Cyber security threats are becoming more and more prevalent these days. Such threats may come from different actors like terrorist groups, lone hackers, frustrated employees, criminal organizations, corporate spies, and hostile nation-states. Fortunately, cyber security threat management comes into play. Perhaps you’re wondering what exactly it is and how does it help in terms of eradicating a cyber security threat?
To answer all the questions running in your mind about cyber security management, we have done all the hard work and research and come up with this article. With that, read on for you to understand this topic better.
So, without further ado, let’s get started!
- Cyber Security Threat Management: What Exactly It Is?
- What Are The Benefits of Cyber Security Threat Management?
- The 4 Common Types of Cyber Security Threats
Cyber Security Threat Management: What Exactly It Is?
Cyber security threat management is a framework that is used by cybersecurity experts in managing a threat’s life cycle in order to determine and respond to it appropriately and swiftly. Please note that the foundation of solid cyber security threat management will depend on smooth integration between technology, people, and processes so that they will be able to stay ahead of a threat.
Because of the COVID-19 related effort to remote work as well as the big-scale adoption of cloud-based partnership tools from Microsoft Teams to Zoom, these instances, specifically from external factors, increase.
But keep in mind that it is not the threat alone. It also denotes all financial losses it might cause to businesses or companies. On average, companies are losing more than five million dollars in each data breach. What’s more, according to IBM’s Cost of Data Breach Report, companies can save more than $1.2 million by identifying a data breach earlier.
With the increasing number of cyber security threats as well as the growing difficulty of attacks, many companies are having a hard time keeping up. Having said that, it is hard to deny the fact that cyber security threat management is becoming more and more important than before. It’s because you will be able to determine threats ahead of time and, more importantly, respond quickly. This will not only save companies from fines and money but also protect their brand equity and credibility.
What Are The Benefits of Cyber Security Threat Management?
Here are the different benefits of cyber security threat management.
As mentioned, a data breach may result in lost profits from clients and lawsuits and fines. Various cyber security threats such as DDoS attacks may shut down a company’s website. They even stop traffic from keeping with the website and making online acquisitions.
In actual fact, lax cyber security is a costly endeavor. Businesses with a cyber security threat management spend company resources like money for software solutions and employee labor. But keep in mind that it is a valuable investment in the company’s future. After all, an improved and reliable security measure may help a business in ensuring that it will lessen the risk of unforeseen profit losses.
Maintain A Good Business Reputation
Whether you are selling to customers or working with clients, it is crucial that you keep their interests in mind. One great way to establish build and trust in your business is to make sure that their data and information is protected.
Undeniably, data breaches keep on threatening businesses and enterprises, costing them profits and customers and making the news negatively. Organizations, especially the ones prioritizing customer data and information security proactively, usually have more loyal customers, experience long-term success, and do more business.
Remember that cyber security may encompass every branch of a business. Besides protecting employee and customer data, cyber security threat management may help in protecting proprietary data that may help your business get ahead of the competition. The right threat management typically includes guaranteeing that the right permission will be given to the employees so that the right data will be accessed by the right team. What’s more, it will keep private business details from being leaked to other competitors and businesses.
Better Employee Engagement
Did you know that cyber security will not only benefit customers and shareholders but even the employees? Well, it is true as it helps in boosting the confidence of employees.
Information of employees contains sensitive details such as birthdates, addresses, social security numbers, and more. With that, enterprises with a focused and defined cyber security threat management protect the interests of the employees and, most importantly, earn their trust, resulting in better engagement.
In fact, more engaged workers tend to become more positive, have better performance, and are more productive, resulting in a business with higher efficiency and profits.
The 4 Common Types of Cyber Security Threats
Now that you have an idea about threat management let’s take a look at some of the most common kinds of cyber security threats.
It is a kind of cyberattack where a cybercriminal exploits several susceptibilities in the Domain Name System or DNS. The attacker will force vulnerabilities in order to divert website visitors to a malicious page and withdraw data from the conceded system.
A malware attack is the most common kind of cyber security threat. It is denoted as malicious software such as viruses, worms, spyware, and ransomware that are automatically installed into your system after clicking dangerous emails and links. Once they get accessed inside your system, the malware will block access to the network’s critical components, collect confidential data, and, worse, damage the system.
Denial Of Service Attacks
This threat aims at saturating servers, networks, and systems with huge traffic that makes the system incapable of fulfilling legit requests. On the other hand, attacks may use different infected devices in order to launch an attack on the target system, and this is called a DDoS (distributed denial of service) attack.
Cybercriminals are sending malicious emails that look like they come from legit sources. Users are then interested to click the malicious link attached in the email, resulting in malware installation as well as disclosure of confidential data such as login credentials and credit card information.
Besides causing severe financial loss, a cyber security threat may result in lawsuits, business continuity damages, regulatory penalties, reputational damage. No, IT organization and business are safe in the cyber world. With that, having reliable cyber security threat management is very important.