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The 4 Essential Risk Management Trends for Startups to Follow

In the volatile cyber-security landscape of today, there is little doubt in the fact that one has to be extra cautious and take an additional level of precaution when it comes down to risk management.

 The first way to do this is to keep up-to-date with all the recent trends of the year, so that there is little to no danger of falling behind. If you fall behind in this particular aspect, there is the danger of irreversible reputational and financial damage, plus there will be scores of jobs at risk as well. This is something that you cannot afford to forget whether you are the best asset finance company out there or not.

Even though half the year has passed, let it never be said that it is too late for companies to catch up. You might want something as niche as the best asset finance solutions out there, but awareness is the key, plus proper steps need to be taken to sustain and improve resilience overall.

On that note, let us get straight into the top four essential risk-management trends for the startups and small businesses to follow in the new year.

1- An increased focus on security-operation centers:

Whether you are an asset finance company or not, one can see that the main shift is primarily from threat prevention to threat detection. This is obvious due to the increase in the sheer frequency and complexity of security alerts as time goes by. In this regard, in the next five years, ideally all centers would have a cutting-edge level of threat-hunting and threat-intelligence capabilities, as well as an integrated incident response.

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2- The rise of Data Security Government Frameworks:

Without an innate understanding of the data in itself, there is little chance of solving the issue of data security. It is as simple as that. With a Data Security Government Framework (DSGF), certain key data assets can be identified, classified and then used to define data security policies. Too many services out there start by acquiring the technology first rather than starting from the business risk itself, which is not the best way to go.

3- Passwordless authentication:

The Touch ID on smartphones is a key example of this. Not only is this starting to gain traction in today’s market, but this is a good initiative to combat hackers who are trying to gain access to cloud-based applications. Now, there are many passwordless methods on display that offer an increased level of security and usability alike.

4- The link between risk appetite statement and business outcomes:

Since the alignment of IT strategies with business goals has never been more prominent, rest assured that there is a level of importance to the entire process. The process involves the ability of risk management leaders to be able to present security matters to key business decision makers. Basically, the creation of simple and practical risk appetite statements are the key.

It is important to know that even though all of the above trends are not recognized in the true sense, there is also the fact that they can be considered strategic shifts in the security ecosystem that are expected to have a broad industry impact in the eventual future. You can be sure of that fact, whether you are looking for the best asset finance solutions or any other types of solutions out there.

Keeping this in mind, it is only pragmatic that you equip yourself with the intimate knowledge of all the above risk-management trends beforehand. Of course, this also has to lead to the actual implementation of said trends as well. By doing that, you will ensure that you are not left scrambling your defenses at the last minute during an emergency when it is already too late to do anything.

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