Risk Assessment

How Secure is Your Business?

As a business owner, you’re tasked with many roles. From hiring and firing to project management and everything in between. There is risk in each of these. You can do background checks and interviews, but employees can pose a risk to business security, even if unintentional. Phishing scams, cybersecurity threats, and ransomware attacks are all real possibilities in today’s world. Risk management should be a consideration of every business.

Let’s take email as an example.

Email is a risk. Employees may open an email that looks like it is from a legitimate source but is a phishing scam. They may click links or download unsafe programs. They may try to open a website that is not secure. While there are more insidious ways a business can be put at risk, employees and email are an example to which we can all relate.

What is Risk Management?

Netready Risk Management is the process of identifying, assessing, and controlling threats to a business, especially those that threaten the bottom line. Financial, legal, and technology threats, management errors, natural disasters, and accidents all play into where and how much your business is at risk.

There are three different types of risks that we address with our risk management clients.

1. Business Risk: This includes non-financial decisions that affect the business like a large marketing campaign. If the product or service doesn’t sell, where does that leave your business? It’s an important consideration.

2. Non-business Risk: These include political or economic issues that can impact the business. Laws changing, the political party in power, and pandemics are non-business risks to consider.

3. Financial Risks: This includes changes to markets, interest rates, and big swings in the market that can affect business directly or indirectly.

When the world changes, businesses are affected but by how much is the risk we assess.

In IT Services, risk management is classified as management, operational, and physical.

Management security is also called Administrative Security. These are the controls you have in place to determine access to data, files, projects, servers, and software. If your business is growing, it’s likely there are administrative security issues that need to be addressed. Every employee doesn’t need access to every file, in most, if not all, businesses; they need access to data and files to complete their work.

Operational security is when we evaluate the functionality of the system. We assess who needs access to IT support and if they have it when they need it. This includes servers, files, authentication, data, and security.

Physical security is when we evaluate how protected client, patient, and business data is. If there are threats to security like hackers, ransomware, and viruses that need to be addressed, we get that done. We never want our clients to be at risk of breach, especially for banks, hospitals, medical offices, and financial and legal firms who are required to keep data confidential and secure.

Does your business need Risk Management?

Most businesses do need risk management. Retail shops need systems in place to prevent inventory loss by shoplifters. Financial services and accounting firms are required to act in the best interest of their clients, as fiduciaries, and to meet industry and governmental standards, they are required to protect data. Attorneys are required to keep case and client information confidential. Healthcare providers are required to keep patient information confidential. Each of these comes with risk.

Our team is available 24/7/365 to support your business.

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