What is cyber risk management?
Cyber risk is the identification, analysis and evaluation of cyber risks. It understands and analyses the IT infrastructure, identifies the potential vulnerabilities within different systems, then prioritises the identified risks and makes coordinated efforts to minimise, monitor and control the impact of those risks.
Risk management is an essential requirement for your organisation, and is mandated by many information security standards and frameworks, including ISO 27001 and the PCI DSS (Payment Card Industry Data Security Standard).
The threat landscape
In the face of ever-growing cyber threats, it can be difficult for an organisation to protect its information assets.
The World Economic Forum’s Global Risk Report 2019 lists the top risks organisations are likely to face in 2019 and their impact. Cyber attacks and data fraud or theft are both in the top five for the second year running – cyber criminals aren’t going away any time soon.
In order to mitigate the risks your organisation faces, it is critical to understand where your information assets are, how to protect them, and how to respond if a breach does occur. One of the best ways to achieve this is to adopt a standard methodology that accounts for the three pillars of cyber security: people, processes and technology.
Six steps your organisation should follow:
- Identify cyber security risks.
- Analyse and prioritise the risks.
- Evaluate and assess the risks.
- Track and report on risks.
- Control and treat the risks.
- Monitor the effectiveness of security controls implemented to mitigate the risks
How does the CyberComply platform help your organisation?
The CyberComply platform guides you through cyber risk and privacy management monitoring and compliance. With the CyberComply platform, you can manage your cyber defences to guard against current and emerging risks, and maintain and accelerate your cyber compliance.