Hey there, business owner. You certainly know that your business may be at risk for a cyberattack. Find out how you can protect your enterprise from the experts!
Before getting into the technicalities, let’s talk about Enterprise Risk Management or ERM. ERM comes into play way before your business goes into action. It is a way to make sure all your enterprise data stays protected. Unsurprisingly, most companies have gone digital or operate heavily through technology. After all, how could they not?
We live in an age where technology can be both a blessing and a curse, but the good news is that it doesn’t have to be this way! Technology should just be a blessing of efficiency, automation and reliability
What is ERM?
ERM is the process of recognizing risks that can hinder an organization’s standard operations. Moreover, ERM also involves planning to respond to those risks in case of unforeseen circumstances. To put it simply, ERM is being prepared for any anticipated risks and responding accordingly. These risks usually come from external forces and cause damage to corporate assets. Some examples of risks other than cyberattacks can be natural calamities, theft, malpractice, etc.
Cyber Security and ERM
As discussed above, ERM evaluates and identifies the risks that threaten an organization’s operations. It is no surprise that ERM would also include evaluating and assessing cyber risks.
However, before getting into assessing the cyber risks that could damage your business, you need to understand that cyber risk is a problem that cannot be eliminated completely.. However, the risk can be managed and minimized—by staying on top of technology and assuring all your data is secure.
Why Should You Incorporate Cyber Security in ERM?
Now, it is a common misconception that including cyber security in ERM would only protect your business from cyber risks and nothing more. This couldn’t be further from the truth. Since technology has advanced so much in recent years, cyber security is no longer about only protecting your business, it is about making sure that your business has the space to expand and achieve objectives smoothly.
One of the primary reasons to involve cybersecurity in ERM is so you can align your business goals with your cyber risk management program. To elaborate, by including cybersecurity in ERM, you can make sure that your ERM can support the bigger business objectives.
Typically, cybersecurity management programs are not tailored to a specific company. It is a checklist that needs to be completed. However, when cybersecurity is a part of ERM, you can build a risk profile that is unique to your company. You will be more protected because your cybersecurity program will be specifically tailored for your organization. An integrated risk management approach will assure that your business is prepared for threats that are specific to it.
As we approach the end of the year and begin a new one, there are, for certain, more advancements in technology to come. This also means there will be a plethora of new risks out there as well. Make sure that your business doesn’t suffer. Contact us today for a risk assessment: https://letsmeet.io/oppuousllc/15-minute-initial-consultation
