As cybersecurity threats continue to evolve in the ever-changing cyber landscape, organizations within every industry must implement a comprehensive security strategy to remain resilient in the face of attacks. While most security teams are focused on patching potential threats, lingering risks within organizations are leaving them vulnerable to attacks. Understanding the differences between cyber threats and cyber risks is crucial when building a proactive and reactive cyber defense strategy. In fact, if left unseen and unresolved, risks can result in data breaches or major operational disruptions. According to IBM’s 2023 Cost of a Data Breach Report, the average cost of a data breach reached $4.5 million.
Additionally, security leaders must also stay informed on current trends and evolving developments such as generative AI that pose unique security risks and educate team members on how to safely navigate these tools. This article will uncover the important differences between cyber threats and risks, going beyond reactive to proactive measures, emerging cyber trends, and building a future-ready security culture to help safeguard organizations in today’s digital age.
Distinguishing Between Threats And Risks
Cyber threats differ from risks in that they are generally related to the actors or actions that exploit vulnerabilities. Threats are multifaceted and can be located inside or outside an organization, intentional or unintentional, and executed by either a cybercriminal or internal employee. For example, an attacker might deploy malware through an organization’s vulnerable endpoints to try and breach the network. Alternatively, an employee might unknowingly release sensitive information or change security settings, creating an attack vector in the system.
Cyber risks refer to underlying weak spots located within the ecosystem of an organization which encompass network infrastructures, human factors and physical locations. These risks may be known or unknown to the security team. Often, when proactive risk strategies are in place, risks can be meticulously evaluated for their probability and the extent of their potential damage, painting a vivid picture of the organization’s vulnerability landscape. Once these risks are assessed, decisions around whether to accept these risks based on the knowledge of the ease at which they can be mediated or remediated can be made. As threats and risks continue to advance, it is crucial for businesses to understand the difference between the two and develop security strategies accordingly.
Obstacles in Cyber Risk Assessment and Threat Response
One of the primary challenges in cybersecurity is distinguishing between risk assessment and threat response. On the risk side, cyber risk evaluation is more complex and labor-intensive, as it involves identifying potential vulnerabilities, assessing their likelihood and impact, and prioritizing them based on the organization’s risk appetite. It is a process that requires significant human effort and expertise, making it more challenging than automated threat response for example. In addition, quantifying these risks to communicate effectively with stakeholders, particularly at the executive level, adds another layer of complexity. In order to mitigate risks appropriately, organizations must present a clear cost-benefit analysis, illustrating how mitigating certain risks aligns with the company’s strategic goals and overall mission.
On the threat response front, responding to threats is often more straightforward because many organizations have established platforms and protocols to manage threat responses automatically. These systems, such as endpoint protection or firewalls, are designed to detect and neutralize threats in real-time.
Lastly, it is vital to establish a security-conscious culture within the organization in order to strike the right balance between proactive and reactive cybersecurity strategies. This involves educating team members at all levels the value of cybersecurity, as well as providing them with the appropriate tools to spot threats and identify risks so they are able to take appropriate action. Ultimately, this will improve cybersecurity posture by creating a culture where everyone takes responsibility for security. After all, businesses are only as strong as the weakest link. Providing all employees with the proper knowledge and tools to identify and quickly respond to risks is a crucial step to building a proactive cyber defense.
Identifying Emerging Cyber Risks
In the fast-paced cybersecurity landscape, organizations must also be well-educated on emerging cyber trends and associated risks their organizations may be susceptible to. The development of generative AI technology presents new risks and data privacy concerns that companies of all sizes and all industries must proactively address. For example, cybercriminals are increasingly using phishing campaigns and deepfakes to target vulnerable employees and gain access to a company’s system and steal sensitive data.
Organizations must quickly harness generative AI before threat actors can use it to their advantage. Navigating these developments necessitates the formulation of comprehensive policies and diligent education initiatives to ensure safe and responsible utilization of AI tools.
Security leaders should create an acceptable use policy for AI within the organization and communicate to all levels of the organization. If employees are not properly guided on how to use AI tools, there is a risk of losing control over the organization’s data and creating an insider threat or a vulnerability for bad actors to exploit. Establishing clear guidelines and guardrails ensures that employees can use AI productively while maintaining data security.
Organizations must embrace a proactive security approach that includes risk and threat management in order to transcend reactive tactics. The ability to adjust and take preventative action will be essential to resilience in the face of a future potential cyber-attack. Those that fail to prioritize both risk assessment and threat mitigation will fall behind in the rapidly evolving digital world.
About the Author
George Jones, Chief Information Officer, Critical Start: In his role as the CISO, George defines and drives the strategic direction of corporate IT, information security and compliance initiatives for the Critical Start, while ensuring adherence and delivery to the firm’s massive growth plans. George was most recently the Head of Information Security and Infrastructure at Catalyst Health Group, responsible for all compliance efforts (NIST, PCI, HITRUST, SOC2) as well as vendor management for security-based programs. George brings more than 20 years of experience with technology, infrastructure, compliance, and assessment in multiple roles across different business verticals. Recently as Chief Information Officer and Founder of J-II Consulting Group, a security & compliance consultancy, George was responsible for the design and implementation of security and compliance programs for various organizations. He also delivered programs to implement Agile methodologies, DevSecOps programs, and Information Security Policy and Procedure Plans. During his time at Atlas Technical Consultants, George drove multiple M&A due diligence and integration efforts, consolidating nine acquired business units into a single operating entity, enabling the organization to leverage greater economies of scale and more efficient operations.
George grew up in Austin and is a recent transplant to the Plano area. He attended Texas A&M University and graduated Magna Cum Laude from St. Edward’s University.
