If your organization has poor network security, it can create vulnerabilities and risks to your network and data. This will result in cyberattacks and data breaches that lead to network downtime, damaged business reputations, legal consequences, lost revenue, and customers.
This damage may also cost hundreds of thousands of dollars to repair or replace the network. Consequences like these will be extremely detrimental to your organization.
For these reasons, it is important to have reliable network security to avoid cyberattacks, data breaches, and the ramifications that come with them. Understanding what risk monitoring is and why it’s important will help you improve network security and prevent cyberattacks.
COEO understands how important network security is and has helped thousands of organizations improve their security with risk monitoring or network security solutions like SASE to help prevent vulnerabilities and cyberattacks.
By the end of this article, you will know what risk monitoring is, its benefits, and whether it would be beneficial for your organization.
What is risk monitoring?
Risk monitoring is the process of monitoring, identifying, assessing, and mitigating risks that pose a threat to the network and data that 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. The key activities of risk monitoring include:
Identify threats from internal and external sources
When monitoring risks, it is important to identify both internal and external threats.
Identifying threats from internal sources is important so that they do not affect your internal network. Similarly, it is also crucial to identify threats to external data, such as files and documents, so that these threats do not penetrate your network as well.
Monitor identified risks
Risks that are identified and understood must be monitored to ensure they do not cause damage to your network.
Once threats are identified and understood, your organization should be able to determine the threat level and monitor these closely.
Create risk mitigation strategies
A risk mitigation strategy helps prepare for disasters such as cyberattacks and data breaches by decreasing the effects of the threats. Risk mitigation even helps prepare for natural disasters and other physical or virtual damage to a network.
Risk mitigation strategies are different for each organization and vary based on the industry they are in and their specific business needs.
Continue to update risk management strategies based on the threat landscape
With today’s ever-changing virtual landscape, it is important to update risk monitoring and management strategies so you can prevent network vulnerabilities.
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 benefits of risk monitoring
Risk monitoring helps improve network security to prevent vulnerabilities and protect networks and data from cyberattacks and data breaches.
However, if you do not understand the benefits of risk monitoring, you may not appreciate whether it would be beneficial for your organization. The benefits of risk monitoring include:
Early risk detection
With risk monitoring, your organization will be able to detect risks early on, with the opportunity to mitigate them before they cause damage to your network or steal your data.
Regular adherence to industry compliance
Risk monitoring helps identify and mitigate risks before they attack your network. This helps ensure your organization remains compliant, avoiding the legal ramifications caused by non-compliance.
Crisis prevention
Proper risk monitoring will identify risks in the network before any damage occurs. Cyberattacks and data breaches will disrupt your organization and cause network downtime, disrupt business operations, and damage your business reputation.
A benefit of risk monitoring is identifying the risk and mitigating it before negative consequences occur, ensuring your organization maintains normal business operations without disruptions or incurring unnecessary costs.
Cost mitigation
Cyberattacks can lead to damaged equipment, data loss, and legal ramifications as a result of non-compliance, all of which can be expensive to mitigate.
Monitoring will reduce the likelihood of risks becoming attacks, prevent them from happening, and avoid the costs associated with them.
Is risk monitoring a beneficial solution for your organization?
Now you understand what risk monitoring is and its benefits. However, it is also important to understand whether risk monitoring would be beneficial for your organization.
If your organization struggles with poor network security and constantly comes across security risks, risk monitoring is crucial to prevent potential risks from evolving into cyberattacks and causing damage to your network.
Similarly, if your organization has sensitive data, such as patient or customer data, it is important to incorporate risk monitoring to prevent data from being compromised, resulting in damaged business reputations, lost revenue and customers, and legal ramifications.
Even if your organization has top-tier network security, vulnerabilities are still possible, and these can penetrate your security. It is important to perform risk monitoring assessments to prevent risks from escalating to cyberattacks and causing negative business consequences.
Determining whether risk monitoring would be beneficial for your organization
Now you understand what risk monitoring is, its benefits, and whether it would be beneficial for your organization. This will help you determine whether you should implement risk monitoring practices for better network security.
No organization will be successful with poor network security. This will result in vulnerabilities that lead to cyberattacks and data breaches.
Cyberattacks can cause negative consequences such as extended network downtime, damaged business reputations, legal ramifications, lost revenue, and lost customers.
These consequences can cost hundreds of thousands of dollars to repair a network. Because of these ramifications, it is important to implement risk monitoring.
COEO understands how important network security is and has helped thousands of organizations improve their network security by implementing risk monitoring and delivering security solutions.
We want you to understand what risk monitoring is and its benefits, so you can determine whether it would be beneficial for your organization.
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 what risk monitoring is and its benefits, read this article to learn what data risk management is and whether it might be beneficial for your organization:
