Eight Steps in Managing Cyber Risk Through A Downturn

I predict that for cybersecurity leaders, 2023 will not be an easy year. On the one hand, organizations are facing an increased risk of cyberattacks, ransomware attacks and data breaches; while on the other, financial constraints and macroeconomic headwinds are causing organizations to scale back on an already insufficient and underinvested cybersecurity infrastructure.

Economic downturns create a fertile ground for cybercriminals. Sudden and unexplained downsizing may turn employees rogue, increasing the risk of insider threats and data breaches.

To manage this adversity gracefully and bounce back from this period of elevated risk and uncertainty, cybersecurity leaders must get creative, do more with less and manage risk more effectively. Let’s look at eight steps organizations can take to improve security controls and boost cybersecurity resilience.

1. Adopt a risk-based approach.

Conduct a comprehensive risk assessment to identify the most critical cybersecurity risks. Evaluate vulnerabilities, potential attack vectors and potential impact on the business. Assess whether your organization has defenses and mitigations in place to counter those risks.