Cyber Security Threat Management: 8 Best Practices and Tips For Your Business

, March 7, 2022

Cyber Security Threat Management

As technology helps in advancing the modern world towards greater heights, so does it also provides more cyber threats and opportunities for malicious actors. Every year, we see new cybersecurity threats, attack vectors, and data breaches occurring across the globe. Thus, it’s only important for businesses of all sizes to implement sound cyber security threat management to mitigate cybersecurity risk.

Cyber Security Threat Management: 8 Best Practices and Tips For Your Business

Cyber Security Threat Management

1. Build a Threat Management Culture

You shouldn’t just expect cybersecurity threat management from your IT department.

Establishing a cybersecurity-centric culture throughout your business— from your Board members and c-suite executives to regular employees and part-time staff— is foundational to threat management.

Leaders should establish a culture of cybersecurity and threat management throughout their company. By creating a governance structure and communicating their expectations and intentions, leaders and managers can make sure that employees have proper involvement, training, and accountability in the organization’s security.

2. Leverage Technology

Just like how you use technology to streamline your business operations like marketing and sales, you should also leverage specialized technology to optimize your cyber threat management.

There are various security tools available like antivirus software that can help manage your cybersecurity initiatives, help your IT team and ensure that your business is well-protected. Most tools also provide a data-driven and dynamic measurement of your organization’s security posture which can help you make well-informed decisions.

3. Ensure Compliance

Cyber security threat management is increasingly part of the regulatory compliance requirements. Depending on the type of business you have and what industry you’re in, there are several regulations you need to adhere to.

For instance, if you’re in the healthcare industry, you’ll have to comply with HIPAA guidelines. Or if you’re a financial service, you’ll need to follow PCI DSS and CPS 234 regulations.

That said, there are general data protection laws and regulations like GDPR, FIPA, and CCPA that almost all business needs to adhere to.

4. Don’t Stop At Compliance

While it’s important to follow and implement the minimum requirement for regulatory compliance, a common mistake made by businesses is to think that being compliant is equal to threat management.

The truth is compliance standards are often the lowest benchmarks for business security. In short, regulations and compliance only provide a good baseline for minimum requirements.

So, instead of thinking that your business is all good if you’re compliant, consider using them as a starting point to enhance your business security.

5. Invest in Security Awareness Training

In order to implement your cyber security threat management plan, you will need fully trained staff at all levels who can identify risks and implement procedures and processes needed to mitigate those threats.

Thus, you want to invest in security awareness training. A solid training program can educate your employees about corporate procedures and policies when working with digital assets and sensitive and critical data. Your employees should also know who they need to contact if they think they have discovered a cybersecurity threat.

In addition, regular employee training is a must for any business, particularly those who rely mostly on temporary staff or 3rd party vendors.

6. Create an Incident Response Plan

Every organization should have an incident response plan. This is a set of written instructions that outline how your business will respond to data leaks and breaches and other cyber attacks or incidents.

This is important since this plan outlines how you can minimize the impact and duration of cyber-attacks and security incidents, improve your recovery time, and reduce negative publicity and reputational damage.

Without a response plan, even the smallest cybersecurity threats such as malware infection can turn into bigger issues that ultimately result in data loss and operational disruption.

7. Don’t Forget Your 3rd Party Vendors

A solid cyber security threat management does not end with how you manage your business and all internal information and digital assets.

You also need to make sure that you’re 3rd party vendors and even their vendors (also known as 4th party vendors) are invested in reducing the threat.

This is also known as 3rd party risk management or vendor risk management and should be part of your overall cyber security threat management strategy.

8. Measure Metrics

Measurable and meaningful metrics can help you evaluate just how well your cybersecurity threat management strategies and activities are performing.

You can use a variety of key performance indicators (KPIs) to draw out conclusions on the effectiveness of your strategy and make well-informed changes and decisions to your overall security management.

Some of the important KPIs you need to check to include:

  • Security operations centers (SOC) alerts: number of security alerts that are received and resolved on a weekly or monthly basis
  • Days to patch: Number of days it takes to patch vulnerabilities
  • Security ratings: A scoring provided by 3rd party cybersecurity scoring software
  • Mean time to detect: Average time it takes your security team to detect vulnerability or threat
  • Mean time to recovery: Average time it takes for your organization to recover from a security incident after it was detected

FAQ’s

What is a cyber threat?

A cyber threat is any possible malicious attack that wants to gain illegal access to data, damage or change information or disrupt digital operations.

What are the cyber threats faced by small businesses today?

The most common cyber threats that small businesses faced today are malware, phishing, distributed denial of service (DDoS) attacks, and ransomware.

How do cyber attacks impact your small business?

A cyber attack can cause a damaging impact on your business. This includes financial loss from theft of information, money, compliance penalties, disruption to your business, and damage to your reputation and to your customers and partner businesses.

Conclusion

And there you have it!

In this dynamic digital world, cyber security threat management should be a priority for your business. By following the tips and strategies mentioned in this article, you should be able to secure your business’s valuable assets from the increasingly sophisticated cyber risks of the modern world.

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