Cyber risk management is the method of identifying and prioritizing threats to cyber security. It is essential to the security strategy of a company and can help ensure the business is meeting regulatory and industry standards.
It starts with identifying the risks to your systems and assets. This includes internal and external sources of risk, such as the threat landscape and government publications, media reports and media reports. Then, each risk is assessed. This includes assessing the chance that each risk will be a reality and the impact should it occur, and how it relates to your current risk appetite. It is also essential to be aware of any ongoing changes in the threat landscape as well as your own system. These could introduce new vulnerabilities and render existing controls obsolete.
It’s time to take action. Typically, the risk is mitigated by implementing security measures that lower its likelihood or impact. If mitigation isn’t possible, it may be necessary to transfer the risk. A cyber insurance policy, for example, could reduce the risk that you will lose the reputation or money as a due to the data breach.
It is also crucial to explain the impact of risk on the most important business initiatives. This helps the board understand why cybersecurity is a crucial investment, and enables them to assess this risk to other corporate challenges. ZenGRC can help to simplify these processes and provide clear insights into the risks to business of a business.