak points and confidential data. Installing security solutions, including firewalls and antivirus software, is critical for reducing companies’ attack surfaces and mitigating cybersecurity risks. Continuous vulnerability scanning searches for potential problems ensure companies that critical vulnerabilities are discovered before they become backdoors into their systems.
4. Creating Patches Management Schedule – Software companies often release patches to resolve security vulnerabilities. However, cybercriminals are always looking for new ways to exploit the patches. Companies must be aware of their services or software provider’s patch release schedule. This can assist in developing a well-planned patch management schedule that can help the companies’ IT security teams remain prepared for any potential attacks.
5. Continuously Monitoring Network Traffic – Taking proactive measures to reduce cybersecurity threats is a highly efficient method. The best way to stay ahead of cybercriminals is for companies to frequently check their network traffic and their organization’s cybersecurity status. It’s recommended to employ solutions that provide a thorough overview of their entire IT infrastructure and are always accessible for effective identification of potential threats and real-time cybersecurity risk management.
6. Building an Incident Response Plan – In the event of a data breach or cyberattack, it’s critical to explain clear duties to all employees, regardless of technical background. This will ensure readiness and efficient utilization of resources. An incident response plan is essential in reducing cyber threats within companies’ ever-changing network landscapes. Threats are constantly evolving and can come from anywhere, making it difficult to protect against data breaches fully. Given the rising sophistication of the dangers, it isn’t easy to ensure complete preparation.

Companies need to implement a proactive cybersecurity strategy to mitigate cybersecurity risks and improve security posture in the face of increasing malicious activities. When companies partner with SpearTip, our certified engineers will defend their digital infrastructure and manage cybersecurity risks to secure their futures. Our pre-breach advisory services allow our engineers to examine companies’ security postures to improve the weak points in the networks. Our team engages with the people, processes, and technology to measure the maturity of their technical environment. We provide technical roadmaps for all the vulnerabilities uncovered, ensuring companies have the awareness and support to optimize their overall cybersecurity posture. We discover blind spots in companies that can lead to significant compromises by comparing technology and internal personnel. Identifying technical vulnerabilities inside and outside the organization provides a deeper context to potential environmental gaps.

If your company is experiencing a breach, call our Security Operations Centers at 833.997.7327 to speak directly with an engineer.