Posted on July 24, 2019.

As data security awareness and website breaches grace headlines, it’s more important than ever to take action on cybersecurity framework risk assessments. The Department of Homeland Security’s (DHS) 2018 Cyber Security Strategy report predicts that more than 20 billion devices will be connected to the Internet by 2020, widening the pool of risk.

“Attempted incursions into government networks occur on a daily basis; the number of cyber incidents on federal systems reported to DHS increased more than ten-fold between 2006 and 2015. In 2015, a high-profile intrusion into a single federal agency resulted in the compromise of personnel records of over 4 million federal employees and ultimately affected nearly 22 million people,” according to the DHS report.

Being proactive with a risk assessment evaluation can identify exposed threats and guide the management of day-to-day applications, functioning, and online processes to help mitigate future intrusions. At Sanity Solutions, we follow an exploration, detection, and diagnosis workflow to determine possible concerns and formulate actionable next steps. Here’s why it matters.

Benefits of Cyber Risk Framework Assessment

Evaluating and managing potential cybersecurity issues before they happen keeps businesses running smoothly with less downtime and loss of productivity. In turn, financial budgets and goals are more likely to stay on track. When deciding whether or not to invest time in a cyber risk assessment, consider these factors.

Risk analysis may be mandatory to maintain insurance coverage. If your business carries a cybersecurity insurance policy, it’s time to read the fine print and call your representative. To keep the policy current, and be eligible for renewal, you likely have to perform a risk assessment annually (or more often). Simply having a policy in place doesn’t prevent an intrusion on your company.

Your business may legally require a cyber risk assessment. If you collect and store sensitive data that falls under the Health Insurance Portability and Accountability Act (HIPAA), such as medical records or patient files, you have to keep them safe. Review the U.S. Department of Health & Human Services Cyber Security Guidance Material to understand HIPAA compliance guidelines for storing sensitive data online.

An assessment may prevent future breaches. The cost of rectifying damaged internal systems, the company’s public image, offering credit checks for your customers, and repairing additional issues caused by hackers can be enormous. When malware attacked Home Depot’s servers in 2014, the home improvement company forked out $56 million in restitution. Health insurance company Anthem has also felt the backlash of a breach. In 2016 their cloud storage was hacked, revealing the personal data of 80 million people and costing the company more than $100 million.

You learn more about your risks and vulnerabilities. In small to medium enterprises, internal procedures change day-to-day. A risk assessment can create a baseline for understanding what your business needs now, and identify when new processes carry an inherent cybersecurity risk, so that you can implement preventative security measures. A cyber risk framework assessment helps your company grow safely.

The Sanity team is ready to be your right-hand partner in lowering cyber risk by coupling data protection and management solutions with cutting edge security products and offerings. We understand you have a business to run, that’s why we focus on keeping everything behind-the-scenes working smoothly.

Who Should Perform a Cyber Risk Assessment?

Every business can benefit from evaluating the likelihood of exploitation. The time and cost of a comprehensive cybersecurity risk assessment far outweigh the exhaustive public relations intervention and ongoing expense needed to correct a public data breach.

Now, decide whether an internal team is up to the task, or if it’s best to outsource to an IT and data management partner. If you have employees with advanced security knowledge, a budget to allocate to this endeavor, and extra time to undertake a complete risk assessment, go for it.

Many businesses find that redirecting their in-house IT pros’ attention from real-time operations to a lengthy cybersecurity assessment leaves a gap in daily productivity and internal timelines. Pausing current workflows for key staff members may not be feasible. If this sounds familiar, then enlisting the services of a trusted partner to help assess and mitigate threats can save you time and budget while reducing vulnerabilities.

You wouldn’t think twice about renewing the insurance on your business property, offering healthcare to your employees or visiting the doctor when you don’t feel well. The same proactive care is also needed for the health of your businesses’ connectivity to the Internet. At Sanity Solutions, we spend each day perfecting IT assessment projects to protect your number one investment — your business. Contact Sanity Solutions today to meet your Technical Coordinator and learn how our customized data management and risk assessment services can benefit your business.