10 Steps Towards an Effective Cybersecurity Risk Management

Today's enterprises are required to undergo a digital transformation in order to remain competitive, a process that is easier said than done when security is taken into account. Effective cybersecurity risk management enables organizations to adopt developing solutions and employ third- and fourth-party providers with confidence, without fear of jeopardizing their cybersecurity. It's important that all businesses and organisations have good cybersecurity risk management practices in place.

The process of detecting possible risks, estimating the effect of those risks, and preparing how to respond if the dangers become a reality is known as cybersecurity risk management. Every firm, regardless of size or sector, must adopt a cybersecurity management plan. However, it is equally crucial to understand that not all dangers and threats can be removed, even if they are detected in advance. Having said that, even in those instances, your firm can make the necessary efforts to mitigate the possible harm. There are a variety of activities that firms may take to guarantee continued successful cybersecurity risk management. Let's examine ten of the most critical issues for firms to bear in mind while managing their IT environment:

1. Company culture The estimated price of a cyberattack now surpasses $1.1 million, and 37 percent of organizations targeted suffer a decrease in their reputation because of a cyberattack. This is why you must instil a cybersecurity-focused mindset all through the firm, from part-time employees to the executive suite.

2. Everyone is responsible Every person in the business must be informed of potential threats and work with the team to avoid security breaches. Your security strategies must consider not only technology and software, but also human elements. As per Verizon's 2018 Data Breach Investigations Report, phishing is responsible for 93% of all data breaches. Workers have to get the necessary tools as well as training to spot malware, phishing emails, and other social engineering assaults to protect themselves against these human-related incursions. This is an essential component in fostering a secure company culture.

3. Knowledge is key\ To put your cybersecurity plan into action, you must comprehensively train your whole team on the identified risks as well as the processes and systems designed to reduce those risks. Educating them is essential in forming a a security-aware culture and ensuring that all staff understand how to utilize the cybersecurity systems and technologies you intend to adopt.

4. Data Sharing What you're doing in terms of cybersecurity must be conveyed to all relevant stakeholders, particularly those involved in decision-making at your firm. You must clearly communicate to all relevant stakeholders the possible business effect of relevant cyber threats, and then keep them informed, as well as participating in continuing operations.

5. Have a cybersecurity framework All firms should have a cybersecurity framework in place. This is usually defined by the criteria that your industry has accepted. Below are some of the cybersecurity frameworks used:

   • NIST Framework for Improving Critical Infrastructure Security

   • ISO 27001/27002

   • CIS Critical Security Controls

   • PCI DSS

6. Prioritise Keep in mind that you do not have an endless amount of personnel or a limitless budget. Simply put, you cannot safeguard against every conceivable cyber danger. As a result, you must assess threats based on both likelihood and effect, and then assess your security measures appropriately.

7. Listen to everyone One mistake companies make with regards to cyber security is ignoring the viewpoints of other team members. Get everyone onboard and listen to alternative points of view. This diversity in opinion can aid you in identifying additional hazards and potential solutions since everyone has different knowledge and experience.

8. Speed, speed, speed A quick reaction is essential when a security breach or hack happens. The longer it takes to handle the problem, the greater the risk of more damage happening. According to studies, 56 percent of IT managers require more than 60 minutes to gather data about a cyberattack in progress. In an hour, though, a lot of harm may be done. Your security-forward culture must include quick responses. That means you'll need to establish early detection of possible threats, quick detection of assaults and breaches, and quick reaction to security occurrences. When it comes to risk management, speed is crucial.

9. Risk assessment process Any cybersecurity risk management plan must include a risk assessment. You must do the following:

• Locate all digital assets owned by your organization, including all stored data such as stored data including intellectual property.
• Take into account the following cyber risks, both external (hacking, assaults, ransomware, etc.) and internal (accidental file deletion, data theft, malicious current or former employees, etc.)
• Determine the financial and non-financial consequences if any of your assets are stolen or destroyed.
• Rate the chance of each possible danger occuring in order of importance.

10. Response plan Ultimately, you must create a disaster recovery strategy that prioritizes the risks you have identified. When a threat is recognized, you must know what you should do and who should do it. This plan must be prepared so that if something happens after you've left the organization, the current team will have a strategy in place to react. Managing your company's cybersecurity is a never-ending problem as new and increasingly sophisticated assaults appear on a near-daily basis. Thus, your response plan must be continuously reviewed and updated.

Securiwiser is used by many teams to assess and mitigate their company's cybersecurity risk. Securiwiser rapidly detects flaws and complex threats to secure your business as well as adding extra protection by keeping a watch on your organization 24/7.