8 Best Practices to Effectively Manage Cybersecurity Risk

July 10, 2023

Keeping our digital information safe is very important.

New technologies like cloud solutions, computing, artificial intelligence, and machine learning have started a fresh wave of innovation. But these also bring known and unknown threats to our online safety.

Cybersecurity is no longer just an issue for IT departments. It has become a big part of business strategy. 

Companies now face a big challenge and evolving threats. They have to keep their digital assets safe while also moving forward with their digital transformation.

Manage Cybersecurity Risk

What is cybersecurity?

Cybersecurity is about keeping computers, servers, mobile devices, electronic systems, networks, and data safe. It protects them from digital attacks and unauthorized access. But it's more than just setting up firewalls and installing anti-virus software. 

So, what is cybersecurity risk management? It is the process of identifying the digital assets of a business. It’s also responsible to mitigate possible security issues and find solutions. 

It is a complex field that is always changing to avoid security risks. It needs a forward-thinking and complete approach. 

Cybersecurity includes many parts. These are network security, application security, endpoint security, data security, identity management, and disaster recovery planning.

Cybersecurity risk management issues

Putting cyber security best practices in place

In our modern digital age, cyber threats are always a risk. Below are the 8 best practices you can do to protect your business: 

1. Ensure network infrastructure is secure: Putting in place secure network infrastructure means setting up firewalls. It also includes regularly updating software and fixing bugs to protect against known weaknesses. Dividing a network into different sections can also limit the damage if a breach occurs.

2. Keep endpoint devices safe: Endpoint devices like computers, smartphones, and tablets can be entry points for cyber threats. Businesses should have strong password rules. They should also consider using endpoint detection and response (EDR) solutions. 

3. Teach employees and increase security awareness: All employees should have regular security awareness training. This includes top executives and entry-level staff. The training should cover the types of threats they could face. 

Interactive training methods can be very effective. For example, simulations of phishing attacks can help employees understand and avoid common cyber threats.

4. Deal with insider threats: Insider threats can cause a lot of damage. This is because employees have access to and trust within the organization. Organizations should have strict access controls in place. 

They should regularly monitor user activity. They should also promote a culture of security awareness to lessen these risks. Avoid malicious actions as much as possible. 

5. Implement data encryption and backup: Encryption changes data into code. Only a decryption key can unlock it. This makes it a very important layer of defense. 

Backing up data ensures businesses can restart their operations with as little disruption as possible. This is true even if there is a breach or loss of data.

6. Use multi-factor authentication: Multi-factor authentication (MFA) adds an extra layer of security. Users must provide two or more verification factors to access a resource. 

MFA significantly lessens the risk of unauthorized access. This is true even if a password is compromised.

7. Security monitoring and threat intelligence: Continuous security monitoring can detect unusual activities. These activities might indicate a breach. 

Threat intelligence can also help. It uses up-to-date information about existing and emerging threats. This can help businesses identify, understand, and prevent possible attacks.

8. Make an incident response plan: Breaches can still happen even with the best defenses. An incident response plan lays out the steps to take if there is a security incident. This ensures a fast, organized response. It minimizes damage, recovery time, and cost.

What is cybersecurity risk management? 

Everything you need to know to keep sensitive information safe

Cybersecurity is the practice of keeping a company's sensitive information safe. This includes intellectual property and other important business assets.

Organizations need protection because businesses produce, store, and process huge data. This amount is growing at an incredible pace. 

There's a great risk of losing or having this data stolen. The data could be financial records, employee personal information, customer data, and trade secrets.

If businesses do not have strong cybersecurity risk management and security solutions, they put themselves at risk. They could face malicious data breaches, identity theft, ransomware, and cyberattacks. These can have severe effects that last a long time. 

On the other hand, a robust cybersecurity strategy protects a business from these risks. It also creates a safe space for innovation, digital transformation, and growth.

The digital world keeps changing. So do the challenges that businesses face. 

Abstract representation of interconnected devices and data with warning signs indicating digital risks and challenges

Digital world's risks and challenges

Understanding the digital world today is not just about seeing its potential. It's also about knowing the challenges of cyber security and its known threats. 

The downside of our digital age is that it has created new ways for bad actors to take advantage. This makes security tools and cloud security even more important.

Different types of cyber threats

Businesses today are facing different types of cyber threats. Each threat has its unique features and the potential for damage. Let's look at a few major ones:

Malware (malicious software)

This word refers to harmful or malicious software. It includes things like viruses, worms, Trojans, ransomware, and spyware. 

The type of malware aims to harm or disrupt a computer system or a security program. It often does this by getting unauthorized access to network systems.


In this type of attack, cybercriminals pretend to be real organizations. They trick people into giving up sensitive data. 

This could be passwords or credit card numbers. The criminals then use this information for illegal activities.

Man-in-the-Middle (MitM) attacks

In a MitM attack, the attacker secretly gets in between two parties who are communicating with each other. They can even potentially change the communication without the parties knowing.

Denial-of-Service (DoS) and Distributed Denial-of-Service (DDoS) attacks

These attacks aim to make a machine or network resource unavailable. They do this by overloading it with a malicious large amount of internet traffic.

Zero-Day exploits

These attacks happen when a cybercriminal takes advantage of a network vulnerability before implementing a fix or solution. They can steal data and gain access without you even knowing. 

Insider threats

These security threats come from inside the organization. They often come from unhappy employees or those with harmful intentions.

 Illustration of a hacker trying to break into a shield

How common cybersecurity threats affect businesses

The impact of these cyber threats on businesses can be very serious. These cybersecurity challenges can impact one's information technology security. 

Malware, for example, can interrupt business operations. It can lead to loss of data. It can also require expensive solutions. On the other hand, phishing attacks can cause a big financial loss.

They can also harm a company's reputation. MitM attacks can also lead to data breaches. These can have serious legal and financial consequences.

DoS and DDoS attacks can stop a business's online presence. This can lead to a loss of service for customers. As a result, the business could lose revenue and customer trust. Zero-day exploits present a malicious and unique risk.

They take advantage of vulnerabilities before businesses can fix them. This could also lead to big data breaches.

Insider threats are a big risk as well. They can cause serious damage because the person doing it knows the organization's systems and data. The impacts can range from stealing intellectual property to disrupting operations.

Considering the seriousness and variety of these threats, it's clear that cybersecurity risk management is not just a nice-to-have. It's a must-have. 

Frequent questions about cybersecurity

When should a business update its cybersecurity measures?

It's vital for businesses to keep their cybersecurity framework fresh. Cyber threats change all the time. So businesses should review and update their cybersecurity measures often. 

The timing can vary. It depends on things like the business's size, the data's nature, and the changing cyber threat environment.

How are small businesses different from large businesses in cybersecurity?

Cyber security practices can be different for small businesses and large businesses. This is because of differences in resources, scale, and the complexity of operations. The basic principles of cybersecurity risk management apply to all. 

But the tools and strategies can be different. For example, small businesses might use more outsourced cyber security solutions. Large businesses often have cybersecurity teams on their staff.

How can businesses stay in line with data privacy laws when they use cybersecurity measures?

Compliance with data privacy laws is a key part of cyber security. Businesses can achieve this by doing regular audits and security controls. They can work with legal counsel to understand what they need to do. 

They can also include compliance considerations in their cybersecurity policies. Privacy-enhancing technologies can be used to protect personal data.

What is the role of AI and machine learning in modern cybersecurity practices?

AI and machine learning are being used increasingly to predict, detect, and lessen cyber threats. These technologies can analyze a lot of data. They can identify patterns and anomalies that might be potential threats. 

This makes the proactive capabilities of cybersecurity efforts better. However, these advanced technologies need sophisticated management to make sure they are used in the best way.

How does a business recover after a cyber security threat?

After a cyberattack, it's important to follow the incident response plan. Businesses need to look into the breach

They need to identify and fix the vulnerabilities. They should recover the lost data, if possible. Businesses should also be open with their stakeholders about the breach. 

Further, they should let them know what steps they are taking in response. Working with a cyber security expert like our company, DivergeIT, can help your business recover in the best way. It can also strengthen their defenses against future attacks.

How can a business figure out the Return On Investment (ROI) for cybersecurity?

The ROI for cybersecurity can be hard to figure out as it's preventive. But businesses can think about the cost of possible data breaches. They can also think about legal implications and damage to their reputation. 

These things can be compared to the investment in cybersecurity measures. The money saved from preventing cyber attacks can be seen as a return on investment.

How do DivergeIT's cybersecurity solutions work with existing business systems?

We tailor solutions to cybersecurity risk management to work smoothly with your existing systems. We thoroughly assess your current infrastructure. We also make sure our solutions work with your business processes. 

This ensures that there is as little disruption as possible. At the same time, it maximizes protection.

How can businesses balance cybersecurity with user experience?

Many businesses find it hard to balance the cybersecurity field and user experience. Strong security measures can sometimes make systems less user-friendly. A well-planned approach involves making intuitive systems. 

Security features are integrated seamlessly so they don't interfere with the user's interaction with the system. Regular user training can also help in making the transition smoother.

How does the Internet of Things (IoT) impact cybersecurity?

The IoT brings many connected devices into the business environment. These can be gateways for cyber threats. Businesses must make sure that all network devices are secure. 

Moreover, they should be updated regularly. The usage of IoT devices should be watched and controlled within a secure framework. This is to prevent possible breaches.

What role does cyber insurance play in a business's cybersecurity strategy?

Cyber insurance can act as a financial safety net in the event of a cyber attack. It can help businesses recover from the financial losses linked with data breaches. But it should not replace a strong cybersecurity strategy. 

Businesses should first invest in comprehensive cybersecurity measures to prevent breaches. They should see cyber insurance as a secondary measure of protection.

How can businesses stay up-to-date about the latest cyber threats?

Staying up-to-date with the latest cyber threats is key to keeping strong security. Businesses can subscribe to cybersecurity bulletins. They can join industry-specific cybersecurity forums. 

Aside from that, they can attend cybersecurity conferences. They can also work with us that will continuously monitor the changing threat landscape.

What are the ethics of cyber security?

The ethics of cyber security involve ensuring that individuals' privacy rights are respected. Data must be used responsibly. 

Businesses need to make an ethical framework for their cybersecurity risk management operations. This balances the need for security with the need for privacy.

Protect your business: The importance of cyber security and DivergeIT's expertise

In the age of digital transformation, cybersecurity is not an optional extra. It's a vital necessity. Data breaches can result in big financial losses and damage to a business's reputation. 

Businesses must understand the cyber landscape. They must implement strong security measures. They must encourage a culture of security awareness. 

But achieving this level of security can be hard without specialized expertise and resources.

This is where DivergeIT comes in. We provide businesses with comprehensive and tailored cybersecurity solutions. Our team of experts helps businesses identify potential risks. 

We help implement effective defenses. We guide businesses to stay prepared for any cyber threat. Read more about our clients on our testimonials page. 

Prevent cyber attacks

DivergeIT's cyber security expertise and certifications

We have a team of certified cybersecurity professionals and an information system. Not only that, we have a lot of experience and knowledge in many industries. 

These show our skills in designing and managing an organization’s security infrastructure. We have certifications from esteemed tech companies like Microsoft, HP, Google, and many other. 

DivergeIT's comprehensive cyber security solutions

We offer a full range of cybersecurity risk management services. These are tailored to meet the unique needs of each business.

Our services cover every aspect of cyber security. This includes risk assessments, policy development, and network security measures. It also includes employee training and incident response planning. 

We use the latest security technologies. We follow industry best practices. And, this allows us to deliver top-quality cybersecurity solutions.

Our cyber security approach ensures that every possible vulnerability is identified and addressed. Our services also include continuous monitoring and proactive measures to keep up with changing threats. 

This allows our clients to focus on their main business activities. They don't have to worry about their digital security. 

To make sure your business is protected, reach out to us. We understand the complexities of the cyber landscape. We're ready to help protect your digital assets and your reputation.

Don't leave your business vulnerable to cyber threats. Contact us today at 877-577-9224 or 310-765-7200, or email us at sales@divergeit.com for a comprehensive cybersecurity assessment. 

You can also schedule a meeting with us! Make sure your business's future in the digital world is secure.

Interested in learning more? Click the button!

Contact Us