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What is Cyber Risk Management?
Cyber risk management is the method of identifying and prioritizing threats to cyber security. It is essential to a business’s security strategy and can help ensure https://www.virtualdatahub.org/firmex-data-room-review the organization meets industry and regulatory standards.
This begins by identifying your systems and assets. This includes internal and external risks, such as the threat landscape including government publications, media reports and media reports. Then, you’ll have to evaluate each identified risk. This includes assessing the probability that each risk will be a reality and the consequences if it does, including how it relates to your current risk appetite. In addition, it is important to keep an eye on changes to both the threat landscape as well as your own system, as they could introduce new vulnerabilities or make the current security controls obsolete.
Then, it’s time to act. A common strategy is to reduce the risk by implementing security controls to minimize its potential or impact. However, if mitigation isn’t feasible it could be necessary to transfer the risk. A cyber insurance policy, for example can reduce the chance that you will lose the reputation or money as a due to an attack on your data.
It’s also important to convey the risk’s impact on high-priority business initiatives. This can help the board comprehend why cybersecurity is a crucial investment, and also allows them to compare this risk to other corporate challenges. ZenGRC can simplify these processes and provide a clear understanding into the risks to business of a firm.
