What does comprehensive cyber risk management look like? Watch and learn.
In Part 3 of his keynote address from Trava's #BeCyberSmart: Cybersecurity Awareness for Today's SaaS Companies live event, Trava co-founder and CEO Jim Goldman answers the question, "What does comprehensive cyber risk management look like?”
Business leaders will also learn why each component is critical and common pitfalls small business leaders face when implementing cyber risk management.
In Part 3 of Trava’s Cybersecurity Awareness for Today’s SaaS Companies live event, CEO and co-founderJim Goldman addresses a significant obstacle SMBs face that prevents them from investing in cyber preparedness. He also discusses cyber risk management and the three primary components businesses could benefit from by integrating these into their plans.
Why Do SMBs Avoid Investing in Cyber Preparedness?
Many small and medium business owners have gotten by so far without incident, so they continue the status quo and are apathetic about risk management. Others are interested and worry they’ll be victimized, but find the concept of cyber risk management overwhelming, and they don’t know how to take that first step in pursuing it.
While the first step is the most difficult, interestingly enough, once the process gets started, many SMB owners find their anxiety levels dissipate. Suddenly, as they see the tangible benefits broken down, this removes confusion. As they understand what’s entailed, this enables them to be more apt to embrace the important concepts associated with cyber risk management.
The crux of the matter is that recognizing, accepting, and realizing the time is now to do something about the problem helps SMBs get over the hurdle. Without this barrier, there’s nothing preventing them from achieving cyber preparedness.
What Does Comprehensive Cyber Risk Management Look Like?
Comprehensive cyber risk management consists of three components: risk assessment, risk mitigation, and risk transfer.
- Risk assessment. This process helps SMBs understand where their problems exist, where their liabilities are, and what vulnerabilities exist.
- Risk mitigation. During the risk mitigation process, putting together a plan to start to bring the risk level down is foremost; essentially, it moves SMBs from where they are to where they need to be.
- Risk transfer. Otherwise referred to as organized transfer, risk transfer equates to taking the residual risks that risk mitigation may not cover and transferring the risk to cyber insurance policies.
All three of these components are equally important and, while plans for different SMBs might not look the same, they will encompass these aspects of a comprehensive cyber risk mitigation plan.
Take the First Step
Trava offers the solution of how to take that first important step of exploring risk management options. We’ll subsequently walk you through the necessary steps when putting together a comprehensive cyber preparedness plan while eliminating the anxiety that comes with trying to go it alone. In the end, you can rest assured your company is better positioned to withstand risks.