It requires a holistic organizational approach to succeed in cyber-risk management. From the leadership to each rank-and-file employee, a concerted effort must be maintained to make cybersecurity a priority, especially in this age of digitization.

Cyber-risk management needs differ from one organization to another -- there is no one-size-fits-all plan. However, there are basic principles businesses can follow to establish solid security in the face of malicious attacks.

Read on to find out the three most common mistakes businesses make when it comes to defending their digital assets.

Failing to Train Staff

You'd be surprised to know that a lot of cybercriminals aren't exactly sophisticated hackers -- they just know when to strike. They know for a fact that a lot of employees are prone to errors, like giving up their login details and falling victim to phishing scams.

It's crucial that employees are trained in cybersecurity practices to face fewer vulnerabilities. And yet, a lot of business owners fail to do it.

Failing to Update Software

Regardless of a developer's skill level, a particular software design will always have flaws, no matter how little. There's always going to vulnerabilities that criminals can exploit one way or another, and the only way from preventing such incidents from happening is to download the updates the system is asking.

Software designers and engineers are always on the lookout for flaws, creating a patch if the situation calls for it. It's important as a business owner to mandate automatic updates and not allow workers to only update s they see fit.

Implementing Bad Password Practices

You'd be surprised how lazy a lot of people are when it comes to strengthening their passwords. You'd be more surprised to know that hackers can gain access to your access not because of some sophisticated hacking tool, but by simply guessing your password.

This happens because people always go for easy-to-guess and weak passwords and reuse them in multiple sites for ease of access. Many people don't update their passwords as well, don't use two-factor authentication, or jot their login details someplace easily seen.

Promote the use of passwords managers within your team, so employees won't have to remember each one of their passwords and can create strong and complicated ones.

Most of all, remember that cybersecurity tools and tactics cannot remain static -- they must always be updated and tested regularly. The threat never sleeps, and businesses can't afford to be asleep when criminals are just around the corner waiting to attack.