Continuous Vigilance as a Standard

Risk Management
August 21, 2022

In the digital age, businesses must operate on red alert at all times to protect their brand and data. One way they can do this is through risk management, which helps companies identify and investigate risks that could compromise their security.

This includes practices like vulnerability scanning, authentication, and authorization testing, and penetration testing to check the effectiveness of a company’s security controls, followed by taking appropriate measures before harm occurs.

What is Risk Management and Why is it Important?

Digital risk management is the discipline of evaluating, measuring, and managing risks across an enterprise’s digital operations. It aims to ensure that all operations are as secure as possible and in accordance with industry standards. Digital risk management involves examining all aspects of the business, including data, people, and processes, to identify and mitigate risks. It’s key to protecting data, people, and operations, as well as corporate reputations and revenue. It’s important for companies of all sizes to have digital risk management practices in place. Businesses that do not implement such programs are prone to suffer both immediate and long-term hardships.

Vulnerability Scanning

Vulnerability scanning is the process of looking for security holes in an organization’s systems. The scanning process looks for common vulnerabilities like missing patches and unpatched systems.

Vulnerability scanning can be either active or passive depending on how they operate. Active scanners come in direct contact with the endpoints by querying them with test traffic packets and reviewing each response to find vulnerabilities and create detailed reports. On the other hand, passive scanners act “silently” and check network data to detect weaknesses without actively interacting with endpoints. Active scanners are target specific and are run as per need. However, passive scanners can run around the clock, or at specified intervals.

Both the scanning techniques are crucial and complementary to each other.

Penetration Testing

Penetration tests simulate real-world attacks to see if their impact is as destructive as expected. It’s a type of ethical hacking that tests an organization’s defenses by identifying vulnerabilities and launching attacks in a controlled environment. Penetration testing is useful for assessing the effectiveness of a company’s security controls. A penetration test is an exercise that aims to exploit an organization’s weaknesses. If a security control does not detect the attack, then it is likely that the control is not effective. The penetration test may be conducted by a group of security auditors on behalf of the client, or by a third party that is contracted for specific services. The scope of the test should be clearly defined beforehand.

Conclusion

The Internet has opened up opportunities for businesses that previously were limited to physical locations. But it also creates new security risks, and businesses need to find a balance between the two. If you don’t have the resources, experience, or technology to protect your business from cyberattacks, it could have serious consequences, including financial loss, customer dissatisfaction, legal action, and brand damage. To protect your business, you need to evaluate your risk exposure and implement security controls tailored to minimize the threats you face. Although it can be challenging to create a holistic approach to cybersecurity, it’s important to remember that risk is inherent in our interconnected world. Risk management should be a regular part of your security program to help keep your business safe from online threats. These tools can help you identify weaknesses in your network and systems and prevent them from being exploited.

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