Why Is It Necessary To Implement Cyber Risk Management?

By CIOReview | Thursday, June 11, 2020

By implementing cyber risk management, organizations can protect themselves in their attempt to achieve business goals.

FREMONT, CA: Not all organizations long to have the best cyber and information security capabilities, as it is not their primary goal. These organizations have their business objectives to be attained. Still, cybersecurity has become a critical issue across the sectors to help them in achieving those key missions. This is due to an increase in regulations across different jurisdictions that define how data and information assets should be protected and used. The interconnected systems, emerging technologies like IoT, and migration to cloud-based services will also pose threatening cybersecurity challenges. Further, the rapidly evolving cyberthreat landscape exposes a new set of risks to organizations irrespective of the industry.

Enterprise cybersecurity risk management involves the process of capturing, analyzing, and prioritizing an organization’s top cyber risks. An effective risk management framework allows IT, security teams, to log their cyber risks across the organization and prioritize them by comparing each of their residual risk scores. Organizations can adopt the following industry practice cybersecurity frameworks, including SO27001 and NIST’s Cybersecurity Framework. These management frameworks serve better if the organization has branches or if there is a need to assess cyber risks associated with third-party suppliers.

Organizations can successfully implement a cyber risk management framework through the following steps.

• Execute a due diligence assessment to establish the existing enterprise risk management framework used by an organization, including a review of the metrics to measure adverse impact areas like operational, reputational, safety, and financial.

• Adopt a cybersecurity framework matching the industry standard and create a manual risk reporting tool that should include an active risk register outlining the controls, tolerances, and risk scores.

• Automate the implementation process by developing a risk management solution to define, collect, and analyze cyber risks. The risk management solution should give the ability to include cyber risk visualizations, dashboards, and heat maps to illustrate the risk profile.

Thus, the cyber risk management process makes sure that risks are completely mitigated without losing sight of primary business goals or preventing any digital transformation and innovation projects.

See Also: Top Cybersecurity Companies