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Understanding Cybersecurity Risk Management

Cyber Security

Cybersecurity aims at preventing any attack and preparing the systems to recognize infiltration. This can be achieved by proper evaluation of organizational risks and strategic implementations to manage these risks.

By implementing firewalls, readiness procedures, and regular cyber operations; the companies have managed to protect their data in a better manner. It is important to prevent cyber threats but it is equally essential to implement a cyber-resilience program focusing on how the businesses can continue working during the attack.

As per ISO 27001, there are five ways for managing Cybersecurity Risk:

  • Risk Identification
  • Vulnerability Reduction
  • Threat Reduction
  • Consequence Mitigation
  • Enable Cybersecurity Outcome

The companies are also required to define the criteria for performing risk assessments and risk acceptance criteria. These include:

  • Identifying risks associated with the loss of availability, confidentiality, and integrity of information should be within the scope of ISMS as well as identify the risk owners
  • Assessing the consequences in case a risk materializes and assessing the likelihood of the risk occurring
  • Determining the levels of risk and making comparisons between analysis and risk criteria
  • Prioritizing the identified risks for treatment

Implementation of new cyber-defense solutions needs to be considered to detect social engineering, IoT security, and supply chain management.

Risk Management

The process of identifying risk followed by assessment and taking the needed steps to reduce risk is known as risk management. The first step includes determining the extent of the potential threat and the impact associated with the IT system.

Operational risk refers to the risk of failed processes or systems because of internal and external events. While the internal events include human error and insider attacks, the external events include cyber-attacks, natural disasters, new competitors or technologies, and changes in market conditions. The events posing these risks and opportunities need to be factored into the risk identification process. Operational risk is the risk that remains after determining financing and systematic risk which includes consequences from breakdowns in internal procedures, systems, and people. Operation risk can also be referred to as human risk in case the business operations fail due to human error.

At the end of the day, the businesses must acknowledge the potential loss from risk to stay prepared for any future troubles.

Treating Risks

There are a number of ways in which a company can approach and treat risk in risk management which majorly includes avoidance, transfer, mitigation, and exploitation.

Avoidance: Avoidance: It is a strategy of changing plans to eliminate the risk altogether and works well for the risks that could have a significant impact on a project or business.

Transfer: This approach can be applied to projects with multiple parties and often includes opting for insurance.

Mitigation: Mitigation: This entails limiting the impact of risk and is also known as optimizing risk or reduction. It is easier to fix the problem when it occurs if the impact is limited beforehand.

Exploitation: Exploitation: Unlike most of the risks, some risks are actually good. For instance, a hot selling product will require enough staff to keep up with sales. By adding more sales staff, the risk can be exploited.

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