As organizations rely more and more on digital processes, the risks of cyber attacks and information hacks are very real, and they are becoming more prevalent. Investing in cyber security is essential to mitigate and manage potential risks and corporate stakeholders are paying attention. Cyber risks have become not only a technology issue, it has become a business issue. In September 2018 CBC reported that 2 small Ontario towns were forced to pay ransom after hackers held their computer systems hostage. The article stated that “Town officials have paid the ransom to reclaim data after hackers held their computer systems hostage for 48 hours, and are working to get servers back up and running again.”.
It is clear that a cultural shift with regards to risks in cyber security and especially data protection is essential. No longer is data security only a large organization’s concern, it is just as important for small and medium enterprises to implement risk mitigation and protect sensitive data.
Of course, the ultimate objective of cyber risk management is to create cyber resiliency so that systems and operations are designed to prevent and detect threats. Business disruption can lead to huge financial losses and therefore enlisting the services of cyber security professionals to protect an organization’s data is first and foremost. Having a solid Risk Management tool is also paramount to risk preparedness. Having a tool such as Alcea RiskMgr to track and mitigate every potential risk scenario is well worth the investment.