October 28, 2020

5 Signs You Need to Improve Risk Management

by: Katie Sloane

Do you have a current cybersecurity program in place with adequate security controls and threat management?

For some organizations, risk management is uncharted territory. Determining how and when to start can appear arduous and overwhelming.

The following article outlines five signs that your business should consider investing in risk management and potential solutions for your organization. 

1. Lack of Cybersecurity Governance

  • When’s the last time a qualified team or professional evaluated your funds’ security procedures?
  • Does your firm currently have cybersecurity policies or risk management procedures in place, and are they tailored to the organization’s unique risk profile?
  • It is critical that organizations conduct periodic audit and evaluations of their cybersecurity procedures and policies. These should be living guidelines that evolve with your organization, and cybersecurity experts should reassess them for gaps and updates.
  • A solution for many businesses is employing a Managed Cybersecurity Services Provider as they would conduct a review and assessment of current cybersecurity policies and controls, evaluated against the current legal landscape and compliance obligations.

 2. Lack of Cybersecurity Oversight or Expertise

  • Lack of Oversight: A study conducted by Ponemon Institute reported that 68% of respondents said their boards of directors are not being informed on the measures businesses are taking to thwart or mitigate the consequences of a cyber-attack. 
  • Lack of Knowledge: The same study reported that only 33 percent of board members surveyed considered themselves as knowledgeable in cybersecurity. 
  • This reveals that a majority of C-level executives or directors who oversee risk assessments lack cybersecurity knowledgeable and expertise. Without the proper tools and insight, they are not equipped to decipher the data and lead based on these evaluations.
  • For organizations that lack the knowledge or bandwidth in-house, the benefits of employing a Cybersecurity Solution outweigh the costs of not doing so. Lack of expertise can result in personnel understating your business’ exposure to risks and cyber threats. Data breaches could go undetected, potentially leaving your sensitive business information, IP, customer data and reputation in the hands of a criminal. 

3. Disorganized Compliance and Reporting

  • Does your firm have an organized, safeguarded portal that houses your cybersecurity program across policies, reporting, security awareness training and compliance? 
  • Organizing this data in a secure place not only safeguards and systematizes information but illustrates a clear picture into the steps a business is taking to become compliant with industry cybersecurity standards.
  • Align Cybersecurity, for example, builds secure cybersecurity portals for its clients, organizing sensitive data and reporting, and furthermore, enabling clients to demonstrate to regulators the complete framework of their cybersecurity program.

4. You Can’t Remember When Your Last Cybersecurity Risk Assessment Was

  • Has your company invested in periodic risk assessments?
  • If so, when was the last time you performed a rigorous evaluation of your cybersecurity environment?
  • The purpose of conducting cybersecurity risk assessments is to enable a firm to identify inherent risks and business hazards that could have a negative impact on business operations.
  • Risk assessments provide insight into gaps and present potential solutions, remediation and controls to help mitigate the potential impact to a business should an occurrence arise. 
  • A Cybersecurity Advisory Practice would conduct an initial IT/network assessment, evaluating your business’ current Cybersecurity Risk Profile and vulnerabilities, rendering clear and measurable results.
  • Periodic penetration testing enables your organization to identify and better understand real-time cybersecurity threats and ultimately reduce risk.

5. Providing Cybersecurity Training for Employees isn’t a Priority

  • Does your company offer cybersecurity training for employees? Moreover, is it mandatory?
  • If your company does provide training, is it in-depth and cover risks, threats, mitigation and remediation?
  • No company is an island, and neither is risk management. Cybersecurity should be a shared responsibility across all departments.
  • The human is the first line of defense for any organization. Implementing security awareness training is a cost-effective solution to teaching secure behavior, and bolstering employee cybersecurity intelligence.
Cybersecurity is a changing landscape; thus, your risk management strategy should evolve to thwart emerging threats, meet compliance requirements and security measures needed to protect your assets. 

For more information regarding Align Cybersecurity, Align's award-winning, comprehensive risk management solution, visit here

Have further questions? Contact us by clicking here or on the button below.

Contact Us ➜

Continue Reading

Related Articles


“Align is our trusted provider for all our Managed Services and cybersecurity needs. They provide us best-in-class IT services that not only help drive productivity and growth, but ensure we meet both current and evolving compliance and security requirements with ease. As consultants to financial advisors, trust and reliability are indispensable to our operations, which is why we never hesitate to refer Align to our very own client base. Align isn’t just our partner, they are an extension of our team. We look forward to entrusting them with our IT infrastructure for years to come.”

Ed Fasano - Experienced Advisory Consultants LLC