As each year passes, the number of cyber security threats continue to rise. From ransomware attacks, database breaches or new techniques that discover a vulnerability on a previously protected system, having a cyber security risk management system in place for your business is essential.
But what is cyber security risk management and what does it involve? In the article below, we will explain how cyber security risk management works as well as what considerations should be involved in order to keep your organization secure.
Cyber risk management is the continual process of identifying, evaluating and responding to risks, or uncertainty that your organization may be faced with. When managing risks, businesses must objectively evaluate what the potential impact of an unforeseen event could be as well as the likelihood of it occurring. Best practices for risk management is avoiding a situation or attack in the first place, through established processes and controls in addition to mitigating risks as best as possible through security measures. As with any type of organizational risk management, there are a number of recognized standards to follow such as ISO, NIST or COSO, all that have common key processes.
Even with an unlimited budget or employee resources, not all cyber risks can be eliminated. This is why risk management is used to manage to the best of an organization’s ability the potential effects of uncertainty surrounding them in today’s online world.
When planning your organization’s cyber risk management protocol, there are several factors that should be thoroughly considered.
Organizational Culture – Business leaders need to lead by example and establish a culture of cybersecurity and risk management. This awareness needs to extend from the very top of the organization to the bottom, forming an alert and cyber aware organizational culture. Leadership teams need to take responsibility for training, accountability, and involvement.
Priorities – No matter how big or small your organization is, staff and budgets have limits. Prioritizing risk and risk response are essential and in order to properly do so, you will need certain information such as historical trends, potential impact and the likelihood of when a risk could materialize, such as the near future or long term. Once you have this information, you can successfully compare risks to prioritize.
Information Sharing – In order to be effective, all the right stakeholders have to be aware of potential risks and be involved in decision making. When communicating your organization’s risk management policy, clearly instructed details should be shared that outline what the thresholds and criteria will be for discovering, communicating and escalating risks.
Speed – When your business has been exposed to a risk, a fast response can seriously minimize the impact. Early risk identification is essential as is speedy incident reporting and recovery. To test your organization’s ability to quickly take action, incident management plans should be occasionally tested.
Resilience – Unfortunately, there is no way that your organization can be 100% protected against 100% of all risks. Therefore, resilience is an important part of your cyber risk management plan. Having operational continuity of critical business areas during a disruption or cyber attack is key to ensuring your operations do not come to a standstill if exposed to disruption.
Environment – Often, not enough attention is paid to the surrounding threat environment. In addition to considering network security sensors, third party (such as vendor or supply chain) risks need to be considered as well as insider threats – considering that many malicious attacks are a result of an individual inadvertently clicking on a link or falling victim to a phishing scheme.
With cyber threats on the rise, making good risk management decisions is critical. Often, it can make better sense for your organization to work with a Managed Service Provider that has an expert team of cyber security specialists that can design a risk management plan that will work for your unique organization. Don’t risk the entire functionality of your organization by being exposed to dangerous threats. At MBC, we can prepare and protect your organization and address any threats head-on with our leading cyber security protection.
To learn more about what risks your business may be exposed to, get a free assessment today.