Although the traditional approach to cybersecurity typically revolves around mitigating threats and vulnerabilities, these tactics are no longer enough to protect businesses effectively.
There is now a need for a more comprehensive, holistic approach to risk management.
Today, CISOs need to consider ways to reduce the potential impact and consequences of a cyberattack across the entire organization, not just in IT. Understanding Cyber Risk.
To effectively manage cyber risks, it's essential for CISOs and security teams to have a deep understanding of the concept of risk itself.
The definition of cyber risk includes the potential financial loss, disruption, or damage to a company's reputation because of a cyberattack.
In other words, cyber risk is a threat x vulnerability x consequence factor.
To devise effective risk mitigation strategies, it's critical to assess all three factors: threat, vulnerability, and consequence.
If you focus only on threats and vulnerabilities without understanding the consequences, you end up with risk assessment and mitigation gaps.
CISOs must be able to identify and assess potential threats, including those from both external and internal sources.
Effective cyber-risk management needs to involve everyone in the organization, particularly as everyone has a role to play in identifying and managing the consequences of a cyber incident.
CISOs must effectively communicate cyber risks to all of the employees at the company and give them the training and resources they need to protect the organization.
CISOs should also collaborate with other departments, such as legal, finance, and human resources, to ensure that cyber risks are considered in every aspect of the organization's operations.
Identify threats: Continuously monitor the threat landscape to identify new and emerging threats.
Measure the effectiveness of risk management efforts and regularly review and update risk management plans as needed.
Cyber-risk management is an ongoing process not a one-time task.
It requires regular reassessment of risks introduced by company operations and technology changes or the discovery of new attack techniques.
Because attackers continuously evolve their methods, security teams must also be able to adapt their risk management strategies accordingly.
Communication is key to implementing new or updated risk management plans across the organization.
Although cyber-risk management may seem overwhelming, particularly for companies that handle sensitive information, by following established processes and ensuring that everyone is involved, it's possible to be resilient against cyber risks.
By taking a holistic and proactive approach to cyber-risk management, CISOs can help their organizations protect their valuable assets, maintain their reputation, and ensure their continued success.
This Cyber News was published on feeds.fortinet.com. Publication date: Thu, 21 Dec 2023 17:43:04 +0000