Understand Your Cyber Risk Threshold

Evaluate your unique threat landscape and develop a plan to stay ahead of risks with GenuineXs’ cyber risk services. Our team of experts will work with you to identify your vulnerabilities and take steps to protect your systems and data.

Assess Your Cyber Risk

Cyber risks and other security threats challenge almost every industry. Cyber risks can be internal or external. Examples include ransomware, data leaks, phishing, malware, insider threats, and cyberattacks. Ask yourself the following questions when assessing your cyber risks:

What type of cyber threat are we facing?
How susceptible is our system to potential cyber attacks?
Will there be an impact on our reputation or finances if our system is breached or becomes inaccessible?

Assessing your cybersecurity risk can help you reduce long-term costs, obtain better institutional knowledge, avoid regulatory violations and fines, and more.

Cybersecurity Risk Assessment

The National Institute of Standards and Technology (NIST) expands on those questions to provide a framework for your cyber risk assessment. Their tasks are designed to help you understand the steps you’ll need to complete during the assessment. These tasks include:

Identify Threat Sources

First, determine potential sources to prepare for and mitigate threats proactively.

Identify Threat Events

Second, identify potential threat events, so you can anticipate and respond to incidents.

Identify Internal Vulnerabilities

Next, determine whether you have vulnerabilities within your organization that could be exploited.

Determine the Likelihood

Next, estimate the likelihood of different threat events to allocate security resources effectively.

Determine the Impact

Understand the potential reputational or financial burdens that happen after a cyber threat.

Determine the Risks

Knowing your risk level helps you understand where to prioritize security efforts.

The Real Cost of Cyber Risk

Cybercrime could cost the world $10.5 trillion each year by 2025. These costs include damaged data, IP theft, embezzlement, reputational harm, and more. In addition to these costs, should an organization be breached, organizations also pay insurance premiums to protect against potential financial losses and business disruptions.

One way to reduce your insurance premium is by calculating your cyber insurance risk with GenuineXs. Your organization’s Cyber Insurance Risk Score™ provides an intelligent assessment of the factors contributing to your cyber insurance cost. Get the direction to start reducing your insurance premiums and improving your security posture.