Security risk assessments are an important tool in your organization’s arsenal against cyber threats. They shine a spotlight on areas of risk in your digital ecosystem, inform and prioritize mitigation strategies, and ensure hard-earned resources are allocated where they’re needed most. Assessments can also help you evaluate your third parties to mitigate the very real possibility that they’ll introduce unwanted risk into your organization.
Evaluating security risk is important for all companies. Most businesses carry sensitive information, ranging from employee data to customer details, this can be vital information to keep private. By evaluating this risk, this helps prevent data loss, confidentiality for all parties involved and the protection of assets for the company.
To properly conduct an internal or vendor security risk assessment, you need to combine automation with data-driven tools that provide a continuous, accurate picture of cybersecurity risk both internally and across your third-party ecosystem.
What is Security Risk Assessment?
When looking at the assessment of security, this is done by looking at all the risks that certain applications, technologies, and processes that the company has integrated into their system. By knowing about these systems, companies are able to assess the risk that goes along with them and use that to their advantage when seeking information about the security.
By maintaining a level of security, this helps keep employee, business, customer, and partner information safe and to avoid any risk of cyber-attacks or data loss.
Despite the best efforts of your security teams, risk remediation and mitigation are often hampered by an incomplete view of security performance. Many organizations don’t have a clear picture of what systems, devices, and users are on their networks at any time and do not have a way to efficiently identify, measure, and continuously monitor their risk profiles.
The problem is compounded by digital transformation. As your organization’s digital footprint grows, identifying vulnerable systems and assets – on-premises, in the cloud, and across business units, geographies, remote locations, and third parties – isn’t easy.
Security Risk Assessment Tools
Security Risk Assessment Tools can range from physical security and ways to protect data servers on-site or digital tools such as network or server protection. This can relate to firewalls, anti-virus programs, or back up processes that help protect data in the case that they are compromised.
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(2) IT Security
A digital signature is a mathematical technique used to validate the authenticity and integrity of a message, software or digital document. It’s the digital equivalent of a handwritten signature or stamped seal, but it offers far more inherent security. A digital signature is intended to solve the problem of tampering and impersonation in digital communications.
Digital signatures can provide evidence of origin, identity and status of electronic documents, transactions or digital messages. Signers can also use them to acknowledge informed consent.
In many countries, including the United States, digital signatures are considered legally binding in the same way as traditional handwritten document signatures.
The use of “digital signatures” has exploded during the pandemic. Around the globe, people have changed how they travel, transact, and work. In the manufacturing sector, organizations have gravitated to hybrid work environments. In all of these cases, digital signatures are being used to protect digital interactions and digital assets, from documents to software code. Unfortunately, all of these digital assets remain at risk since the signature’s certificate may have expired or been revoked. Fraudsters can make these certificates appear as though they were still valid. But their changes and forgeries can be combatted using time stamping services that bring trust to digital signatures.
Are digital signatures secure?
Yes, electronic signatures are safe. A common question people have is “Can my digital signature be forged, misused or copied?” The reality is, wet signatures can easily be forged and tampered with, while electronic signatures have many layers of security and authentication built into them, along with court-admissible proof of transaction.
The importance of a security-first approach to e-signatures
The level of e-signature security varies by provider, so it’s important to choose an e-signature provider that has robust security and protection weaved into every area of their business. Those security measures should include:
- Physical security: protects the systems and buildings where the systems reside
- Platform security: safeguards the data and processes that are stored in the systems
- Security certifications/processes: help ensure the provider’s employees and partners follow security and privacy best practices
Until now, digital signatures have been seen as a useful tool solely for internal company purposes. In fact, however, they can be implemented in a number of fields, including online transactions. Digital signatures enable transactions to be safe and smooth for both sellers and customers, as authentication is effective even though it is done digitally. Digital signatures are thus a form of authentication.
Advantages of using digital signatures for online transactions
With such a structured way of working, digital signatures offer distinct advantages in securing online transactions. They are equipped with an ever-evolving array of technologies and advanced security systems. What are these advantages? Check out the list below.
The development of the digital economy is currently a new phenomenon in global economic governance, both in developed and developing countries. The role of digital signatures within this new digital economy is increasingly being felt.
(1) Solution Review
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Pre-COVID-19, private and public organizations were on a journey towards a digital business model, travelling at varying speeds. But the scale of the pandemic has forced a dramatic acceleration, both in the speed of change and the required investment in digital transformation.
According to KPMG’s 2020 global survey, organizations are investing heavily in technology to address immediate concerns like falling revenue and interrupted supply chains, and to build longer-term competitiveness and resilience.
t’s a struggle to find many positives about the current coronavirus pandemic, however there are a few interesting aspects that are starting to emerge. Trends that may well bring significant positive benefits as their full impact is felt in the months and years to come. One of these is the likely acceleration of digital transformation projects.
Cyber security and IT operational challenges, cost pressures, risk aversion and the skills gap are all driving the digital transformation agenda. On the plus side, benefits such as innovation and improvement of products and services, efficiency and an uptick in organizational agility are all expected outcomes.
Why Will COVID-19 Accelerate The Pace Of Change?
As vast swathes of the workforce shift to remote working and pressure increases to enable digital delivery of products and services traditionally rooted outside the online space, the pressure to be a truly digital organization will only increase. Organizations of all shapes and sizes will face renewed commercial pressure to negate the downsides through digital transformation and realize the benefits it offers in order to remain viable.
We are in a time where COVID-19 has transformed the future of business forever. Organizations from all sectors globally have been focusing on transforming digitally to ensure that the needs of their organization, customers, citizens, patients, and greater stakeholder community are met. The move from physical and on-premises to digital was critical to ensure organizations’ survival through COVID-19, as well as setting an example for potential challenges that may occur in the future.
There are very few industries unimpacted by the COVID-19 pandemic. However, retail is an industry that has seen Digital Transformation skyrocket. With the breakneck pace of change required for retailers to compete for business online further compounded by the influx of bricks-and-mortar businesses to e-commerce due to global restrictions and lockdowns, full-scale Digital Transformation very quickly became inevitable.
All this is to say that the conversations in business have shifted rapidly over the past year to a unanimous understanding that digitization of services in addition to industry disruption due to rapid advancements in the technologies available to businesses are now changing the shape of commerce forever. Businesses that want to keep up, or survive in reality, will need to transform radically – not just digitally, but in mindset too.
A McKinsey report argues that “Now is the time to reassess digital initiatives”. The current pandemic is forcing the hand of many to adapt to survive. Never has the phrase, ‘necessity is the mother of invention’ been more relatable.
Over the last few months, the way we interact with services has changed. Many of us are now fully ‘remote’—not only are we working from home, but also learning, shopping, exercising, and other day to day activities.
We’ve all had to adjust. But for companies in particular, it’s raising questions about how to maintain business continuity. Unable to conduct business as normal, many have turned to alternative solutions and business models. Restaurants have started providing food deliveries, gyms are offering virtual classes and even hairdressers are offering tutorials online to help people cut their own hair.
These alternative solutions will likely require some form of digital innovation or optimization. In some cases, it’s fast-forwarding digitization processes that businesses were already exploring, and in others, it’s bringing to light new ones which hadn’t been considered.
What does this mean for a post-Covid world?
With many businesses turning to alternative digital solutions now more than ever before, will there be no going back once the Covid pandemic has passed?
If digital solutions are more convenient, offer a better user experience, and are more scalable for businesses, why would we then revert to time-consuming, inefficient manual or face to face processes? Are we seeing a glimpse into the future, where digital processes dramatically improve the way businesses function, and the way they serve customers?
We’re familiar with new tech start-ups, for example challenger banks, using digital processes to their advantage. But we may see more digital processes taken up by traditional services, such as mainstream banks, hotel check-ins, voting and car rentals.
One thing to keep in mind with digital transformation however, is that as it develops, we risk widening the gap between those who turn to digital options and those who don’t. Not only could this impact businesses, but we must also consider customers who might find it more difficult to use digital alternatives, for example older generations.
However, if done right, digital transformation could help secure the future of many companies. The pandemic has highlighted the fact that businesses around the world need to become more flexible and more digital. And that through doing so, it could ensure that they emerge from the Covid pandemic stronger than they were beforehand.
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