Cyber risk management is the method of identifying and prioritizing threats to cyber security. It is an essential part of an organization’s security plan and can help ensure the company meets regulatory and industry requirements.
The process starts by the identification of your assets and systems. This includes both external and internal risk sources, such as the threat landscape, media reports and government publications. Then, each risk is assessed. This involves evaluating the likelihood of each risk occurring and its impact, including how they fit within your established risk appetite. It is also important to keep track of any changes that occur to both the overall threat landscape as well as your own system, which could introduce new vulnerabilities or make existing security measures obsolete.
Then, it’s time to take action. A common strategy is to reduce the threat by implementing security controls that reduce its risk or impact. However, if mitigation isn’t possible then it might be necessary to transfer the risk. A cyber insurance policy, for example could help lower the risk that you will lose either money or reputation as a a result of the data breach.
It is also crucial to explain the impact of risk on high-priority business projects. This helps the board to understand the importance of cybersecurity investment, and also allows them to assess the risk to other corporate challenges. ZenGRC can simplify these processes and provide a clear understanding into the risks to business of a company.