Navigating Cybersecurity Risk Assessments: How To Support Cyber Insurance Seeking Customers
Article contributed by Ed Morales, Global VP, Security & High-Growth Business Development at TD SYNNEX.
Cyberattacks are widespread throughout the channel. It’s no longer a matter of wondering IF an attack will occur, it’s a matter of WHEN. Current statistics indicate that 83% of organizations will experience more than one data breach at an average cost exceeding $4 million per breach.
The modern business landscape demands a proactive approach to cybersecurity. Together, cybersecurity insurance and assessments play a crucial role in strengthening your organization’s defenses and mitigating the financial and reputational risks associated with cyber incidents.
Deciding where to start and understanding all the factors that go into delivering cybersecurity risk assessments for your customers can be challenging, but with the right partner, expertise, and tools, it doesn’t have to be. This article will uncover what’s involved in cybersecurity risk assessments and how this crucial practice paired with purchasing cyber insurance positions you to better protect your customers from evolving cyber threats.
Key Components of Comprehensive Cybersecurity Vulnerability and Risk Assessments
According to Deloitte’s Global Future of Cyber Survey, a majority of businesses are taking action to increase cyber and information security, further pronounced by 77% of c-suite executives reporting their organization purchased cybersecurity insurance.
Before seeking cybersecurity insurance and identifying the option that best fits your business needs, the first step is conducting comprehensive cybersecurity vulnerability and risk assessments.
Cyber risks evolve rapidly. To keep pace, cybersecurity risk assessments are updated on a regular basis. Think of the corporate version of your antivirus software for example. It’s incumbent on the user to maintain the software updates to ensure nothing harmful infiltrates, keeping your computer and critical information safe.
Conducting cybersecurity risk assessments regularly provides a clear picture of your organization’s security posture. The assessments help businesses find out where they might have gaps susceptible to breaches, allowing them to make the preparations necessary to mitigate potential risk factors.
Here are some of the primary reasons companies should consider performing risk assessments:
- Identify Vulnerabilities: Vulnerability assessments help companies uncover weaknesses in their IT systems, networks, applications, and devices. By identifying these vulnerabilities, organizations can take proactive measures to patch or mitigate them before cybercriminals exploit them.
- Risk Management: Assessments enable companies to evaluate potential risks associated with their technology assets. By quantifying and prioritizing these risks, organizations can allocate resources effectively to address the most critical security gaps and reduce the overall risk exposure.
- Compliance Requirements: Many industries are subject to various regulatory compliance standards. For example, the Health Insurance Portability and Accountability Act (HIPAA) in healthcare or the Payment Card Industry Data Security Standard (PCI DSS) used to handle credit cards from major brands. Regular vulnerability and risk assessments help organizations align with these requirements and avoid penalties.
- Incident Prevention: Understanding vulnerabilities and risks allows companies to prevent potential security incidents and data breaches. By proactively addressing vulnerabilities, businesses can minimize the chances of unauthorized access, data leaks, and other cyberattacks.
- Cost Savings: Dealing with the aftermath of a cybersecurity breach can be financially devastating. Assessments help organizations prevent breaches, which can lead to significant cost savings in terms of legal fees, reputation damage, customer loss, and operational disruptions.
- Reputation Protection: A successful cybersecurity breach can severely damage a company’s reputation and erode customer trust. Regular assessments demonstrate a commitment to security, reassuring customers, partners, and stakeholders that the company takes cybersecurity seriously.
Incorporating periodic assessments into a company’s cybersecurity strategy is imperative as it proactively addresses weaknesses, allocates resources effectively, and maintains a strong security posture in the ever-evolving landscape of cyber threats.
However, it’s widely recommended that organizations consider having a third-party cybersecurity services provider conduct the assessments to avoid the gaps that come with the process of self-auditing.
Seeking Cybersecurity Services Provider Support in Delivering Assessments
Recent results from an IDC Cyber Insurance Maturity Trends report indicate that cyber insurers are now recommending that organizations undergo audits by third-party cybersecurity services providers prior to engaging in a security assessment, as conducting a full cybersecurity review of your organization is a large task. Cybersecurity services providers are trained to catch things that may be missed when organizations decide to conduct internal audits without the added support.
Although risk assessments are reoccurring and often required annually based on the IDC report shared above, partners do not have to take on this responsibility alone — TD SYNNEX’s ServiceSolv team is here to help.
Safeguarding your Customers: How TD SYNNEX Can Help
To help businesses stay ahead, TD SYNNEX partners with the entire technology ecosystem to manage relentless transformation, execute confidently and evolve to capture opportunities up ahead.
TD SYNNEX’s ServiceSolv team in North America provides our partners with a suite of both complimentary and billable cybersecurity assessments to readily enable our partners to deliver comprehensive security assessments to their customers. Our complimentary assessments include :
- Vulnerability
- Cloud
- Ransomware
- Security Maturity
- Compliance
- Zero Trust
- Incident Response
TD SYNNEX’s James Lee, Director, Services Business Development, shared some insights into the positive outcomes partners can expect when providing their customers with complimentary assessments, “Security assessments are the foundation of any security management strategy. Leading assessment-focused conversations allow solution providers to better understand the current security posture of their clients, while helping to provide more effective recommendations and build deeper trust.”
With the right insurance coverage and a thorough understanding of your risk landscape, combined with regular assessments to identify and address vulnerabilities, your business can help your customers navigate the digital realm with confidence.
Learn more and get started today with TD SYNNEX’s ServiceSolv team to identify the types of cybersecurity risk assessments that best fit your customers’ needs.
