This era has given birth to technologies that one has never thought of. IoT(Internet of Things) has made a valuable space in everyone's life. From counting steps through fitness bands to opening doors without even touching, everything has made our lives easier. Although automation is a boon to humans, these humans are only hackers who commit cybercrimes for their personal benefit. To prevent this, cyber risk management is a necessary step while a business is growing or any technology is emerging.
"Appropriate risk management strategies can resist cybercrimes." Crime is a never-ending process; hackers are always in the ready position to get set and go to poke threats into your systems. Probably, cybercrimes won't end, but one can follow the cyber risk management process to kick off these threats.
What is Cyber Risk?
Cyber Risk can be clearly defined as the risks that can probably originate in a business information system in order to cause financial and reputation loss. These risks are often welcomed by organisations that pay less attention to performing a cyber risk management process. If not contemplated on time, cyber risks can result in cyber attacks.
As per reports, "Cyberattack occurs every 39 seconds over the globe".
If these risks are managed by cyber security specialists using the right strategies and tools, the chances of getting a cyber attack reduces.
What is Cyber Risk Management?
The approach of managing cyber risks on time before you get trapped is termed cyber risk management. Whether it is a small organisation or a big one, attackers have left no one nowadays. For this reason, the risk management process should prioritise the most critical threats, attacks and vulnerabilities. Identifying, analysing, evaluating and addressing the threats that can arise when anyone tries to attack your systems is particularly the best method security professionals can follow.
Let's get into the deep knowledge of how cyber risk management can benefit your organisation.
Importance of Cyber Risk Management
As said by Robert S. Mueller, "There are only two types of companies: Those that have been hacked and those that will be hacked".
It can be clearly interpreted from the above statement that your company might get attacked by cyber criminals at any time and is at risk. However, this can happen more frequently if proper security tools and techniques are not used. Read out the importance of risk management in brief.
- Prevents cyber attacks : Addressing and preventing cyber attacks by implementing a risk management process, businesses can be benefitted and ultimately leads to great security against malicious activities.
- Mitigates the revenue loss : Organisations can face a huge revenue loss from the cyber crimes that are happening every 39 seconds globally. To prevent and mitigate this loss, risk management is an essential part that security professionals in the organisation have to perform.
- Increases business reputation : Your business can earn a competitive reputation all over the world if you take a good initiative for cyber security. Moreover, managing the risks will not only benefit you with good recognition but also can help you gain more revenue.
Threats cyber risk management can identify.
If the risk management process is followed, the cyber experts would come across the following threats:
- Phishing
- Malware
- Man in the middle
- Cloud vulnerability
- Zero-day
- Ransomware
Risk Management Process in Cyber Security
Risk Identification
The foremost step is to identify the risks and the vulnerabilities. According to computer information systems, a list is prepared for all the risks that may affect the system data. Moreover, it is identified how an attacker can perform malicious activities and can destroy company assets. This process of risk identification is the basic essential step throughout risk management.
Risk Assessment
As said by Kenichi Ohmae, "Analysis is the critical starting point of strategic thinking". The second step in the process is risk assessment, without which you can never get the results. It is important to analyse when and how a threat can arise and its impact on your business. Also, this analysis is helpful in managing the vulnerabilities by assessing them.
Risk Mitigation
Prioritising the risk and finding the best strategy to prevent it can be termed Risk Mitigation. In cybersecurity, mitigation can change the game of hackers or cybercriminals. However, after performing a risk assessment, security analysts can reduce the threat impact. It is important to note that no security expert can assure that the attackers can never cause threats but can do their best to lessen the threat's influence.
Review Controls
Cyber risk management is a never-ending process; one should monitor the risks timely. There is a need to analyse and review the controls and measures you chose to secure data to make sure if it suits the present analysis. If not, the strategy needs to be replaced with the latest trend of threats.
Thus, making the best security choices can ultimately lead to the better security of your systems.
We, the renowned cyber security firm, can help you from scratch to make your business's information systems free from cyber attacks through our risk management approach.
Let our security experts provide you with impeccable cyber services and help you maintain your brand reputation.
