Cyber risk management is a process that identifies and prioritizes cyber-related risks. It’s essential to a company’s security strategy, and can help ensure that an organization meets industry standards and regulatory obligations.
This begins by identifying your assets and systems. This includes both internal and external risks, such as the threat landscape, media reports, government publications and media reports. Each risk is evaluated. This includes assessing the chance that each risk will occur and the impact it will have if it does, including how it fits within your existing risk appetite. It is also important to keep track of any changes that occur to both the overall threat landscape as well as your own system, which could introduce new vulnerabilities or make existing controls obsolete.
It’s time to take action. Typically, the risk is diminished by implementing security measures to reduce its likelihood or impact. If mitigation isn’t feasible it might be necessary to transfer the risk. For example, buying a cyber insurance policy can lower the chance of losing money or reputation in the event of an incident involving data.
Communication of the risk’s impact on the priority initiatives is crucial. This helps the board to comprehend why cybersecurity is a critical investment and allows them compare this risk to other corporate challenges. A tool like the ZenGRC platform can help simplify these processes and provide clear insights into the business risks facing a company.