There are different types of information and cybersecurity risks faced by an organization. Information security risks arise for various reasons, including using complex applications and systems, vulnerable products and services, outdated information systems, outdated technology, etc.
Understanding Reasons for Information and Cybersecurity Risks Faced by an Organization
The organization may be exposed to different types of information security and cybersecurity risks. Information security risks being faced by an organization arise due to various reasons, including the following:
- Use of complex applications and systems
- Vulnerable products and services
- Outdated information systems
- Outdated technology
- Use of cloud services
- Not defining data or information access rights
- Not securing server rooms for physical access
- Sharing of passwords by employees
- Cross-border payments and transactions through digital channels
- Non-implementation of cybersecurity programs and policies, and
- Weak cybersecurity or data protection compliance culture
Information and data security risks also arise because the employees lack training and are not aware of the cybersecurity threats and risks they are exposed to. Further, in some organizations, the cybersecurity team needs to be trained or possess the required practical knowledge to secure the data and information of the organization.
There is also a possibility that the organization does not perform the information security risk assessment regularly, which causes an overlook of possible information security or data security threats and risks. An irregular or non-performance of information security risk assessment may cause data losses and information misuse by the employees or hackers who attack the applications and networks to gain access to the organization’s confidential data.
Cybersecurity is critical because it protects all types of data from theft and loss. Sensitive data, personally identifiable information (PII), intellectual property, personal information, data, and government and business information systems are all included. Cybersecurity threats reflect the possibility of a cyberattack. A cyberattack is a deliberate and malicious attempt by one organization or individual to compromise the systems of another organization or individual. The attacker’s motivations could include data theft, financial gain, espionage, or sabotage.