Cyber Risk Management
Cyber risk management is the process of identifying, analyzing, evaluating and addressing your organization’s cyber security threats.
The first part of any cyber risk management program is a cyber risk assessment. This will give you a snapshot of the threats that might compromise your organization’s cyber security and how severe they are.
Based on your organization’s risk appetite, your cyber risk management program then determines how to priorities and respond to those risks.
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Pinpoint risks that could compromise your cyber security. This includes detecting system vulnerabilities and the threats that might exploit them.
Assess each risk by considering its likelihood and the potential impact if it occurs.
Determine how each risk aligns with your organization’s risk appetite—the level of risk you are willing to accept.
Select a response strategy for each risk:
Terminate – eliminate the risk by stopping or changing the risky activity.
Transfer – shift the risk to another party through outsourcing or insurance.
Treat – reduce the risk with controls and safeguards.
Tolerate – accept the risk if it falls within acceptable limits.
Rank risks based on their impact, likelihood, and urgency. Focus first on those with the greatest potential harm, while considering time sensitivity, mitigation feasibility, and interdependencies.
Since cyber risk management is a continual process, monitor your risks to make sure they are still acceptable, review your controls to make sure they are still fit for purpose, and make changes as required. Remember that your risks are continually changing as the cyber threat landscape evolves, and your systems and activities change