What are Cyber Risks and What is Their Impact on Businesses

The globalized digital ecosystem in which we find ourselves has been evolving and developing disruptive technologies that have displaced traditional formats, creating new business models. The Internet of Things (IoT), machine learning or cloud platforms are part of this new context that is in constant motion and is very attractive to malicious entities on the network.

Cyber risk is one of the quintessential threats of the digital age that affects both companies or organizations, as well as workers and individuals. Data has become the new source of wealth for businesses, and it is the companies themselves who must implement the necessary security to keep it safe. These cyber attacks compromise business technology and can originate as a result of intentional actions by hackers, cybercriminals, employees and other individuals, or due to system failures exploited to commit these crimes.

Digitalization brings great benefits while, in parallel, cyber risks emerge that put businesses on alert. The main cyber risks in companies and the most common ones are:

• Phishing: this cyber risk consists of sending fraudulent emails, with the aim of obtaining access credentials and impersonating the deceived person to carry out unauthorized bank movements, destruction of files or data theft, among others.
• SQL: also known as injection attack, it is a cyber risk for businesses. It involves inserting SQL code into databases, altering their behavior and functions.
• DoS: this attack is quite sophisticated and consists of overloading a server with excessive traffic, causing it to crash or malfunction. Denial of service or DoS is a cyber risk that threatens businesses and leads to economic losses, reputational crises for brands, and customer disengagement due to loss of trust.
• Ransomware: this type of malware infiltrates systems to encrypt files and demand a ransom for their recovery. This cyber risk has evolved so much that it has proliferated into other attacks, such as ROT (Ransomware of Things) that specifically threatens devices connected to the Internet.
• Information leaks: it is one of the quintessential cyber risks that companies face, as it damages both their reputation and operations and often occurs due to theft or loss of mobile phones or laptops or system attacks using malware.

Data processing, confidential information, executive operations or digital strategies of businesses are seriously affected by cyber risks in many ways.

The main impact of cyber risks on businesses is the loss of personal information (keys, passwords, virtual identity), business information, economic damages and possible reputational crises. Companies make an effort to detect cyber risks and address them immediately.

Along with these consequences derived from cyber risks, businesses suffer an impact on their image with the loss of customers, business opportunities and partners who see their data or economic assets compromised.

The GlobalSuite® Risk Management software is designed to quickly identify and address cyber risks and other damages that your organization faces. A solution that optimizes the enterprise risk management system, without the need to manually work on loading compliance catalogs, risks and controls, procedures, etc. A software with solutions at global, regional and local levels.

Thanks to the traceability of the results obtained, you will save time and can easily filter each type of risk and evaluate it using heat maps. Your business will be provided with quality management with a careful definition of the risks your organization faces, which you can apply in management and decision-making, with pre-established and customizable reporting.

GlobalSuite’s Cybersecurity solutions allow you to identify, analyze and evaluate risks based on the ISO 31000 standard and implement the most effective ISO standards for information security such as ISO 27001 for information security.

Acting in advance is an intelligent way to manage and protect the organization, its data and operations, and the information of customers and workers. With a Cyber Risk system, you will achieve benefits for your business such as:

• Identify opportunities and threats quickly and effectively
• Comply with legal and regulatory requirements
• Help prevent losses and manage incidents with greater security and confidence
• Reduce losses
• Improve operational efficiency and effectiveness

Cyber risk management not only brings advantages for long-term forecasting and cybersecurity, as technical cyber risk assessments help to understand the company’s ability to recover after an attack. These cyber risk assessments provide advantages such as:

• Avoid network interruptions and server downtime, ensuring continuous availability of company services
• Reduce long-term costs by identifying and mitigating cyber risks
• Combat information loss and threats that attempt against the data protection policy
• Detect areas for improvement and cyber risks that the company faces