Why is Risk Management Important?
Risk management is important because it serves as the foundation for building resilience against the inevitable security challenges that organizations face. As leaders in cybersecurity and compliance look back at the history of high-profile breaches, the value of proactive risk management becomes evident.
By understanding these incidents in hindsight, organizations are better positioned to ask critical questions about the future. How can we apply the lessons from past breaches to prevent future ones? What strategies can be implemented to ensure that the future is not a repetition of the past but a step forward in securing digital assets?
Gartner underscores this point, “Organizations constantly face new cybersecurity threats, but the ones most likely to create problems are familiar.” And security challenges are inevitable — a staggering 90% of CISOs responding to the Splunk survey reported suffering at least one disruptive attack in their organization over the last year.
To stay competitive with the evolving landscape of digital threats and best practices, businesses need to continuously digitally transform to remediate their vulnerabilities without incurring costs and reputational damage that could be avoided. While continuous digital transformation can seem daunting, the World Economic Forum reports that adopting a risk-based cybersecurity model also confers benefits beyond simply preventing cyber-attacks, “It builds resilience and agility, and this method of continuously assessing and adapting makes for more streamlined and competitive organizations more generally.”
What can you do to improve your team’s risk management?
Although threats are diverse and evolving, your risk management approach can keep your enterprise safe. We recommend that you:
- Think big picture – Take a holistic approach that includes regular reviews (from multiple stakeholders) of your cybersecurity lifecycle as a whole rather than just focusing on its individual components.
- Stay current – Make continuous internal updates to identify, analyze, prioritize, manage, and monitor digital assets to reduce risk.
- Plan for today and tomorrow – Implement the correct policies, processes, and technologies to achieve, track, and maintain organizational compliance now and in the future.
How MorphWorks helps with risk management
MorphWorks offers a comprehensive cyber hygiene approach to risk management, which means we perform a complete checkup of your business’s cybersecurity health. We look at everything from how well you’re following the rules (compliance) to any weak spots where problems might arise (vulnerabilities). Here’s what we focus on:
Checking and Protecting: We’ll thoroughly assess your systems and ensure you meet all the standards you need to meet.
Putting the Right Steps in Place: We’ll help you establish and follow the best policies, processes, and tech tools to keep your business on track and in compliance with regulations.
Planning Ahead: We’ll develop a detailed, ongoing risk management plan. This isn’t a one-time thing—it’s about staying ahead and ready for what’s next.
Keeping Records and Seeing Clearly: We’ll document all your modernization efforts to ensure you stay compliant. Plus, we’ll make sure you have a clear view of your business environment and any risks that might affect it.
MorphWorks tailors risk management to fit your business and help it grow safely. We set up a cycle of continuous improvement to minimize risk and remain compliant. With a clear roadmap and tools to see and manage your data, we build a system that supports your business and reduces stress, which all adds up to a culture of managing risks well.
To learn more about how your company can experience more effective risk management, contact the MorphWorks team.