In our rapidly expanding digital environment, every organization has operations, revenue, data and brand reputation that’s potentially at risk from a cyberattack. For organizations large and small, the focus needs to be on the cyberattack surface and managing cyber risk all while navigating changes in the market and continuing to delight customers.
Of course, that’s no small feat, so let’s take a closer look at cyber risk and the most common types that security teams face, as well as explore five tips that will help your organization turn the tables on threat actors to remain protected.
What Is Cyber Risk?
Cyber risk measures the likelihood (probability) that an attacker may exploit a cyber threat, as well as considers the potential impact of that bad event, such as the loss of confidentiality, integrity and availability of an organization’s information. Keep in mind that the total impact to an organization can include both tangible and intangible factors:
- Tangible impacts are most often the variables leading to an organization’s financial losses, such as cost of paying a ransom, lost revenue from interrupted business operations, incident response expenses, legal fees and regulatory fines.
- Intangible impacts are felt below the surface and most often take longer to see and quantify. Some examples include damage to brand trust, reduction in new customer acquisition and an increase in customer turnover.