Page 144 - Cyber Defense eMagazine July 2024

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.

Cyber Defense eMagazine – July 2024 Edition 144
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