Why Your Business Shouldn’t Skip Vulnerability Assessments

Businesses are undeniably more interconnected than they ever have been, which means they are at a greater risk of cyberattacks. Vulnerability assessments are fundamental services in identifying gaps and helping organizations remediate vulnerabilities in a company’s IT infrastructure. Vulnerability assessments should not simply be viewed as a task to check off that is required. A vulnerability assessment is a key aspect of an overall cohesive cybersecurity plan.

Data Protection

Data will always be an organization’s most valuable asset. Vulnerability assessments will identify vulnerabilities and potential entry points, where hackers are attempting to acquire valuable data/information. By assessing vulnerabilities and remediating ones that can be exploited, organizations can proactively safeguard valuable data and prevent a costly breach of data from occurring, especially since the availability of customer data is dependent upon a business’s commitment to data-preserving practices.

Regulatory Compliance

In Tanzania and many other areas, data protection regulations are very strict. By performing vulnerability assessments and remediating any potential gaps, organizations are protecting valuable customer and organization data, as well as they are maintaining proper compliance with local regulations. As the Tanzania Communications Regulatory Authority (TCRA) mandates specific practices in data protection, if vulnerability assessments are not executed, organizations could be hit with significant fines for non-compliance with the local jurisdiction.

Financial Security

Cyberattacks can have a dire economic effect. Organizations that have opted to absorb the costs of remediation or legal fees can often sustain a permanent loss in monetary revenue because of a data breach, and their reputation may be tarnished. Vulnerability assessments can bring to light vulnerabilities so that they may be addressed before hackers have the potential to use vulnerabilities as a path to compromise organization and customer data, as well as significant financial loss.

Protecting Reputation

A data breach can damage a business’s reputation forever. Customers expect and should trust the organization to safeguard their data. Just one breach can erode a customer’s trust in a business and end any workplace relationships. Regular vulnerability assessments are a great way for business to gain insight into, and protect their reputation, and help customers continue to trust the organization.

Strengthening Security

Vulnerability assessments detail an organization’s security posture. Vulnerability assessments will identify existing vulnerabilities, but they also serve to identify potential vulnerabilities in the future. By understanding a baseline security posture, organizations can mitigate vulnerabilities by investing in measures that allow them to mitigate, respond, and/or recover from catastrophic events and upcoming vulnerabilities

Business Continuity

The operations of a business can be brought to a stop by a cyberattack, causing downtime and lost revenue. Being aware of any vulnerabilities and taking steps to fix them greatly reduces the potential for interruption of operations and increases the likelihood that the business can continue to operate through an attack.

 Competitive Edge

Today, the more cybersecure a business is, the more desirable they are to customers. Customers are concerned and increasingly aware of data security, and they are prioritizing businesses that display a concern for their data protection. Following through on vulnerability assessments demonstrates how a business prioritizes its customers’ data, in turn allowing businesses to draw in and retain customers. 

Choosing the Right Partners

In Tanzania, it is essential to collaborate with a cyber company that understands the lay of the land. A local partner would have experience with a multitude of challenges unique to businesses within Tanzania, allowing their services to be tailored accordingly. It’s equally important to partner with the best internet provider in Tanzania to ensure stable, secure internet, which is a necessary component of an effective cyber strategy.

The Vulnerability Assessment Process

Understanding the steps of a vulnerability assessment contains some information about it’s importance:

●       Asset Identification: Identify all assets needing protection Hardware, Software, Data.

●       Vulnerability Scanning: Utilize software tools to scan for known vulnerabilities.

●       Risk Assessment: Provide possible impacts and likelihood of an actual vulnerability occurring.

●       Planning for Remediation: Return to the list of identified vulnerabilities and make a plan to remediate, based on priority.

●       Implementation: Execute the plan of remediation.

●       Continuous Monitoring: Regularly monitor for newly identified vulnerabilities in fact of previously monitored vulnerabilities.

Final Thoughts

Skipping vulnerability assessments is a gamble that no business should take. The financial and reputational costs of a cyberattack far outweigh the investment in regular assessments. Working with a reputable IT solutions company and ensuring the symbiosis and stable internet connection through the collaboratory partner as the best internet provider in Tanzania, built a foundation for a solid front against an imminent threat.

Continue reading, click: Case Study: Lagardère Travel Retail Tanzania and Flashnet Partnership