Cyber risk management is the process of identifying, analyzing, evaluating and addressing the cyber risks facing your organization.
The first step of our cyber risk management approach is a cyber risk assessment. This will give you a snapshot of the cyber security threats that might compromise your organization’s cyber security.
Our cyber risk management approach then prioritize these risks by likelihood and impact, helping your selection and application of cyber security measures and controls based on your organization’s risk appetite.
Risk management process
Our cyber risk management process will typically follow these steps:
- Identify the cyber risks that might compromise your organization’s cyber security.
- Analyze how each cyber risk might occur. This usually involves identifying cyber security vulnerabilities in your system and the threats that might exploit them.
- Evaluate the likely impact of each cyber risk, and calculate where it sits on your risk scale and how it fits within your risk appetite – your predetermined level of acceptable risk. This will enable you to prioritize the order in which to address the risks.
- Decide how to treat each cyber risk. There are four options that you can apply: (A) Treat – modify the likelihood or impact of the cyber risk, typically by implementing cyber security controls. (B) Tolerate – retain the cyber risk if it falls within the established risk acceptance criteria. (C) Terminate – avoid the cyber risk entirely, by ending the activity or circumstance causing the risk. (D) Transfer – share the cyber risk with other parties, usually by outsourcing or taking out insurance.
- Track and monitor all cyber risks over time, and update your risk treatment activities as required. Cyber risk management is a continual process.
As you make changes to your systems or activities, your risks will change. Likewise, cyber threats are constantly changing, so you need to be aware of new and evolving risks so you can address them appropriately.
Risk management practices
We strongly believe that the following eight cyber risk management practices are building digital trust and maximize the benefits of your digital business:
- Invest in cyber security talent and skills;
- Use cyber security learning with cyber attacks;
- Focus on sustainable cyber security culture;
- Invest in leadership commitment and support;
- Prevent data breaches proactively;
- Implement vendor cyber security compliance;
- Use cyber security technology effectively;
- Integrate cyber security by design.
A risk based approach should be used, so you will not waste time, effort or expense addressing cyber threats that either are unlikely to occur or will have little material impact. Focus on cyber security based on the actual cyber risks your organization faces!
We add value by building digital trust, the level of confidence in people, processes, and technology to build a secure digital business.
Our cyber risk management approach is based on identifying, analyzing, evaluating and addressing the cyber risks facing your organization. The first part of our approach is a cyber risk assessment. This will give you a clear overview of the cyber security threats that might compromise your organization’s cyber security.
Then we prioritize these risks by likelihood and impact to implement cyber security measures and controls based on your organization’s risk appetite.