Cyber risk management is the process of identifying and prioritizing cyber threats. It is essential to a business’s security strategy and can assist in ensuring that the company www.virtualdatahub.org/firmex-data-room-review/ meets regulatory and industry requirements.
This begins by identifying your assets and systems. This includes both internal and external risk sources, such as the threat landscape, media reports and government publications. Then, each risk is evaluated. This involves evaluating the likelihood of each risk’s occurring and the impact it could have, as well as how they relate to your current risk appetite. It is also important to be aware of changes occurring to both the threat landscape as well as your own system, which could introduce new vulnerabilities or render existing security measures obsolete.
Then it’s time to act. Typically, the risk is mitigated by implementing security measures that reduce its likelihood or impact. If mitigation isn’t feasible it could be necessary to ensure that the risk is transferred. For instance, purchasing an insurance policy on cybercrime could lower the chance of losing reputation or money in the event of the occurrence of a data breach.
Communication of the impact of risks on high-priority initiatives is also crucial. This helps the board to understand why cybersecurity is such a essential investment and enables them to compare this risk to other challenges faced by corporations. A tool like the ZenGRC platform can simplify these processes and provide clear insights into the business risks facing an organization.