What is Cyber Risk Management?

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Cyber risk management is a technique that identifies and prioritizes cyber threats. It is essential to a company’s security strategy and can help ensure that an business is meeting industry standards and legal obligations.

It begins with identifying the risks to your systems and assets. This includes both internal and external risk sources, including the threat landscape and government publications, media reports and media reports. This is followed by assessing each identified risk. This includes assessing the likelihood that each risk will occur and its impact if it does, including how it fits into your established risk appetite. In addition, it is important to keep an eye on changes to both the overall threat landscape as well as your own system, which can introduce new vulnerabilities or render the current security controls obsolete.

Then it’s time to take action. Typically, the risk is reduced through the implementation of security measures that reduce the likelihood of it happening or its impact. If mitigation isn’t possible, it may be necessary to ensure that the risk is transferred. For instance, purchasing a cyber insurance policy can reduce the risk of losing money or reputation due to an attack on data.

It’s also important to communicate the impact of risk on business initiatives that are high-priority. This allows the board to understand why cybersecurity is a crucial investment and lets them compare this risk to other challenges facing companies. ZenGRC can make these processes easier and provide clear insights into the business risks of a business.