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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Identify

Identify the risks that might compromise your cyber security. This usually involves identifying cyber security vulnerabilities in your system and the threats that might exploit them.

Analyze

Analyze the severity of each risk by assessing how likely it is to occur, and how significant the impact might be if it does.

Evaluate

Evaluate how each risk fits within your risk appetite (your predetermined level of acceptable risk).

Decide

how to respond to each risk:

Terminate – avoid the risk entirely by ending or completely changing the activity causing the risk.

Transfer – share the risk with another party, usually by outsourcing or taking out insurance.

Prioritizing

Prioritizing risks involves evaluating their potential impact, likelihood of occurrence, and urgency. Begin by assessing the severity and consequences of each risk, ranking them based on their potential harm. Consider the time sensitivity, feasibility of mitigation strategies, and dependencies to ensure a focused approach on addressing the most significant threats promptly and effectively.

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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

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