Ensuring network security is essential for any company, regardless of the industry. The constant technological innovations, data exchange, and interconnectivity of information systems have raised the risks of cyberattacks. The majority of businesses have already suffered many threats and will continue to be targeted as the number of attacks increases, with an estimation that cybercrime costs will see an increase of 15%, reaching $10.5 trillion by 2025.  

It doesn't matter if your company is large or small, network risk management is one of the most important things you can do to take control of your networks and the data shared between users in them, while also lowering the danger of cyberattacks.

Network risk management is an evaluation of the networks that your company and employees use on a daily basis. So, organizing a thorough risk management network evaluation is the key to finding, assessing, and responding to cybersecurity threats in your company. By combining and weighing numerous signals from a user, network, device, and other sources, risk management enables your company to make wiser decisions when it comes to authenticating the users. Once you've recognized and identified these risks, you can start organizing your data based on the weight of the risk connected with it.

In this article, you will find five strategies for performing effective risk management. 

Conduct a regular risk management

Regular risk management will help you in revealing potential vulnerabilities in your company's security policies. Performing a regular and detailed risk assessment will give you information on the assets that need to be secured as well as the security procedures that are currently in place. 

Additionally, it can assist your company's IT security team in identifying areas of vulnerability that they should check, and prioritize which weaknesses to address first. Security ratings are an excellent approach to acquiring a real-time understanding of your company's cybersecurity position, as well as that of third and fourth-party vendors.

Hunt for threats 

Threat hunting is a crucial stage in network risk management. This enables teams to manage attacks proactively before the threat comes into contact with their system. To carry out this hunt, teams rely on threat information to identify goals and attack methods.

With this information, they can launch block attacks to prevent hackers from infiltrating their systems. Threat hunting enables security teams to obtain a better understanding of prospective threat actors' motivations and plans. It provides businesses with leverage and reduces the potential impact that attacks can have on them. It is a proactive strategy to better understand the threats lurking on the web.

Set up network access controls

Following an assessment of your assets and the identification of high-priority problem areas, the next step is to implement network access controls to assist in limiting the risk of insider attacks. Many businesses turn to security systems that evaluate trust and user access credentials based on each person's individual job function. This reduces the likelihood and severity of threats or attacks caused by employee negligence or a simple lack of awareness of cybersecurity best practices. 

Implement quality firewalls and antivirus software

Installation of security solutions such as firewalls and antivirus software is another step towards performing a successful risk management strategy. Such technical precautions add an extra level of safety to your computer or network. Firewalls represent a barrier between the outside world and your network. Installing a firewall will give your company more control over incoming and outgoing traffic. Similarly, the antivirus program checks your device and network for potentially harmful viruses.

Create an incident response plan

Ensuring that everyone, including the IT security team and non-technical personnel, understands their roles in the case of a data breach or attack can make it easier to have resources ready to deploy. An incident response strategy is one of the most important components of minimizing cyber risk in your organization's developing network environments. 

Threats can come from everywhere, and their sophistication is increasing all the time, making it almost impossible to totally avoid data breaches. An incident response plan assists your business in doing everything necessary to remain proactively prepared so that your team can respond swiftly and efficiently to any issues.

Final thoughts

Nowadays, managing risk throughout the company is more difficult than ever. Present-day security settings evolve frequently, and companies are confronted with an influx of third-party suppliers, cutting-edge technology, and an endless maze of regulations. 

This is precisely why your company must implement a risk management strategy against this backdrop. Determine your risk by identifying and assessing it, and continuously check your internal controls to ensure they are aligned. Remember that re-evaluation, regular testing, and continual mitigation should always be prioritized in any risk management strategy.