Cyber risk management is a technique which identifies and prioritizes cyber-related risks. It is essential to a company’s security plan, and will help ensure that the business is meeting industry standards and regulatory obligations.
The process starts by identifying your assets and systems. This includes both internal and external sources of risk, such as the threat landscape, media reports, and government publications. This is followed by assessing each identified risk. This involves evaluating the probability of each risk’s occurrence and its impact, including how they relate to your established risk appetite. In addition, it is important to keep track of any changes that occur to both the threat landscape as well as your own system, as they could create new vulnerabilities or make existing security measures obsolete.
It’s the right time to take action. A common strategy is to mitigate the risk by implementing security measures that minimize its likelihood or impact. If mitigation isn’t feasible it might be necessary to transfer the risk. A cyber insurance policy, for example can reduce the chance that you’ll lose either money or reputation as a the result of a data breach.
Communication of the impact of risks on high-priority initiatives is also crucial. This assists the board to comprehend why cybersecurity is a crucial investment and lets them evaluate the risk in relation to other challenges faced by corporations. A tool like the ZenGRC platform can streamline these procedures and provide clear insight into the risks to business of an organization.