Creating a cyber-resilient organization means understanding your security risks and how to mitigate them. However, the cybersecurity risk’s continuously shifting nature makes it challenging for organizations to choose the right risk assessment strategy. By understanding the types of risk assessments and how to use them, you can make better-informed decisions.

Utility companies are increasingly being targeted by cybercriminals. Although the highest profile utility cyber attack in recent memory was the May 7 ransomware attack on Colonial Pipeline that caused gas shortages on the East Coast, power companies of all kinds are popular with criminals for a reason: they can’t afford a shutdown and they have the money to pay a ransom.

Many different types of IT security risks can affect a business. It is essential to know about the implications, how cyber risks can be identified and what you need to protect against them. In this connected world, cyber attacks are a common occurrence. As long as the internet exists, there will be information security risks and malicious attacks that come with it. Ranging from minor nuisances to devastating consequences, hackers never seem to stop attacking your data!

Modern technology allows the easy collection and distribution of personally identifiable information — and concerns about the unintended distribution of that personal data have led to a wave of data privacy laws around the world. The U.S. Health Insurance Portability and Accountability Act (HIPAA) is one such law, and imposes strict rules on how hospitals, healthcare businesses, and other “covered entities” handle personal health information (PHI).

Confidentiality, Integrity, and Availability. These are the three core components of the CIA triad, an information security model meant to guide an organization’s security procedures and policies. While people outside the information security community might hear the phrase CIA Triad and think “conspiracy theory,” those in the cybersecurity field know that the CIA Triad has absolutely nothing to do with the Central Intelligence Agency.

Financial institutions are one of the most heavily regulated industries around, and for good reason. Access to the personal information and funds of their customers makes banks a popular target with hackers, and a dangerous location for a cybersecurity breach. With all of the regulations a bank needs to obey, it’s possible you may have overlooked the Payment Card Industry Data Security Standard, or PCI DSS.

A risk assessment is a multi-step process that catalogs all the potential threats to your business. In the same way a person might check the air pressure in a car’s tires or that the office elevator was recently serviced, CISOs should conduct regular risk assessments. Consider it a part of your standard safety management routines.

The Internet of Things (IoT) is a growing concern for today’s digitally-focused businesses. Every connected device you own can add another security concern to your list. If it collects and stores personal information and data, you’ve just added another attractive target for criminals to access your network. In fact, 57% of IoT devices are vulnerable to medium or high-severity attacks.

No company is free from risks and vulnerabilities. No matter how robust the digital infrastructure or how strict the cybersecurity measures are, some level of residual risk will always remain. That’s why many organizations include penetration testing in their risk assessment and security program.