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What is Cyber Risk Management?

Cyber risk management is the method of identifying and prioritizing cyber risks. It is an essential part of a business’s security strategy and can help ensure that the organization meets industry and regulatory requirements.

It’s a process that starts with identifying the risks to your assets and systems. This covers both external and internal sources of risk, including the threat landscape, media reports, and government publications. Each risk is assessed. This involves evaluating the likelihood of each risk’s occurring and the impact on it, as well as the way they fit into your current risk appetite. It is also important to be aware of changes occurring to both the broader threat landscape and your personal system, which could introduce new vulnerabilities or render existing controls obsolete.

Then, it’s time to take action. Usually, the risk is reduced through the implementation of security measures that decrease its probability or impact. However, if mitigation isn’t feasible it could be necessary to transfer the risk. For instance, buying a cyber insurance policy could reduce the risk of losing money or reputation due to an attack on data.

Communication of the potential impact of risks on high-priority projects is important. This helps the board comprehend why cybersecurity is an important investment, and it allows them to assess the risk with other corporate challenges. A tool like the ZenGRC platform can help simplify these procedures and provide clear insight into the business risks of a company.