When it comes to IT risk assessments, business owners have several misconceptions that leave them vulnerable. In this blog, we'll uncover common cyber risk assessment myths and discuss the reality. By the end, we'll also show you how to build an effective risk assessment strategy.

We live in a digital age where data has become one of the most valuable commodities in the world. Businesses collect huge volumes of data every day from their customers, and this data plays a critical role in their day-to-day operations. If business organizations happen to lose their data under any circumstance, the consequences can be quite catastrophic.

Imagine starting your day with a cup of coffee, ready to tackle your to-do list, when an email that appears to be from a trusted partner lands in your inbox. It looks legitimate, but hidden within is a phishing trap set by cybercriminals.

Cyber insurance is an invaluable tool in your risk management arsenal. Think of it as one of the many weapons you have against cyberthreats. However, there's a widespread misconception that having cyber insurance is enough. The truth is—without a comprehensive cybersecurity strategy, your insurance can offer only limited protection.

You might be thinking that you've done everything to protect your business from cyberthreats. You have the most advanced security solutions to defend against external threats, but are you equally protected against internal threats? 

Remote or hybrid work models are utilized by many businesses to keep their operations up and running. For all its benefits, hybrid work does present unique challenges as it exposes organizations to a whole new level of cybersecurity and compliance threats. With cybercriminals preying on vulnerable home networks and work-from-home employees saving files on local drives, businesses using a remote work model face a significant threat to proprietary data. 

Compliance and security are equally crucial for the seamless operation of your business. Although security is a prime component of compliance, compliance is not the same as security. Both are interconnected but still different.

As often as technology evolves to improve our day-to-day experiences online, hackers and scammers evolve just as fast to find new ways to manipulate software and its users to become victims of their malicious schemes.