Cybersecurity risk management is basically a process of identifying, accessing, responding to cybersecurity risks that will target your critical cybersecurity infrastructure. According to cybersecurity risk management statistics, 49% of business executives admitted that their organization lacks a method to measure cybersecurity risk while 27% are not sure whether their organization measures risk exposure.
What is even worse is the fact that only 16% of executives say that their business is ready to deal with cyber risk. To make matters worse, most organizations tend to take a reactive approach to cybersecurity risk management as compared to a more effective proactive approach. To top it all off, most organizations even lack a cybersecurity risk management plan. As a result, they do not know how to deal with cybersecurity risks.
In this article, you will learn about seven things to consider during cybersecurity risk management.
Did you know that 66% of organizations that have successfully created and embraced a cybersecurity culture have managed to reduce the number of cybersecurity incidents and data breaches drastically? Not only can they save their business reputation from getting damaged, but they can also save a lot of money as each cybersecurity incident can cost you thousands if not millions of dollars. That is why it is important to create a cybersecurity culture in your company. That culture should reflect in every department of your organization.
Next, make cybersecurity a shared responsibility. Instead of making your IT and security team responsible for cybersecurity, ask your employees to play their part. Your employees can only contribute when they have the right understanding of the latest cybersecurity threats and access to the right tools and training. Distributing responsibility among all your team members will also create a cybersecurity culture in your company. Every employee should give their inputs in policy creation and follow those policies.
Jeh Johnson summed it up brilliantly when he said, “Cybersecurity is a shared responsibility, and it boils down to this: the more systems we secure, the more secure we all are.”
Once you have defined the role of each team member, now it is time to prepare them for that role by equipping them with the right knowledge, training, and tools. When you have trained staff at different levels of organizational hierarchy, they will not only help you identify those risks but also assist you in mitigating those risks. Launch mock drills to test how employees respond to cybersecurity risks. This will give you a clear picture of how effective your training actually is and highlight areas that need improvements.
Another mistake most businesses make is they treat cybersecurity as a silo function that results in failure or increases their cybersecurity risk. Make sure you communicate everything to key stakeholders especially when it comes to cybersecurity. You need to tell them the impact these cybersecurity risks could have on your business.
Avoid keeping them in the dark and keep them well informed about ongoing activities so they know what you are doing to mitigate those risks. Next, implement a cybersecurity framework in your organization. For this, you can look at your competitors in the industry as choices usually vary from industry to industry. For instance, if you are in the finance industry or accepting payments then you should adopt PCI-DSS. On the contrary, if security is your priority, you can implement the NIST cybersecurity framework. Similarly, if risk management is what you are focusing on, you should choose ISO-31000.
Risk assessment is an integral part of cybersecurity risk management. That is why it is imperative for businesses to have a risk assessment process in place so they can evaluate the severity of the risk and deal with it accordingly. The first thing you need to do is to identify all your digital assets, whether it is data stored on databases or Miami dedicated servers or intellectual property owned by your company.
Next, identify all cybersecurity threats (external and internal) that could target those assets. Once you have identified the threat, now it is time to evaluate its financial impact and how likely is this risk to occur. The more costly or likely a cybersecurity risk to occur, the more dangerous it is. You should divert more resources to mitigate those risks.
Once you get a clear picture of which risks could cause the most harm to your business, you can prioritize cybersecurity risks more efficiently. You can not mitigate all the risks at once due to a lack of resources so you should look to neutralize risks that can derail your business and put business continuity in jeopardy first. You can prioritize those risks based on different factors, but the most important ones are impact and probability.
“The knock-on effect of a data breach can be devastating. When customers start taking their business elsewhere, that can be a real body blow.”—Christopher Graham
According to Incident Response Report by BAE Systems, 22% of organizations have little to no resources allocated for responding to a security incident. This number is even more alarming if you consider the growing number and complexity of cybersecurity attacks and data breaches which is impacting businesses around the world. A survey of 3600 IT professionals conducted by IBM Resilient and Ponemon Institute shows that 77% of IT and security professionals said that their organizations don’t have a cybersecurity incident response plan.
Last but certainly not least is to develop an incident response plan that focuses on the priority of risks. It is important to have an incident response plan ready because it gives you direction and tells you what action you need to take during a crisis.