What is Cybersecurity Risk Management?

Published January 14, 2020 • < 1 min read

Cybersecurity risk management is a form of risk management specifically aimed at managing cybersecurity risk.

Cybersecurity risk pertains to the likelihood that cyberattacks will occur. Attempts to breach or attack a system constitute cyber threats. Cybersecurity risk management entails trying to keep risks from becoming threats and minimizing the business impact should an attack occur. A cyber risk management program typically includes the following: 

    • Identifying system and information security risks;
    • Conducting a risk assessment on each identified risk;
    • Determining the incident response associated with each risk;
    • Implementing controls such as data encryption and firewalls to reduce risk;
    • Continuously monitoring network systems and devices for new risks and threats.

All employees and units in an enterprise should be involved or at least aware of organizational cybersecurity risk management initiatives and programs. Managing cyber risk isn’t just for IT departments anymore.

Cybersecurity risk management can be a complex and cumbersome process—it isn’t for the faint of heart. In today’s digital world, however, no business can afford to neglect cyber risk. Using a cybersecurity risk framework such as one from the National Institute for Standards and Technology (NIST) can help ease the process. NIST has many special publications, but the ones used most frequently for cyber risk are NIST 800-53 or the NIST Cybersecurity Framework (CSF).  

Quality governance, risk, and compliance (GRC) software can also help enterprises better manage cyber risk and information security risk, while ensuring compliance with industry standards and regulatory requirements.

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