How to Test Your Business’ Cybersecurity | Archway Insurance

How to Test Your Business’ Cybersecurity

Posted by  On December 6, 2021
How to evaluate your company’s cybersecurity?

Has your business invested in quality cybersecurity methods to protect itself against potential risks like cyberattacks, data breaches, and/or fraud?

If your answer is no, then you may want to consider conducting a cybersecurity test on your business to ensure that your data remains secure and no leaks or weaknesses are found within your company database.

Cybersecurity protects your business against cyberattacks where hackers can gain access to private company data through leaks in networks, programs, and devices. This data can then be shared to third-party websites and competitor companies, causing your company’s privacy to be at risk.

With a combination of cyber risk insurance and trusted cybersecurity methods, you can not only rest assured that your company data remains safe and secure from hackers’ prying eyes, but also receive coverage should something go wrong.

What is a cybersecurity assessment?

A cybersecurity assessment scans your business’ digital data to ensure there are no leaks or data breaches in the system. Conducting a cybersecurity assessment allows you to know whether or not you need to be worried about your company’s data privacy or if you need to take more drastic measures to protect it.

The risk of not performing a cybersecurity assessment includes possibly losing access to your business’ networks and systems, which could last up to days and weeks. From this, several issues can arise such as productivity loss, financial dives, and harm to your company’s reputation. If your business is not properly prepared or insured to handle a cyber-attack, you could risk taking a severe hit to your company’s livelihood.

Knowing how to conduct a cybersecurity assessment, however, can help you to regularly check your company’s systems and ensure that all data remains secure. Fortunately, with enough dedication and perseverance, you can learn how to keep hackers at bay by routinely assessing your business’ cybersecurity.

4 Steps to Conducting a CyberSecurity Assessment

1. Determine what area of your company needs to be assessed

Before you begin your cybersecurity assessment, the first thing you should do is determine where the focus will be. For instance, you may choose to focus only on a certain web application that your company frequently uses, which has a perceived higher interest level to potential hackers.

Performing an assessment on your entire organization is possible, but this often takes too much time that your business doesn’t need to waste. Thus, it is best to take things slow and perform one assessment at a time.

2. Identify potential assets, vulnerabilities, and threats

Once you’ve determined the scope of your assessment and which areas you’ll be inspecting, it’s time to identify the potential assets, vulnerabilities, and threats your company may be facing. An asset would be a valuable yet vulnerable target that criminal hackers may find appealing. On the other hand, a vulnerability can be defined as a weakness or bug in your system that hackers can use to gain access. These vulnerabilities can then turn into threats such as information leaks and database breaches.

You can use your company’s assets to identify potential threats. For example, one of your assets may be an employee’s desktop computer containing valuable company information. The threat present is a hacker gaining access to a device containing important files and stealing valuable information. Finding the vulnerability is important to stop a hacker from reaching that information.

3. Analyze and document risks

The risks you identified in the last step should help you in analyzing and documenting them. You can analyze a risk’s probability of harm by determining the risk’s likelihood of discovery, exploitation, and recurrence.

Once you have fully analyzed the potential for harm, you can then begin to document it. You may do this by organizing everything you found out about the risk into a chart that labels the risk’s date of identification, current risk level, security measures already being used, and how you plan to treat the risk. Maintaining a record like this allows you to keep your information organized so that if need be, you can revert back to it and strengthen your approach.

4. Prepare a treatment plan

The last step in your cyber risk assessment should be preparing and executing a treatment plan to take care of the risks your company is facing. This is done by figuring out the amount of security tools and other measures you will need to use to combat the risk at hand. Depending on the severity, you may need to implement specific security measures for each risk you identify.

On your treatment plan, you may propose that the devices your employees are working on be securely configured and safe from hackers. Deploying effective security measures such as strong user authentication and backing up data for quick recovery is a great risk treatment plan for businesses.

Keep in mind, however, that no matter how much you attempt to secure your company’s information with high-end security tools, all businesses run a residual risk of cyberattacks. If a cyberattack happens to your business, the best way to minimize the effects of this issue is by investing in quality cyber insurance that will allow you to be reimbursed for expenses you may have lost during the attack.

Protect Company Data With Cyber Risk Insurance

Whether you own a small or large-scale business, protecting your business against hackers is always a good idea. Luckily, investing in cyber risk insurance can provide you with the peace of mind that comes with knowing that your company is protected in the unfortunate event of a data breach or cyberattack. In fact, not only does cyber insurance protect your business, but it guards the confidential information of employees and customers that have trusted your company with their privacy.

If you are thinking about purchasing cyber risk insurance, consider contacting one of our trusted brokers at Archway Insurance. Our broker will walk you through the steps you need to take to ensure your company data is at its safest, then explain the details of your cyber risk insurance in greater depth.

To find out more about protecting your company data with cyber risk insurance in New Brunswick, Nova Scotia, and Prince Edward Island, call Archway Insurance at 1-833-536-0529 or contact us here.

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