Cyber risk management is the method of identifying and prioritizing cyber-related threats. It is essential to a business’s security strategy and helps ensure that the company is in compliance https://virtualdatahub.org with regulatory and industry requirements.
It begins by identifying risks to your systems and assets. This includes both internal and external risks, such as the threat landscape including media reports, government publications and media reports. Each risk is assessed. This involves evaluating the likelihood of each risk occurring and the impact on it, as well as the way they fit into your established risk appetite. Additionally, it’s essential to be aware of changes occurring to both the threat landscape and your personal system, which could create new vulnerabilities or render existing controls obsolete.
It’s the right time to take action. Typically, the risk is reduced by implementing security measures that lower its likelihood or impact. If mitigation isn’t possible it could be necessary to ensure that the risk is transferred. A cyber insurance policy, for example can help reduce the risk that you will lose the reputation or money as a the result of the data breach.
Communication of the risk’s impact on the priority initiatives is important. This helps the board comprehend why cybersecurity is a crucial investment, and allows them to assess this risk against other challenges facing corporations. A tool like the ZenGRC platform can streamline these procedures and provide clear insight into the business exposures of a company.