Glossary about Risk Prevention

Risk Prevention

In recent times, there has been a lot of data breaches that have happened worldwide, big and small companies have both been affected by malicious malware. This is what makes it important for an organization to have a data risk management plan which basically is a controlled process in which data is stored, transferred, etc. A robust risk management system assists a business in addressing all of the risks it encounters. To find out the ways you can do risk prevention, read on below!

What is Risk prevention?

Risk prevention falls under data risk management and is the process of identifying and analyzing risks, followed by the coordinated and cost-effective use of resources to reduce, evaluate, and limit the likelihood of any unwanted event e.g. a cyber-attack.

Types of Data Risks

There are multiple situations that could put your data at risk such as:

• Data Breaches: In this type of risk, there is a release of confidential and protected information.

• Human Error: There’s always room for human error such as opening a phishing email especially if the employees haven’t been given the training to handle cyberattacks.

• Software: If your software isn’t updated to the latest version then the risk increases.

• Third-party access: The access of data plays an important factor that’s why most organizations prefer central control.

Risk prevention process

To prevent risks, the first thing to do is to build a strategy which would support your business and its associated data. The main five factors to assess include:

• Identification: The threats that concern the breach of data should be identified.

• Assessment: Once identified, the next thing to do is assess the likelihood of the risk to actually happen and the impact it would cause.

• Response: After identifying and assessing the risks, a response strategy should be implemented so that if that scenario ever arises, you’ll be prepared for it.

• Recovery: Crucial data should be filtered out from the rest of it and should be backed up on another device that is not connected to the original source. This method will allow you to recover your data in case of any cyberattacks.

• Monitoring and evaluation: This would show how effective your approach is.

How to protect data against risks?

There are numerous ways that you could do in order to make your data secure. Some of the ways are listed down below:

• Staff training: It’s essential to make sure that your employees have been informed and trained about cybersecurity. Training programs should be held occasionally to keep everyone updated as well.

• Back up: It’s important to have your original data backed up to another source so that even if your data has been compromised, you’ll still be able to recover it.

• Software updates: Your software, antivirus, and firewall should always be updated to the latest version available to keep up with the changes in the digital world.

Data, without proper protection and strategies, can be hard to manage so it’s vital to have a good risk prevention program so that you’re able to combat any type of risk that comes your organizations’ way.