Are You Taking Inventory of All Your Security Risks?

Introduction

Cyber threats are evolving, and businesses—big or small—are feeling the heat. While most organizations focus on servers and software when it comes to cybersecurity, the risks are far more extensive. Are you overlooking some common yet often ignored vulnerabilities in your security strategy?

The digital landscape is fraught with hidden dangers, from personal devices and IoT (Internet of Things) gadgets to operational technology like industrial control systems. This blog is your checklist and guide to help IT professionals, small business owners, and security consultants take a holistic approach to security.

Read on to discover where your risks might be hiding—and how you can take proactive measures to secure your operations.

Where Are Security Risks Hiding in Your Organization?

Most people associate security risks with apparent factors, such as outdated software or missing network firewalls. While these are important, they’re only part of the equation. A comprehensive inventory should go beyond the surface.

Here are the key areas where threats often lurk unnoticed—and what you must consider for each.

1. Servers and Software

Your servers and applications form the backbone of your IT infrastructure, making them a natural target for hackers. Here’s what to focus on:

• Patch Management: Regular updates are critical to avoid vulnerabilities.
• Access Control: Do only authorized users access sensitive areas of your servers? Consider implementing role-based access protocols.
• Cloud Security: If leveraging cloud hosting, ensure providers meet industry-standard compliance levels.

2. Employee Devices

Remote work has skyrocketed, but with it comes risks. Employees frequently use personal laptops, smartphones, and other devices to access company data.

• BYOD (Bring Your Own Device): While convenient, BYOD policies can increase vulnerabilities. Enforce security measures like mandatory antivirus and VPN usage.
• Phishing Defense: About 91% of cyberattacks start with a phishing email. Train employees to recognize threats and avoid clicking on malicious attachments or links.

3. IoT Devices

IoT adoption is booming, but so are IoT-related vulnerabilities. Connected gadgets like smart thermostats, cameras, or manufacturing tools bring convenience and efficiency but must not be ignored in risk assessments.

• Default Configurations: Many IoT devices ship with factory settings that can easily be hacked. Change all default credentials immediately.
• Networks: Isolate IoT devices to their guest network to prevent them from becoming a gateway to core operations.

4. Industrial Control Systems (ICS)

For businesses with operational technology (OT), industrial control systems are often overlooked in cybersecurity strategies. These systems were often not designed with today’s cyber threats in mind.

• Legacy Systems: Are industrial systems running on older, unsupported software? Install monitoring tools that can detect unusual behavior in legacy systems.
• Access Control: Use multi-factor authentication (MFA) for sensitive ICS components and segment these systems away from other networks.

5. Third-Party Partnerships

Sometimes, security risks come from outside your network. For example, vendors, subcontractors, or SaaS (Software-as-a-Service) providers who access your systems could unknowingly bring vulnerabilities.

• Vendor Risk Assessments: Are your third-party vendors following the same security best practices as you? If not, regularly audit them.
• Limited Permissions: Grant partners the least access necessary and always monitor their activity on your networks.

6. Insider Threats

Not all security breaches come from outside your organization. Disgruntled employees or simply careless ones can inadvertently cause immense damage.

• Monitoring Tools: Deploy tools that flag unusual internal activity without invading employee privacy.
• Security Awareness Training: Make cybersecurity training a regular part of your company culture.

Why Taking Inventory Matters More Than Ever

An inventory of risks is the first and most essential step in building a robust cybersecurity strategy. Think of it as the foundation for all future security protocols. Here’s why conducting a thorough audit of risks matters more than you might think.

Prevent Data Breaches

According to IBM, data breaches in 2023 will cost an average of $4.45 million per incident. Taking proactive measures to identify hidden vulnerabilities can save your organization from disastrous costs.

Stay Compliant

Regulations like GDPR, CCPA, and others mandate strict criteria for handling customer data. Conducting regular assessments ensures compliance and avoids hefty penalties or loss of trust.

Protect Reputation and Customer Trust

Reputation is everything. A security lapse can lead to public humiliation and significant customer loss. Proactively identifying and mitigating risks is the surest path to maintaining credibility.

How to Start Taking a Full Inventory of Risks

Now that you know potential blind spots, the next step is to act. But with so many moving pieces, where do you begin? Here’s a step-by-step guide to help you kick off your inventory.

Step 1. Map Your Environment

List all assets connected to your ecosystem, from hardware (routers, servers, devices) to software (applications, cloud storage). Don’t forget to document all third-party vendors who have access to your systems.

Step 2. Perform Risk Assessments

For each asset, identify:

• Potential vulnerabilities
• Likely threats
• The impacts if a breach occurs

Tools like network scanners and vulnerability management platforms can automate the heavy lifting.

Step 3. Prioritize Risks

Not all risks are created equal. Focus first on addressing vulnerabilities that present the greatest likelihood and impact.

Step 4. Enforce Policies

Solidify your findings into clear, actionable policies. For instance:

• Mandatory MFA for employee accounts.
• Password rotation policies for IoT devices.

Step 5. Continual Monitoring

Cybersecurity isn’t “set it and forget it.” Use monitoring tools for ongoing visibility into your environment. Remember, new vulnerabilities emerge constantly—especially as you adopt new technology.

Don’t Do It Alone. We Can Help!

Cybersecurity is a team sport. While taking inventory is an important first step, managing and securing it all is a monumental task—too much for one team to handle without the right tools and expertise.

That’s where we come in. Our team specializes in identifying and mitigating your organization’s unique risks. From IoT security to industrial control systems, we’ve got you covered.

Want to simplify this process? Contact us for a free initial consultation, and we’ll help you secure your business from all angles.

Protect your team. Secure your customers. Safeguard your future.