Cyber Security Risk Management — Cybernetic G I

Cyber Security Risk Management

To defend an organization against cybersecurity attacks that can compromise infrastructure, steal data and other valuable company information, and harm the credibility of an organization, IT departments rely on a combination of tactics, technology and user education. The need for cybersecurity risk management is rising with the rise in the amount and severity of cyber attacks. The concept of real world risk management is taken from cybersecurity risk management and extended to the cyberworld. It requires the detection of threats and vulnerabilities and the implementation of administrative steps and holistic solutions to ensure adequate security of the organization.

Defining Risk Management

Cost Effectively

Mature risk practitioners are not necessarily responsible for helping their companies to handle risk, but for managing it cost-effectively. Organizations compete at several levels, and if a company can more cost-effectively handle risk than its competition, then it wins at that level.

Achieving and Maintaining

Achieving an objective implies the presence of an objective. Over time, sustaining a risk target requires the ability to calculate and compare.

An Acceptable Level of Loss Exposure

The implementation of a system for risk assessment, predefined checklists and a collection of standard practices is a form of tacit risk management and will not allow you to achieve an appropriate specified level of risk. Risk assessment specifically demands that there be one or more risk-based quantitative targets.

Considerations for Cyber Risk Management

Information sharing

Security is a team sport. Appropriate stakeholders should be aware of risks, particularly cross-cutting and shared risks, and should be involved in decision-making. Thresholds and standards for interacting and escalating threats should be included in communication processes. It is necessary to make clear the future business effect of cyber threats. Information-sharing tools may keep stakeholders informed and active, such as dashboards of related metrics.

Priorities

The budget and resources of all organizations are limited. You need details, such as patterns over time, possible impact, time period for impact, and when a risk is likely to materialise (near term, mid term, or long term) to prioritise risks and responses. This information would allow for risk comparisons.

Cyber hygiene

Implementing basic cyber hygiene practices is a good starting point for cyber risk management. Cyber hygiene focuses on basic activities to secure infrastructure, prevent attacks, and reduce risks.