Whether you run a small business or a large organization, the need for an IT security risk assessment cannot be ignored. Many people don’t conduct security risk assessments, which increases the likelihood that they’ll experience a data breach. If you haven’t conducted a risk assessment lately, here are five reasons why you may want to do it as soon as possible.
1. Avoid security breaches. Regardless of how sophisticated your system is, you’re never immune to cybersecurity threats. Hackers, malware, viruses, and cyber criminals are always looking to take advantage of any loopholes and weaknesses in your system. Conducting security risks assessment helps identify gaps in your defenses and ensure that your team of experts repairs them before any data is corrupted. By conducting a security risk assessment, you can protect data from being compromised.
2. Protect your reputation. Without frequent assessments, the risk of security breaches is high. That could affect how prospective clients and employees view your company. With looming security issues, your business seems less trustworthy, which in turn affects the number of people willing to keep doing business with you. With regular security risk assessments, the risk of data breaches is highly reduced, consequently securing your position and relationships with stakeholders.
3. Reduce overall costs and budgets. Handling the fallout of security breaches and their consequences (such as lawsuits) might eat up a good chunk of your budget. Additionally, using the lowest level of security measures may be inefficient if the security gaps remain uncovered. To avoid wasting a good fraction of your funds on recovery costs, a security risk assessment is a must. The assessment allows you to plan ahead and decide what fraction of your budget is adequate for IT security.
4. Avoid violating privacy and data laws. In most cases companies that handle sensitive data (such as PHI and PII) are required by law to abide by security and privacy laws (e.g., HIPAA). Failing to conduct security risk assessments is likely to result in a violation of these regulations. In cases where security breaches have occurred, there is risk of legal action being taken against you. To avoid non-compliance, it is important for you to conduct security risk assessments.
5. Increase productivity levels. Without security risk assessments, most organizations operate with the fear of possible IT security breaches, which reduces efficiency and productivity. Without the proper knowledge and equipment to handle cybersecurity threats, you and your employees are likely to keep wasting time handling preventable issues. To reduce stress levels related to security concerns for your employees, conduct a security risk assessment today and watch productivity levels increase.