Emerging technology and advanced security systems should help mitigate companies’ risk, right? Then why are more companies with risk management still getting compromised? It’s because they aren’t accurately accessing which risks are top priorities. Ask yourself these three questions to help identify your top priority risks.
1. What is the risk?
While advanced technology has helped to improve security standards, it also makes the risks and vulnerabilities that much more advanced. Gone are the days of easily identifying how your company can be exposed to risk and security threats. It seems as though there’s no rhyme or reason to why some companies are exposed over others. However, answering “why?” should be a concern and top priority to protect your company.
2. Is it the highest priority risk?
In today’s security and risk landscape, it may feel like your efforts are only temporarily patching the problem rather than fully addressing the larger issue. When compiling your list of risks, you should take the time to properly discuss whether or not it’s a top priority risk to your business. And as the quarter or year progresses, keep re-evaluating your items, in order to always be focused on your top priority risks. You can be sure this is the difference between companies who are regularly compromised and those whose defenses have been successful.
3. Is it the most cost-effective way to reduce the risk?
Before you pull the trigger on spending your time or budget on a security solution, you should determine if this is the most cost-effective way to reduce your highest priority risks. If it only solves the problem for your lower priority risks, it most likely will end up costing you more money and headaches in the long run. Take the time to truly investigate how the proposed solutions will help defend your organization’s top priority risks.
When evaluating your organization’s security measures, ask these three questions. If you are able to confidently answer all three, then your company is on the path to defending your assets correctly. However, if your organization starts becoming susceptible to compromises, it may be time to re-evaluate and apply the three question method.
Which methods has your organization applied to identify top priority risks?