A perfect storm of threats against corporate data has been brewing for the past several years and is just beginning to show its teeth.
On one side is the seemingly uncontrollable data growth experienced by all companies. Then, there are the increasingly sophisticated cyber attacks being launched by well known hacking groups. All the while, compliance regulations governing the protection of data are becoming stricter all the time.
According to a recent Lexology report written by litigators James O'Connor and Matthew Breuning, all these factors combine to demonstrate the need for all companies to implement a cyber risk assessment tools.
"With so much at stake, organizations must establish effective cybersecurity programs," the authors stated. "At the heart of an effective program is an enterprise risk assessment focused on data security, sometimes referred to as a cyber risk assessment or a data security risk assessment."
Identifying potential vulnerabilities of corporate data will allow a company to better prepare itself against threats, according to the report. Furthermore, by being proactive, corporate information will be protected against a wide range of incidents, including intentional or accidental misuse, loss and abuse.
"[U]nderstanding cybersecurity risks is crucial for an organization’s leaders to meet their fiduciary duties of care with respect to the collection, storage, use and dissemination of confidential information entrusted to them," O'Connor and Breuning wrote.
The United States government has already been proactive in heeding this advice, as the Department of Defense recently released its new cybersecurity strategy. The Strategy for Operating in Cyberspace report identifies several areas for government agencies to focus on, including the training of Armed Forces personnel to handle cybersecurity duties and allocating more funds for the protection of the nation's networks.