If your organization has poor network security and does not monitor network risks well, it can lead to vulnerabilities that result in cyberattacks and data breaches. These vulnerabilities will have significant, detrimental consequences for your organization.
Cyberattacks and data breaches can also have legal ramifications and lead to damaged business reputations, extended network downtime, and lost customers and revenue. Additionally, your organization may incur hundreds of thousands of dollars in repair costs for your network following an attack or breach.
No organization can afford to be impacted in these ways. Because of this, network security should be a priority for all organizations. Additionally, monitoring network risks will help identify potential risks in your network and mitigate them before they enable attacks.
Understanding the ways to monitor network risks will help you evaluate the best strategies and determine which is most appropriate for your organization.
COEO understands that network security is critical. We've helped thousands of organizations monitor network risks and have delivered security solutions to these customers, including SASE, to strengthen their networks.
By the end of this article, you will understand what network risk monitoring is, the different ways to monitor network risks, and which strategy is most appropriate for your organization.
What is risk monitoring?
Risk monitoring is the process of monitoring, identifying, assessing, and mitigating network risks that pose a threat to both the network and to data. These threats adversely affect the operations and reputation of an organization.
The goal of risk monitoring is to ensure the risk environment is recognized and dealt with effectively before these threats can cause damage to the network.
If you would like to speak with our team to learn more about risk monitoring or ask any questions you may have, you can schedule an appointment.
The different ways to monitor network risks
There are four fundamental elements when dealing with network risks: recognizing that a risk exists, understanding the likelihood and severity of the risk, monitoring the risk for changes, and adjusting resources and planning to meet the changing landscape of the risk.
Network risk monitoring is important for organizations that rely on network performance to secure sensitive data and there are multiple ways for monitoring these network risks. Some of the ways to monitor network risks include:
Risk assessments
Risk assessments are one of the methods for monitoring network risks. Risk assessments involve manual input and discussions from stakeholders to identify risks and form evaluations of their probability and impact.
Traditional risk assessments require extensive collaboration and are typically performed over weeks, months, or even years, depending on the needs of the business. For example, new regulatory legislation can trigger immediate updates to the risk assessment.
Risk audits
Risk audits assess the effectiveness of risk management and mitigation. Risk audits analyze and review the effectiveness of a risk management process and the controls implemented.
Risk audits also work to ensure that risks are being mitigated and that the management of risks is working as intended. These risk audits involve collaboration across departments and management teams.
Key Risk Indicators
Key Risk Indicators (KRIs) represent a set of metrics used to quantify objective risks tailored to meet the needs of a business. Some examples of KRIs include the number of incidents and the estimated time it takes to resolve the incident.
KRIs only provide a retrospective evaluation of risks, but they provide early warnings of the risk and communicate potential changes that may make the risk more dangerous.
Key Risk Factors
Key Risk Factors (KRFs) use metrics to identify quantifiable potential risks. For instance, KRFs could include rising material costs or the possibility of challenging new regulations being enacted.
Unlike Key Performance Indicators (KPIs), which look backward, KRFs are designed to be forward-looking.
For example, if upcoming changes are likely to increase material costs or limit supply, these developments represent forward-looking risks that can be monitored and integrated into your risk management strategy.
Risk management software
Risk management software can be integrated into your organization to automate risk identification, risk assessments, risk tracking, and mitigation efforts.
Many risk management software tools are available and most have a slightly different main area of focus. Some tools focus on specific industries or business types, and others focus on specific types of risks such as financial or technological.
Which type of risk monitoring strategy is appropriate for your organization?
Now you understand what risk monitoring is and the different ways you can monitor your network. However, it is essential to determine which strategy is best suited to accomplish your objectives.
If your organization is looking to manually monitor risks with stakeholders and employees, a risk assessment may be the most appropriate strategy.
Alternatively, if your organization is looking for a reactive solution to provide early warnings of any changes to a risk profile, Key Risk Indicators may be your best strategy.
However, Key Risk Factors may be a good approach if you are looking for a strategy that monitors forward-looking risks, such as legislation that raises the prices of materials.
Finally, if your organization wants risk monitoring and management to be fully automated with minimal employee interaction, risk management software may be your best choice.
Determining whether risk monitoring is appropriate for your organization
Now you understand what risk monitoring is, the different ways to monitor risks, and which strategy is most appropriate. This will help you determine if risk monitoring is something your organization should prioritize.
In today’s virtual world, it is important to prioritize network security. Poor network security can result in vulnerabilities that lead to cyberattacks and data breaches causing negative ramifications.
To avoid cyberattacks and data breaches and the consequences that come with them, it is important to understand what risk monitoring is and the different ways to monitor risks so you can determine the right strategy for your organization.
COEO understands how important network security and risk monitoring are and has delivered security solutions such as SASE to thousands of organizations to assist them with risk monitoring.
If you would like to speak with our team to learn more about risk monitoring or ask any questions you may have, you can schedule an appointment.
Now that you understand the different ways to monitor network risks, read this article to learn the best practices for risk monitoring:
